Arden Hills, Minn. (June 30, 2004) -- Dairy giant Land O'Lakes Inc. said it will restate its earnings for the last seven years after finding that a Carlisle, Pa., dairy facility was overstating profits.
LOL said the adjustments relate primarily to recording estimates of milk receivables and milk payables. The company estimates that it overstated net earnings by approximately $19 million, including an estimated tax benefit of $6.5 million, from 1997 through March 31, 2004.
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