Network Associates Finishes Restating Results

More than a year ago, the company restated its earnings from 1998 to 2000, but it announced Saturday that it has completed the process.

The new statements show that during the first two quarters of 2003, the company had a net income of $14.1 million. Previously, the company had reported a net loss of $3.7 million in the first quarter and a net income of $1.1 million in the second quarter.

The new filings also show that during 1998, the company suffered a net loss of $319.1 million, rather than an originally reported net income of $32.4 million.

From 1999 through 2002, the company is now reporting better results than it did previously, including a 1999 loss of $152 million, a 2000 net loss of $108 million, a 2001 net income of $83.3 million, and a 2002 net income of $128.3 million.

The company has previously said the problems with its earlier financial statements stemmed from the actions of a single employee no longer with the company.