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Pomeroy IT Solutions Inc. (NASD: PMRY), a Hebron KY-based information technology services and staffing firm, said it will restate its financial statements for its last three fiscal years.
In a filing with the U.S. Securities and Exchange Commission, Pomeroy said the restatements are coming because of:
*Cash flows from a financing arrangement being reclassified.
*Some payroll-related expenses that were included in operating expenses but should have been included in cost of sales. This change will affect reported gross profit.
Pomeroy said results were corrected for its third-quarter financial statements.
Pomeroy's fiscal year ends Jan. 5.