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Mirant Overstated Net Income By $41 Million

Nov 7, 2002 | San Jose Business Journal

Mirant Corp., one of the largest suppliers of electricity to California, overstated its net income from January 1999 to July 2002 by $41 million, according to its second-quarter 2002 Form 10-Q and amended first-quarter 2002 Form 10-Q filed with the Securities and Exchange Commission.

The reviews found that, due to accounting errors, the Atlanta-based energy company's net income from Jan. 1, 1999 through June 30, 2002 was overstated by $41 million due to its net income being understated by $10 million in the first six months of 2002 and overstated by $51 million from 1999 through 2001.

Mirant has requested its independent auditors to re-audit the company's 2000 and 2001 financial statements.

Revisions to previously reported net income from the first and second quarter incorporate the $10 million net understatement of net income in the first six months of 2002.

"The company regrets these errors and any uncertainty they may have caused our investors, employees and other stakeholders," said Marce Fuller, Mirant president and CEO. "Importantly, the net effect of the errors was modest relative to our overall results and financial condition during the period."

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