Cooper Tire restates '09, quarter earnings

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FINDLAY — Cooper Tire & Rubber Co. said Tuesday its earnings for 2009 and for the first quarter this year will be restated because a “material weakness existed in the company's internal control over financial reporting.”

In a filing with the U.S. Securities and Exchange Commission, the Findlay tire maker restated last year's profit to be $1.02 a share — up from 85 cents a share originally stated.

The company said it will file new financial statements by Aug. 4.

In yesterday's filing, the company said the problem related to how it accounted for foreign currency translations and noncontrolling shareholders' interests in its Chinese, Mexican, and other operations.

Cooper Tire said it has taken steps to improve its control processes, including a review of accounting for joint ventures from acquisitions.

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