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Cohr to Restate Earnings Downward

March 20, 1998|Dow Jones News Service

Cohr Inc. said it is restating its fiscal 1997 operating results, dropping its earnings for the year to 42 cents a share from a previously reported 88 cents, according to a filing with the Securities and Exchange Commission. The Chatsworth-based company, which provides a variety of services to hospitals, including equipment servicing and a group purchasing plan, announced a month ago that it would restate its results for the year and the first two quarters of fiscal 1998 because it had determined that "certain equipment and software sales were prematurely recorded and that certain liabilities were understated." Cohr is restating the results "to reverse these sales and to record the appropriate liabilities," the filing said. Cohr, whose fiscal year ends in March, reported net income of 89 cents a share in fiscal 1996. Cohr shares fell 22 cents to close at $11 on Nasdaq.

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