Office Depot: Accounting Errors to Reduce Earnings

Delray Beach, Fla., Office Depot said on Thursday it will reduce earnings for some prior periods following an independent review of its accounting for certain vendor program funds.

The errors, discovered by an audit committee following a whistleblower complaint, are non-cash adjustments to previously reported results. The company intends to file an amended Annual Report on Form 10-K/A for fiscal 2006 and amended Quarterly Reports on Form 10-Q/A for the first and second quarters of 2007.

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