Shiloh Industries (SHLO) Reports Q3 EPS of $0.11

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Go back to Shiloh Industries (SHLO) Reports Q3 EPS of $0.11

Shiloh Industries (SHLO) to Restate Certain Financials; Principal Accounting Officer Named

September 14, 2015 4:06 PM EDT

Shiloh Industries (NASDAQ: SHLO) disclosed the following on Monday night:

During the third quarter of the 2015 fiscal year of Shiloh Industries, Inc. (the Company), management implemented an enhanced balance sheet review process across all of the Companys 21 manufacturing facilities. In the course of implementing this new process, management encountered preliminary indications of accounting irregularities with respect to the accounting for inventoried costs, the majority of which was associated with a surcharge assessed on steel at the Companys facility in Wellington, Ohio. As a result, management promptly notified the Audit Committee and the Companys... More