Schawk restates earnings due to accounting mistakes
Shares of Schawk Inc. (NYSE:SGK) are slipping on news after the close on Monday that the provider of digital imaging graphic services will restate its financial statements for the fiscal years ended Dec. 31, 2006 and 2005, as well as for each of the quarters ended March 31, June 30 and Sept. 30, 2007 due to accounting errors. As a result, the Des Plaines, Ill.-based company estimates that its profit for fiscal years 2005 and 2006 will be lower than previously reported.
At 10:48 a.m. ET, the stock was down $1.87, or 12%, to $14.12. For detailed price information and recent news stories about Schawk, click SGK.
