AMS Restates Losses and Hints at Other Parts of Investigation Advanced Marketing Services (AMS) issued a release earlier today updating investors on their restatement of previous financial statements, and providing new information about their performance this year. The “cumulative after-tax effect of the full restatement will be a reduction in retained earnings of approximately $9.7 million as of March 31, 2003.” (They had estimated the restatement would be $11 million.) AMS has also admitted that a previous liability accounting for time differences between publishers’ records and the wholesaler’s own records was overstated by approximately $7.5 million in various years. While […]
