Crosstex Energy (XTEX) to Restate Financial Statements for March and June Quarters, Sees Reduction of $900K
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Crosstex Energy, L.P. (NASDAQ: XTEX) announced that its management and the Audit Committee of the Board of Directors of Crosstex Energy GP, LLC have concluded that the Partnership should restate previously issued interim financial statements for the quarters ended March 31, 2006 and June 30, 2006 due to a clerical accounting error made in the first quarter of 2006.
The net effect of the required adjustment due to the error reduces the Partnership's net income for the three months ended March 31, 2006 and the six months ended June 30, 2006 by approximately $0.9 million. Partners' equity is reduced by the same amount, and current liabilities are increased by the same amount.
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