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MOHAWK RESTATES '97 AND '98 FINANCIALS.

CALHOUN, Ga.-In keeping with generally accepted accounting principles, which it said, call for a retroactive presentation of pooling-of- interest transactions, Mohawk Industries recently restated its financial information for all of 1997 and the first three quarters of 1998 to reflect its acquisition of World Carpets Inc. for 4.9 million shares, which was completed on Nov. 12.

The company restated its third-quarter '98 net income to $34.7 million on sales of $690 million. It had reported net income of $53 million on sales of $576.3 million, for that quarter ended Sept. 26.

Mohawk restated its nine-month net income to $82.8 million on sales of $1.9 billion. It had reported net income of $53 million on sales of $1.58 billion for the nine months ended Sept. 26.

The company reported restated 1997 earnings of $73.4 million on sales of $2.33 billion. The company had reported net income, including items, of $68 million on sales of $1.9 billion.
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Title Annotation:Mohawk Industries
Publication:HFN The Weekly Newspaper for the Home Furnishing Network
Geographic Code:1USA
Date:Dec 7, 1998
Words:165
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