From the Milwaukee Journal Sentinel

PLYMOUTH, MI -- Johnson Controls said earlier this week it will restate its results for fiscal years 2003, 2004 and parts of 2005, to address concerns raised at the U.S. Securities and Exchange Commission.

The company said the amendments will have no impact on net income, earnings per share or financial position, as previously reported.

The changes involve two areas of the company's financial statements, including how it reported a North American automotive parts joint venture, as well as how it reported "inter-company debt guarantees between Johnson Controls Inc." and certain wholly owned subsidiaries.

The action was announced in a filing with securities regulators and a statement, both issued after trading ended on Wall Street on Monday. Johnson's shares closed up 10 cents at $69.84, an all-time high.

As a result of the restatement, Johnson Controls said in a filing with securities regulators that it will beef up its reporting and internal controls in its corporate accounting department, and it will revise the way the parent company provides financial guarantees to subsidiaries "in the near future."

Revised financial statements are expected to be filed with the SEC "on or about" Dec. 12, the company said. Company executives and the company's board of directors audit committee have discussed the matter with Johnson Controls' outside accountant, PricewaterhouseCoopers, the filing says.

The restatement is the second in recent months for the company, which is based in Glendale and is the state's largest firm as ranked by sales. This summer, Johnson Controls said it would address another concern raised by securities regulators by providing more detailed sales and profit information for its subsidiaries, including the Glendale-based automotive battery business. That restatement also did not result in changes to the company's net income or earnings per share.

In other news, the automotive interior supplier recently appointed Charles Baker to position of vice president and general manager of Engineering - North America for the firm's interior experience business.

In this role, he is responsible for leading the engineering function for the North American region. He will be based at the company's Plymouth, MI, technical center.

Prior to joining Johnson Controls, Baker was a vice president for Honda R&D Americas in Raymond, OH. His prior work experience also includes engineering leadership positions at Saturn Corporation; Gantron Corporation; and the Pontiac Motor Division of General Motors.

Baker earned a Bachelor of Science degree in Mechanical Engineering from General Motors Institute.

Copyright (c) 2005, Milwaukee Journal Sentinel

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