CIT Group (CIT) Restates, Adding $0.10/Share to Book Value
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CIT Group Inc. (NYSE: CIT) restate its financial statements for each of the first three quarters of 2010, with the combined impact increasing reported book value by $0.10 per share.
The effect of the restatement from the revised results that were included in the Company’s September 30, 2010 Form 10-Q, is an increase in net income of approximately $25 million for the nine months ended September 30, 2010, resulting in net income of approximately $445 million for that period. Net income for the quarters ended March 31st and June 30th of 2010 will increase by approximately $30 million and $10 million, respectively, and net income for the quarter ended September 30, 2010 will decrease by approximately $15 million. The December 31, 2009 balance sheet will also be revised.
The effect of the restatement from the revised results that were included in the Company’s September 30, 2010 Form 10-Q, is an increase in net income of approximately $25 million for the nine months ended September 30, 2010, resulting in net income of approximately $445 million for that period. Net income for the quarters ended March 31st and June 30th of 2010 will increase by approximately $30 million and $10 million, respectively, and net income for the quarter ended September 30, 2010 will decrease by approximately $15 million. The December 31, 2009 balance sheet will also be revised.
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