ProQuest Company to Restate Historical Financial Statements

["Hamaker, Chuck" <cahamake@email.uncc.edu>]

http://biz.yahoo.com/prnews/060209/nyth081.html?.v=34

Press Release Source: ProQuest Company


ProQuest Company to Restate Historical Financial Statements
Thursday February 9, 7:30 am ET


ANN ARBOR, Mich., Feb. 9 /PRNewswire-FirstCall/ -- ProQuest Company
(NYSE: PQE - News), a publisher of information and education solutions,
announced that during a review related to its internal controls
assessment required by the Sarbanes-Oxley Act of 2002, the company
discovered material irregularities in its accounting. As a result, the
company intends to restate certain of its previously issued financial
statements.

The accounting irregularities that have been identified primarily affect
ProQuest's Information and Learning division. While the results for the
Voyager Expanded Learning business have been included in the segment
results for the Information and Learning business unit since the first
quarter 2005, the accounting irregularities do not involve Voyager.

Based upon its initial findings, the company believes that its deferred
income and accrued royalty accounts are materially understated in
previously issued financial statements. It also believes that its
prepaid royalty account is materially overstated. It anticipates that as
a result it will be required to recognize amounts of royalty and other
expenses as well as reduce a portion of revenues previously reported for
its Information and Learning business, the effect of which will
materially reduce earnings from continuing operations for many of the
affected periods. Based upon its initial findings, the company believes
that the accounting irregularities do not affect the company's cash
balances, the amounts invoiced to customers, cash receipts from
customers, or disbursements to publishers and suppliers.


SEE link for full press release.


Chuck Hamaker
Associate University Librarian Collections and Technical Services
Atkins Library
University of North Carolina Charlotte
Charlotte, NC 28223
phone 704 687-2825