(The following Associated Press article appeared on the Boston Globe website on February 21.)
BOSTON — Providence and Worcester Railroad Co. will probably restate full-year 2004 and 2005 financial results, plus certain quarterly results, due to a compensatory time issue.
The company will restate results for the periods ending March 31, June 30, and Sept. 30 in 2004 and March 31, June 30, and Sept. 30 in 2005, according to documents filed with the Securities and Exchange Commission.
The railroad plans to trim its 2004 earnings by $33,000, or a penny per share, and its 2005 net income by $45,000, or a penny per share.
During talks on a new collective bargaining agreement senior managers realized the company had not accrued for compensatory time owed to workers.