Penford's management and Audit Committee has determined that the company’s financial statements for 2012, 2011 and 2010 and for the first two fiscal quarters of 2013 should be restated to make necessary accounting corrections. These restatements will reflect the correction in the accounting treatment for proceeds received from the sale of certain by-products generated by the company’s industrial starch processing operations based in Cedar Rapids, IA. The impact of the restatements will be to increase the company’s consolidated and Industrial Ingredients segment sales and cost of sales by $71.8M, $58.3M and $40.2M for the years ended August 31, 2012, 2011 and 2010, respectively; $23.2M and $17.4M for the quarters ended November 30, 2012 and 2011, respectively; $21.0M and $44.2M for the three- and six-month periods ended February 28, 2013, respectively; and $17.3M and $34.7M for the three- and six-month periods ended February 29, 2012. The restatements do not affect the company’s previously reported consolidated gross margin, income (loss) from operations, net income (loss) or earnings (loss) per share.
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