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Command Center Inc. (OTCBB: CCNI.OB) will restate financial statements for 2010 and the first three quarters of 2011. The restatement is coming to correct an overstatement of prepaid insurance policy deposits, according to the company.
The company discovered a discrepancy between premium payments and collateral deposits to insurance brokers from 2006 to 2008 and the actual amount received by the insurer, according to the company.
“The restatement does not reflect any trends in Command’s business or any current or prospective impact on the company’s results of operations; nor does it impact compliance with our debts covenants,” said Chairman and CEO Glenn Welstad.
The restatement will not impact earnings per share for 2010, but will raise earnings per share by 1 cent in the third quarter of 2011.
Changes have already been made to the company’s 10-K form for 2011 filed on April 9.