GOODYEAR Income adjusted further after accounting probe

The announcement follows a previous earnings adjustment in October.
AKRON (AP) -- Goodyear Rubber & amp; Tire Co. said it would reduce its reported profit for the past six years by an additional $65 million because of improper accounting at its overseas operations and other reasons.
The Akron-based company said Monday the income adjustment was the result of an internal investigation of overseas accounting that the company completed. The entire results of the probe still were under review, but earnings between 1997 and 2003 will have to be reduced by $10 million, Goodyear said.
The other $55 million is because of reasons including understatement of workers' compensation claims at an undisclosed domestic plant and adjustment of profits tied to internal inventory, Goodyear said.
"This investigative process was thorough, and we are pleased to have it behind us," said Robert Tieken, chief financial officer. "We look forward to issuing our financial results and refocusing all of our energies toward Goodyear's ongoing turnaround efforts."
Previous adjustment
Monday's income adjustment is on top of an October announcement that forced Goodyear to lower net income since 1998 by nearly $85 million because of separate accounting-system mistakes.
The U.S. Securities and Exchange Commission is investigating those errors, which Goodyear said stem from an accounting system implemented in 1999 used to track the purchase of equipment for factories. Goodyear continues to cooperate with that investigation, the company said.
The investigation of overseas accounting forced the struggling tire company to delay filing its annual financial report to the SEC due last month. Goodyear said Monday that the amended report would be filed by mid-May. Creditors had expected it to be filed by April 19. Goodyear has been tight-lipped about the details of the overseas probe announced Dec. 10 that began at the request of the company's audit committee.
The company said in February that it extended the investigation from Europe to other undisclosed overseas operations. Last month, Goodyear said the investigation led to the discipline of several senior managers in Europe, but it will not reveal specifics.