001122 IBP Restates Earnings 6 Cents LowerNovember 11, 2000Dakota Dunes, SD - IBP Inc. said that it restated earnings for the third quarter and first nine months of 2000. In late October, IBP said its management discovered certain inaccuracies in the financial statements of IBP-owned DFG Foods. As a result of overstated inventory value, the company said it is making a $9 million reduction in pre-tax earnings from the amount previously announced. The company had previously announced third-quarter earnings of $83.9 million, or 79 cents a diluted share. Restated third-quarter net earnings totaled $78.4 million, or 73 cents per diluted share, compared to $96.6 million, or 90 cents one year ago. Year-to-date earnings, before unusual and nonrecurring items, totaled $198 million, or $1.82 a diluted share, compared to $231 million, or $2.16 a share before nonrecurring items during the first nine months of 1999. The results in last year's third quarter exclude a $13.8 million nonrecurring reduction of income tax expense during the same period in 1999. After the reduction, third-quarter 1999 earnings totaled $110.4 million, or $1.03 per diluted share.
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