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Power Producer Produces Lower Earnings Results.(A)
Byline: FROM IBD NEWS SERVICES
Troubled independent power producer Calpine Corp. (New America, Feb. 22, 2001) on Monday said it had revised downward its profit for the last three years because of an accounting change and said further restatements are possible.
Calpine said it agreed with its auditor, Deloitte & Touche, that two deals, known as sale-leaseback transactions, would be accounted for as financing transactions. They previously were accounted for as operating leases under Calpine's former auditor, Andersen.
Despite the accounting change, Calpine officials were standing by the firm's 2003 earnings target of 40 cents to ...
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