The $47.4 million figure, which is pre-minorityinterest and pre-tax ($27.7 mm after such charges) is for thefive-and-half-year period from the start of FY97 through June 29, 2002.

Revealed in the company’s long overdue annual reportfiled late last week, it exceeds the high end of Footstar’s adjustment estimatemade on Nov. 2, 2003 ($31-38 mm) by 24%. The majority of the $47.4 million,some $46.1 million, is related to accounts payable adjustments, resulting inhigher cost of sales and SG&A expenses and an increase in the company’sreported general ledger accounts payable balance.

According to the 10-K, an investigation by Footstar’saudit committee and the law firm it ... Log in to view full article.