Delphi Corp. has announced that it has met its own deadline to restate several years of earnings as a result of improper accounting for various transactions, including cash dealings with former parent General Motors.
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Delphi said the restatements resulted in 2001 and 2002 earnings being lowered by a total of $289 million and 2003’s net loss being cut by $46 million.
“While it is regrettable to have had to undergo this process, the board and the entire team at Delphi are poised to integrate the lessons learned into the company’s internal controls and channel all efforts and resources toward Delphi’s transformation,” Robert Brust, chairman of Delphi’s audit committee, said in a written statement.
Delphi said it has completed its internal accounting audit and will continue to cooperate fully with the Securities and Exchange Commission’s investigation, which has led to numerous resignations from high-level executives.
Delphi CFO Alan Dawes left the company in March while Pam Geller, treasurer, along with a few others, resigned earlier this month.
Turnaround specialist Robert Miller takes over as chief executive today, replacing industry veteran J.T. Battenberg III.
