NW Pipe reports errors in results again

Dec 23, 2011 | 02:27 PM | Michael Cowden

Tags  Northwest Pipe, SEC, Robin Gantt, Nasdaq, steel pipe, steel tube, Michael Cowden

TORONTO — Northwest Pipe Co. plans to restate its financial results again after discovering further errors in its accounting practices that could impact previously reported net income.

Northwest Pipe hasn’t properly accounted for the depreciation of production equipment and didn’t correctly estimate its salvage value, the Vancouver, Wash.-based steel tube and pipe maker said.

As a result, the company expects to restate its full-year 2009 and 2010 financial statements, which also impacts financial data for the first two quarters of 2011.....

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