World Air to restate second-quarter results
World Air Holdings Inc. said it will have to restate the second quarter results for subsidiary North American Airlines due to problems in its expenses accounting. World Air originally reported second quarter net earnings of $4.2 million.
World Air said it expects the reclassification to reduce North American’s revenue, but the aggregate changes will result in an increase in consolidated operating and net income.
World Air is late filing a form related to its April acquisition of North American Airlines and its third quarter report. The Nasdaq stock exchange has given World Air until Dec. 15 to file an amended quarterly report with the Securities and Exchange Commission or be delisted from the exchange.