TORONTO -- Maple Leaf Foods Inc. (TSX:MFI) said Tuesday that it plans to restate and refile its 2007 consolidated annual financial statements to lower its earnings due to an un-derstatement of future tax costs related to the sale of its animal nutrition business.
The company said it will report earnings for the year ended Dec. 31, 2007 of $194.9 million or $1.50 per diluted share, down from previously reported earnings of $207.1 million or $1.59 per diluted share.
The restatement does not affect earnings from continuing operations in 2007 or net earn-ings in 2008, the company said.
Maple Leaf sold its animal nutrition business in July 2007 for $524.8 million.
