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Fudging the Numbers
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<blockquote data-quote="Channahon" data-source="post: 310519" data-attributes="member: 7666"><p><strong>The error as reported by Bloomberg.com</strong></p><p> </p><p><strong>UPS Cuts 2007 Earnings 1.4%, Citing Accounting Error</strong> </p><p> </p><p>By Mary Jane Credeur</p><p><strong>Feb. 29 (Bloomberg)</strong> -- <a href="http://www.bloomberg.com/apps/quote?ticker=UPS:US" target="_blank"><u><span style="color: #0000ff">United Parcel Service Inc.</span></u></a>, the world's largest package-delivery company, reduced its 2007 adjusted earnings by 1.4 percent to $4.11 a share, from $4.17, citing an accounting error. </p><p> </p><p><strong>A $65 million tax benefit related to UPS's withdrawal from the Central States Fund, a multiemployer pension plan that covers 42,000 Teamsters union members at the company, was incorrectly recorded in the fourth quarter, Atlanta-based UPS said today in a statement.</strong> </p><p> </p><p>UPS accidentally entered the tax benefit twice, spokesman <a href="http://search.bloomberg.com/search?q=Norman+Black&site=wnews&client=wnews&proxystylesheet=wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date:D:S:d1" target="_blank"><u><span style="color: #0000ff">Norman Black</span></u></a> said in interview. <strong>UPS said it discovered the error during its internal review process before filing its annual report to the U.S. Securities and Exchange Commission. </strong></p><p> </p><p>The company reaffirmed its 2008 outlook for per-share earnings of $4.30 to $4.50 and first-quarter earnings of 94 cents to 98 cents. </p><p> </p><p>UPS fell $1.51, or 2.1 percent, to $70.24 at 4 p.m. in New York Stock Exchange composite <a href="http://www.bloomberg.com/apps/quote?ticker=UPS:US" target="_blank"><u><span style="color: #0000ff">trading</span></u></a>. The company disclosed the revised earnings after the close of regular U.S. trading</p></blockquote><p></p>
[QUOTE="Channahon, post: 310519, member: 7666"] [B]The error as reported by Bloomberg.com[/B] [B]UPS Cuts 2007 Earnings 1.4%, Citing Accounting Error[/B] By Mary Jane Credeur [B]Feb. 29 (Bloomberg)[/B] -- [URL="http://www.bloomberg.com/apps/quote?ticker=UPS:US"][U][COLOR=#0000ff]United Parcel Service Inc.[/COLOR][/U][/URL], the world's largest package-delivery company, reduced its 2007 adjusted earnings by 1.4 percent to $4.11 a share, from $4.17, citing an accounting error. [B]A $65 million tax benefit related to UPS's withdrawal from the Central States Fund, a multiemployer pension plan that covers 42,000 Teamsters union members at the company, was incorrectly recorded in the fourth quarter, Atlanta-based UPS said today in a statement.[/B] UPS accidentally entered the tax benefit twice, spokesman [URL="http://search.bloomberg.com/search?q=Norman+Black&site=wnews&client=wnews&proxystylesheet=wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date:D:S:d1"][U][COLOR=#0000ff]Norman Black[/COLOR][/U][/URL] said in interview. [B]UPS said it discovered the error during its internal review process before filing its annual report to the U.S. Securities and Exchange Commission. [/B] The company reaffirmed its 2008 outlook for per-share earnings of $4.30 to $4.50 and first-quarter earnings of 94 cents to 98 cents. UPS fell $1.51, or 2.1 percent, to $70.24 at 4 p.m. in New York Stock Exchange composite [URL="http://www.bloomberg.com/apps/quote?ticker=UPS:US"][U][COLOR=#0000ff]trading[/COLOR][/U][/URL]. The company disclosed the revised earnings after the close of regular U.S. trading [/QUOTE]
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