Dresser to Restate 1Q Earnings
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DALLAS (AP) _ Dresser Inc., a maker of valves and pumps, said Wednesday it will restate first-quarter financial results to include non-cash costs incurred by the company’s retirement of debt.
The Dallas-based company initially said it had first-quarter earnings before interest, taxes, depreciation and amortization of $43.6 million on sales of $380.2 million. As a result of the debt payment, Dresser had $12.9 million in first-quarter costs and $300,000 in costs in the second quarter, the company said.
The company also said second-quarter profit and sales fell as customers in the energy industry ordered fewer products. Dresser sells valves, pumps, meters, piping products and engines to customers mainly in the energy business.
Closely-held Dresser, which reorganized into three units, didn’t say what effect the costs would have on first-quarter results.