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Winnebago Industries Inc. today (May 17) announced that it will restate its second quarter and six months results for the periods ended Feb. 26.
According to a press release, during an internal review of the company’s annual physical inventory an error was found in a formula of an electronic spreadsheet.
The error caused an overstatement of inventory and an understatement of cost of sales of $2.8 million, resulting in a nearly $1.8 million reduction in net income for the second quarter and six-month periods.
In the company’s restatement, earnings for the quarter were $12.6 million versus $14.4 million previously reported. For the six months, adjusted net income declined to $32.1 million from $33.9 million.
The Forest City, Iowa-based motorhome builder noted the restatements will not have any impact on the company’s cash position at Feb. 26 or its previously reported revenues for the periods affected.