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The restatement did the following: 1) reduced the 1996 net loss by $20 million, 2) reduced 1997 net income by $71 million, and 3) increased 1998 earnings by $10 million. A total of $62 million of Sunbeam?¦s 1997 reported $189 million pre-tax income was a result of fraud.
The following major points can be ascertained from the report:
?X In 1996, Sunbeam?¦s CEO and Chairman, Albert J. Dunlap led the company in a corporate restructuring which provided a hefty reserve to protect against future earnings shortfalls.
?X Sunbeam also implemented methods of accelerating revenue recognition including improper bill and hold sales as well as guaranteed sales agreements in an attempt to increase its stock price...
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Common topics in this essay:
- Al Dunlap At Sunbeam
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