SGR » Topics » Restatement of Prior Period Financial Statements

This excerpt taken from the SGR 10-K filed Dec 6, 2007.
Restatement of Prior Period Financial Statements
These consolidated financial statements of The Shaw Group Inc. (Shaw, we, us, and our) reflect restatements to correct for accounting errors in the fiscal years ended August 31, 2006 and 2005. As reported in our Current Report on Form 8-K dated November 13, 2007, in connection with a review of our Annual Report on Form 10-K/A (Amendment No. 1) for the fiscal year ended August 31, 2006, our Quarterly Report on Form 10-Q/A (Amendment No. 1) for the three months ended November 30, 2006, and our Quarterly Reports on Form 10-Q for the three months ended February 28, 2007 and May 31, 2007, the Staff of the Corporate Finance Division of the Securities and Exchange Commission (the Staff) issued a letter in which the Staff commented on certain items in our consolidated financial statements. Specifically, the Staff’s comments addressed certain charges — primarily recorded and disclosed in the Quarterly Report on Form 10-Q/A (Amendment No. 1) for the three months ended November 30, 2006 — that related to fiscal years 2006 and 2005. As a result of our discussions with the Staff regarding the appropriate periods in which to reflect these adjustments, we restated our financial statements for fiscal years 2005 and 2006 and the first three fiscal quarters of 2007. Accordingly, the previously reported net earnings for fiscal years 2006 and 2005 are reduced by $0.6 million and $0.3 million, respectively; and our previously reported retained earnings as of September 1, 2004 is reduced by $2.4 million. These errors impact multiple previous reporting periods. See Note 23 — Prior Year Restatement of Consolidated Financial Statements for a discussion of the amounts and accounts that were restated for each period.
Additionally, the unaudited quarterly financial data for our first three fiscal quarters of fiscal year 2007 and each of the fiscal quarters in 2006 in Note 21 — Quarterly Financial Data (Unaudited) has been restated to correct errors in our previously filed Quarterly Reports on Form 10-Q for these periods.
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