Goodyear to Take $100 Million Hit Due to Accounting Errors

Akron-based tiremaker Goodyear is set to reassess its earnings for the past five years, resulting in a $100 million impact on the company's income. The examination is a result of accounting system errors that Goodyear is actively working to repair. Unfortunately, this has led to a delay in the release of the company's quarterly earnings report, which was scheduled for today. Late Wednesday, Goodyear released a statement explaining that the introduction of an accounting system in 1999 caused errors in its internal billing system, leading to the mistakes in the financial records. It's important to note that these accounting errors won't affect Goodyear's cash flow or its access to credit. However, Goodyear will have to reduce its net income from 1998 by up to $100 million. The company plans to disclose its third-quarter results next month. Following the release of this statement, Goodyear's shares fell in trading on Wednesday. Over the past year, the company has experienced a decline in both its stock price and market share. With its worldwide operation, Goodyear currently employs approximately 92,000 individuals. This news article contains copyrighted material owned by Dispatch Productions, Inc., 2003. All rights reserved. This content may not be published, broadcast, rewritten, or redistributed. The Associated Press has contributed to the information provided.

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