Representatives from Hip Interactive have announced that the company is revising downward its previously announced earnings expectation for the fiscal year ended March 31 2004. The downward earnings adjustment will be in the aggregate amount of $2.9 million after tax (approximately $0.05 per share on a fully diluted basis) for the nine months ended December 31, 2003.
This revision results from certain accounting errors recently uncovered and arising in the second and third quarter of the current year. The net earnings for the year ended March 31, 2004, subject to the completion of year-end audit procedures, are now expected to be in the range of $0.16 to $0.17 per share on a fully diluted basis.
Source: Hip Interactive