"The principal reason for the restatement is concern over the accounting for the allowance for doubtful accounts. The Company previously announced that the allowance is expected to be in the range of 14% to 17% of accounts receivable outstanding as of September 27, 2003, but that this estimate was subject to further adjustment based upon completion of the Company's analysis and Ernst & Young's audit of the Company's financial statements. Based on the most recent information available, the Company now believes the allowance may exceed 17%. The Company is currently working with Ernst & Young to complete the restatement. At this time, it is not clear what periods will be restated or the dollar amount of the restatements. Until the Audit Committee completes its previously announced internal investigation and Ernst & Young is able to complete its audit, the total impact on the Company's financial statements cannot be known. The Company is reviewing the effects of these matters on its credit facility and is discussing such matters with its lenders. The Company also announced that as a result of the restatement, the filing of its Form 10-K for the fiscal year ended September 27, 2003 may be delayed. Ernst & Young is currently auditing the Company's financial statements for the year ended September 27, 2003. The Company and Ernst & Young will continue to consider what adjustments will be necessary and the period or periods in which any adjustments should be recorded. The Company will disclose more detailed information on its financial results upon completion of the audit."http://ir.thomsonfn.com/InvestorRelations/SecFilings.aspx?partner=8675&type=results&cont_qualifier=C&doc_type=8-K&doc_dcn=031010413&cont_format=ASFILEDV&doc_product=E&viewer=YBottom line: Even if doubtful accounts exceed 17% by a fair margin, this drop in price is likely an overreaction. I'm pressing on to learn more about their financial condition. Buffboy
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