Gold mining behemoth Newmont Mining (NEM-N) will restate its cash flow for 2002, 2003, and the first quarter of 2004, after finding an accounting error.
The world’s largest gold producer said the revised cash flow figures would not impact on its previously released balance sheets, in particular the cash and equivalents reported at the end of each period. It also said that a restatement of the balance sheets is not required. The company will amend the relevant filings with the Securities and Exchange Commission.
In the end, net cash provided by operating activities for 2002 will be reduced by US$14.5 million to US$655.8 million, by US$50.4 million to US$538.4 million for 2003, and by US$4.1 million to $324.1 million for the first three months of 2004.
Newmont earned net income of US$475.7 million (or US$1.16 per basic share) for 2003, an increase of 208% from the US$154.3 million (US42 per share) it earned in 2002. During the first three months of 2004, the company’s net income came to US$86.7 million (US20 per share), down from US$117.3 million (29 per share) during the year-earlier period.
Newmont will report its second-quarter earnings and mid-year exploration update on July 28.
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