Foothill Ranch-based nursing home operator Skilled Healthcare Group Inc. said Tuesday it wrapped up a restatement of more than three years of financial statements with a charge to past earnings of $8.4 million.
Shares of Skilled were up about 6% in afternoon New York trading on a market value of $275 million.
The charge was in line with Skilled? guidance when it announced the restatement in early June.
The company? shares fell about 20% in the weeks after the restatement announcement.
Skilled restated results from Jan. 1, 2006, through March 31 of this year because it understated reserves for accounts receivables .
It blamed the error on a former employee ?ho acted in a manner inconsistent with the company? accounting and disclosure policies and practices.?p>The restatement prompted Skilled to lower its profit outlook for the year.
Skilled now sees earnings of $38 million to $40 million, down from an earlier forecast of $40 million to $42.5 million.
