Prestige Brands has Sarbanes problems

Buried in an article in NorthJersey.com (the Bergen Record's website) about an acquisition, is this tidbit about Prestige Brands:

Prestige notified investors last week that it would soon be restating earnings back through 2003 because of questions over "recognition of revenue, the classification of certain trade promotion allowances, and computation of earnings per share."

Prestige said it found accounting errors during an internal audit required by Sarbanes-Oxley rules. The company said the mistakes were related to timing and would not affect its fundamental trends.

In a news release, the company reported earnings of $7.4 million for the three-month period ended Sept. 30, down about 26 percent from the year earlier period. But the company has delayed filing its 10Q financial statement, citing the accounting issues.

Prestige markets such products as Spic & Span, Prell, and Cutex.