NationsRent to Correct Financial Statements

January 12, 2004—NationsRent, Ft. Lauderdale, Fla., will restate its financial statements made for the three- and nine-month periods, both ending September 30, 2004.

 

The company determined on December 21, 2004 that its financial statements for this period reported under-accrued incentive compensation bonuses by approximately $1.2 million and personal property taxes by approximately $0.7 million. These errors had the effect of understating cost of rental and selling, general and administrative expenses.

 

Restated financial statements will contain the proper accruals; corrections are expected to decrease net income for the three-month period and increase net loss for the nine-month period.