Dynegy Inc, a US energy supplier whose trading losses brought it close to bankruptcy, revised financial statements for the third time since November with US$24 million of changes to net income for 2001 and 2000.
Net income for 2001 was reduced by US$11 million and the net loss for 2002 was narrowed by US$13 million in amended 10-K reports filed with the US Securities and Exchange Commission, the company said.
The changes primarily relate to the company's "forward power curve methodology," the statement said. Dynegy previously restated net income for 1999 to 2001 in November and January.
The restatements are subject to a three-year re-audit by PricewaterhouseCoopers LLP that's expected to be completed in March, the statement said.
The November restatement narrowed the 2002 net loss by US$5 million and reduced net income for 2000 and 2001 by a combined US$125.9 million. On Jan. 31, the company restated results for 1999 through 2002 and said the changes may bring it into violation of a loan agreement.
Net income for 2001 was actually US$421 million, or US$1.11 a share, Dynegy said.
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