March 10, 2009 / 11:58 AM / in 9 years

UPDATE 1-20-20 Technologies to restate its Q4 results

* To restate Q4 results, cites accounting errors

* Loss to widen by $0.03/shr

March 10 (Reuters) - 20-20 Technologies Inc TWT.TO, a provider of computer-aided design for interior design industry, said it would restate its financial results for the fiscal year and fourth quarter ended Oct. 31, 2008, to correct accounting errors.

“These restatements result from a conversion error made in the consolidation of a subsidiary’s balance sheet and the understatement of losses related to forward exchange contracts,” the company said in a statement.

The company said the total amount involved is $516,588, or 3 cents a share, adding that it will file its restated financial statements by the end of March.

The company said its fourth-quarter results now show a net loss of $1.3 million, or 7 cents a share, and not $0.8 million, or 4 cents a share, reported previously.

It also corrected its results for the year accordingly.

Shares of the company closed at C$1.11 on Monday on the Toronto Stock Exchange. (Reporting by Richa Dubey in Bangalore; Editing by Anil D‘Silva)

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