TORRANCE, CA — Edelbrock Corp. has revised its earnings for the quarter, which ended June 30, as previously reported on Sept. 10. The revised results will be reflected in the company’s annual report on Form 10-K which was filed yesterday, Sept. 28.
Subsequent to the issuance of its Sept. 10 press release, the company received documentation from its workers’ compensation carrier and determined that there was a liability of approximately $490,000 relating to its workers’ compensation insurance that is maintained on a retrospective basis. In addition, the company increased its federal and state taxes on income to reflect the non-deductibility of certain going-private transaction costs which increased the company’s effective tax rate from 37.5 percent to 40.6 percent.
The impact of these adjustments resulted in a change to previously reported earnings for the year ended on June 30, from $3,979,000, or 72 cents per diluted share, to $3,494,000, or 63 cents per diluted share, and a change to previously reported earnings for the quarter ended on June 30, from $1,320,000, or 24 cents per diluted share, to $835,000, or 15 cents per diluted share.
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