The Timberland Company announced that it is postponing the release of its first-quarter results and related conference call to make certain non-cash adjustments to its financial statements.
As the result of a review of recent clarifying guidance relating to accounting for certain foreign currency hedging instruments, the Company has determined that certain technical requirements of Statement of Financial Accounting Standards No. 133, Accounting for Derivative Instruments and Hedging Activities, as amended were not met.
Accordingly, the Audit Committee of the Company's Board of Directors, upon the recommendation of the Company's management, concluded that the Company's previously issued financial statements for the fiscal years ended 2001 through 2006, and the corresponding interim periods should no longer be relied upon.
The Company will be filing an amendment to its Annual Report on Form 10-K for 2006 to restate its financial statements and other financial information for the years 2006, 2005, and 2004 and financial information for 2003 and 2002, and for each of the quarters in years 2006 and 2005.
Jeffrey B Swartz Timberland's President and Chief Executive Officer, stated, "While I am disappointed that technical accounting issues forced us to postpone our first-quarter earnings release, our team's energy worldwide continues to be focused on building the Timberland brand, on improving the performance of our enterprise, and on deliveringagainst the business objectives we set for ourselves in 2007."
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