CKE to Restate Results to Correct Lease Errors
From Reuters
CKE Restaurants Inc., parent of the Hardee’s and Carl’s Jr. hamburger chains, said it would restate some past financial results because of errors in the way it accounted for leases.
The restatement will increase the Carpinteria, Calif., company’s accrued rent expense by about $2.4 million for periods up to and including fiscal year 2002.
To account for increased rent expense from 2003 through 2005, CKE will take a charge of about $250,000 in the fourth quarter.
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