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NEW YORK, Oct 22 (Reuters) - Goodyear Tire & Rubber Co. on Wednesday said it would restate its results for periods dating back to 1998, citing errors in inter-company billing systems and implementation of an accounting system in 1999.
The company said it was restating results for the years stretching from 1998 to 2002 and for the first and second quarters of this year.
It also said it expected to post a net loss in the range of $90 million to $115 million, or about 51 cents to 66 cents a share, in the third quarter. It expects to report sales of about $3.9 billion in the quarter.
The company, which was scheduled to announce quarterly results on Thursday, said it would instead publish its full third-quarter earnings report by mid-November. It also canceled its earnings conference call for investors set for Thursday.
Goodyear said the restatement would slash net income by up to $100 million over the periods being restated but would not affect its net cash position or access to credit facilities.
The company said the adjustments would improve the net loss it reported for the first half of 2003 because charges recognized during that time would now be reflected in its restatement for prior years.
But it also said shareholders' equity as of June 30 this year would be cut by up to $120 million, of which $20 million relates to periods before 1998.