Acclaim To Restate Results

Representatives from Acclaim have admitted that the company will have to restate its earnings for the fiscal years 2001, 2002 and 2003, as a result of a $9.5 million accounting error. The company incorrectly recorded a bank advance as part of a transaction between its primary lenders and six other participants. As a result 2001 earnings will be trimmed by more than 50% to $7.8 million, or 12 cents a share, from $17.9 million, or 26 cents. Source: CNN Money