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A&P to Restate 2002, 2003 on Lease Accounting Change

MONTVALE, N.J. -- The Great Atlantic & Pacific Tea Company Inc. late on Friday said that it would restate financial results for fiscal 2002 and 2003, because its accounting for leases did not conform with accounting standards.

The chain said the net cumulative impact of the correction, which was recorded in the fourth quarter of fiscal 2004, was an increase to net loss of $0.8 million. Interest expense related to the change was $25 million and $21 million, respectively, for fiscal years 2004 and 2003.

A&P said financial statements included in its annual report for the year ended Feb. 28, 2004, as well as interim unaudited financial statements for the first three quarters of that fiscal year, should no longer be relied upon, and that its annual report for the fiscal year ended Feb. 26, 2005, expected to be filed on or before May 10, would reflect the restated information.
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