(Reuters circulated the following article on March 17.)
NEW YORK — Railroad operator Kansas City Southern on Friday said it is delaying the release of its annual report after discovering that it understated its deferred tax liability balance.
The understatement was $8 million at the end of 2002 “and subsequent dates,” the company said.
It will not affect the company’s earnings, Kansas City Southern said in a filing with the U.S. Securities and Exchange Commission.
The Kansas City, Missouri-based company said it is developing a plan to address a weakness in internal controls relating to corporate taxes, which it said it will describe in its annual report.