Each issue of PaperMoney is approximately 500 fact filled pages.
Logout
Click here for Pulp & Paper Radio International
Items just for you
New publication added! Advertising Arguments 2015 book
Free Downloads
Search
My Profile
Login
Management Side
Technical Side
Schweitzer-Mauduit Adjusts 2003 Financial Accounting
Print
Alpharetta, Georgia, USA, 25 April 2007 --/PRNewswire/ -- Schweitzer-Mauduit International, Inc. (NYSE:SWM) today announced a restatement of its consolidated financial statements to correct a recently determined accounting error, which originated in 2003, by recognizing the impact of a French income tax assessment on statutory profit sharing liabilities owed to certain French employees.

Under applicable French social law, statutory profit sharing should be recalculated whenever taxable income is adjusted due to a tax audit assessment. In this instance, an audit assessment increased statutory taxable earnings, thereby increasing the amount due under the statutory profit sharing regime. However, the company had not previously recorded the increased profit sharing liability resulting from the French income tax assessment in its 2003 financial statements.

The increased amount of profit sharing liability is USD 1.5 million (USD 1.0 million after-tax). The company has determined that this error does not materially misstate its prior-year financial statements. In accordance with Securities and Exchange Commission Staff Accounting Bulletin No. 108, it intends to reflect the restatement of prior period financial statements in its upcoming filing on Form 10-Q for the first quarter of 2007 and in future filings. In years subsequent to 2003, the adjustment will be reflected as a reduction to stockholders' equity of USD 1.0 million, an increase in other current assets for the deferred income tax effect of USD 0.5 million and an increase in other current liabilities of USD 1.5 million.

About Schweitzer-Mauduit International

Schweitzer-Mauduit International, Inc. is a diversified producer of premium specialty papers and the world's largest supplier of fine papers to the tobacco industry. It also manufactures specialty papers for use in alkaline batteries, vacuum cleaner bags, overlay products, saturating base papers, business forms, and printing and packaging applications. Schweitzer- Mauduit and its subsidiaries conduct business in more than 90 countries and employ 3500 people worldwide, with operations in the United States, France, Brazil, the Philippines, Indonesia, and Canada. For further information, visit www.schweitzer-mauduit.com.

Source: Schweitzer-Mauduit International, Inc.


Powered by Bondware
News Publishing Software

The browser you are using is outdated!

You may not be getting all you can out of your browsing experience
and may be open to security risks!

Consider upgrading to the latest version of your browser or choose on below: