Textron 1st Fastener Firm to Certify Finances to SEC
Textron 1st Fastener Firm to Certify Finances to SEC
Jason Sandefur
In the wake of accounting scandals rocking the country, top executives at Textron Inc. and 15 other large corporations certified financial statements with the U.S. Securities & Exchange Commission for 2001 and 2002. The move came two weeks before an Aug. 14 deadline requiring all 945 companies with annual revenues of more than $1.2 billion to certify their financial reports.
Textron CEO Lewis Campbell and CFO Ted French made sworn statements on July 24, according to SEC records. The statements, pledging personal responsibility for the accuracy of Textron�s reported sales and earnings, were filed July 31. Textron makes aircraft and components, including fasteners.
Last year, Textron Fastener Systems segment accounted for $1.68 billion of the Providence, RI-based company�s $12.3 billion revenue. Fastener revenue for the second quarter of 2002 fell 10% to $431 million, Textron reported. �2002 FastenerNews.com
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