MTS restates revenue, earnings 

MTS restates revenue, earnings

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MTS Medication Technologies said a change in accounting for revenue from products that it ships to customers has led to a restatement of its financial information for the second and third quarters of fiscal 2006.
The company said the cumulative effect of the restatement for the two quarters ended Dec. 31 was a $15.000 reduction in net income available to common stockholders. The impact on earnings per diluted common share was nil. the company said in a release.
Historically. a St. Petersburg-based provider of medication compliance packaging systems. recognized revenue when it shipped consumable to customers. believing that was the point at which title and risk of loss transferred to the customer. according to the release. However. it was determined that title and risk of loss for some shipments. primarily those made to wholesale distributors. did not transfer until the product was received by the customer.
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