COOPER DEVELOPMENT <BUGS> RESTATES RESULTS
Cooper Development Co said it
revised results for the year ended October 31 to a loss of 61.7
mln dlrs, or 2.33 dlrs per share, down from the
previously-reported loss of 12.1 mln dlrs, or 46 cts per share.
    The restatement was made because of change in the method of
accounting for a combination of several company-controlled
concerns that resulted in a 53.5 mln dlr charge, Cooper
Development said.
    Last August Cooper Development combined its Cooper
Biomedical Inc unit and its Cooper Laboratories subsidiary with
Technicon Instruments Corp, a company acquired from Revlon Inc
<REV>, a Cooper spokesman said.
    The spokesman said the transaction was accounted for as an
acquisition, but the Securities and Exchange Commission took
issue with the accounting method and said it should be
accounted for as a reorganization of entities under common
control.
    This treatment requires that the costs associated with the
transaction be expanded rather than capitalized as an
intangible asset, the company said.
    It also said that, since the charged required an expensing
of previously accrued liabilities, the company will experience
no resulting material change it its cash flow.
 Reuter
