Sysco Amends Form 10-Q Reports, Increasing Earnings

The distributorship said the effect of the correction will increase previously reported earnings before cumulative effect of accounting change and net earnings for the 39 weeks of fiscal 2007 by $15 million and $54.7 million, or 2 cents and 8 cents per diluted share, respectively.

In the first quarter of fiscal 2007, the company explained that it adopted the provisions of FASB Staff Position No. FTB 85-4-1, Accounting for Life Settlement Contracts by Third-Party Investors (FSP FTB 85-4-1), which resulted in a charge to earnings of $39.7 million related to the cumulative effect of the accounting change. In accordance with FSP FTB 85-4-1, the distributorship said it also ceased to recognize adjustments for increases or decreases in the cash surrender values of these policies. It has since been determined that Sysco


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