NEW YORK, Jan. 18 (GenomeWeb News) - Agilent yesterday said that it would restate its 2004 financial results due to an accounting error. The restatement decreases the firm's provision for income taxes for fiscal 2004 and the quarter ended Oct. 31, 2004, by $20 million, and increases the firm's net income by $20 million, or $.04 per diluted share.
The company said that it miscalculated or understated its estimate of US jurisdictional loss during the preparation of its financial statements for fiscal 2004. Agilent said the error was identified through its internal control over financing during 2005, and it has included the restatement in its annual report and form 10-K for fiscal 2005, which was filed this week.
Before the restatement, Agilent had reported fiscal fourth-quarter 2004 revenue of $1.8 billion, a 9-percent gain over revenue of $1.7 billion in the fourth quarter of 2003. Agilent's fourth-quarter net income increased to $74 million, or $.15 per share, from $13 million, or $.03 per share, year over year.
For its fiscal year ended Oct. 31, 2004, Agilent had reported revenue of $7.2 billion, compared to $6.1 billion in fiscal 2003. Net income increased to $349 million, or $.72 per share, compared to a loss of $2 billion, or $4.35 per share, in fiscal 2003.