99 Cents Only Stores announced Wednesday that it has again pushed back the release of its fourth quarter and fiscal year earnings as it continues to evaluate lease accounting and depreciation issues.
The City of Commerce-based discount retailer said it anticipates that earnings will be released by late May or early June this year. However, the company had previously reported that earnings would be released by April 29.
The company disclosed that it expects net income to be reduced for the first three quarters of 2004 by up to $100,000 per quarter. For the fiscal year 2002 it expects reductions of up to $300,000 and for the fiscal year 2003 it expects reductions of up to $700,000.
Like some 250 other retailers and restaurants nationwide, the company has had to review its lease accounting after a Securities and Exchange Commission clarification on how leases should be recorded. The agency wants the companies to better account for their lease expenses.
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