Stewart Enterprises Inc. Discovers Bookkeeping Errors

Summary

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Stewart Enterprises Inc. today said it will delay filing third- quarter results for fiscal year 2006 after discovering several adjustments from prior accounting periods.

The adjustments primarily relate to recording revenues and expenses in the appropriate period and improper application of accounting policies for fixed assets. Stewart is still completing analysis of the potential adjustments, however, the net impact is expected to be 1 cent per share or less on reported net earnings per share for the quarter and for the year. The corrections will be reflected in financial statements for the quarter ended July 31 and no restatement of any prior period financial statements is expected to be required.

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Stewart Enterprises Inc. Discovers Bookkeeping Errors

The Company is...

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