Navistar Pushes Back 1Q Earnings Statement to Mid-April

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avistar International Corp. pushed back its first-quarter earnings announcement a month until mid-April because of an internal audit that led the company to restate previous results, Bloomberg reported.

The parent of International Truck and Engine Corp. attributed the second postponement for the quarter ended Jan. 31 to the time needed for restatements in its fiscal 2004 annual filing to the Securities and Exchange Commission.

The audit involved sales of loans Navistar’s finance unit, Bloomberg said.

Navistar in a regulatory filing Wednesday said that not submitting a 10-Q quarterly report to the SEC violated terms of an $820 million credit agreement for its Navistar Financial unit. The company said the unit has asked for a waiver through April 15 so it can continue borrowings under the agreement.

Navistar on Feb. 15 filed its earnings statement for its fourth quarter ended Oct. 31, after four delays related to restating its earnings from fiscal 2002 through 2004.

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