Primarily as a result of these findings, revenue was over/(understated) by approximately $10.2 million, $18.3 million, ($29.1 million), $5.6 million and $1.0 million, and earnings per share was over/(understated) by approximately $0.09, $0.29, $0.25, ($0.06) and $0.04 in the fiscal years ended October 3, 2020, October 2, 2021 and October 1, 2022, and the fiscal quarters ended December 31, 2022 and January 1, 2022, respectively (collectively, the “Affected Periods”). The associated interim periods for the Affected Periods were also impacted. Because these misstatements are material to the Affected Periods compared to the previously reported results of operations for such periods, on May 10, 2023, the Audit Committee concluded that the consolidated financial statements for the Affected Periods included in the Company’s Annual Reports on Form 10-K for the fiscal years ended October 3, 2020, October 2, 2021 and October 1, 2022 and the unaudited condensed consolidated financial statements included in the Company’s Quarterly Reports on Form 10-Q for the quarterly fiscal periods included in such fiscal years and for the first fiscal quarter ended December 31, 2022 should no longer be relied upon. Any previously issued or filed reports, press releases, earnings releases and investor presentations or other communications describing the Company’s consolidated financial statements and other related financial information covering the Affected Periods should also no longer be relied upon.
Additionally, the Audit Committee concluded that management’s report on internal control over financial reporting for the fiscal year ended October 1, 2022, the opinion of PricewaterhouseCoopers LLP (“PwC”), the Company’s independent registered public accounting firm, on the consolidated financial statements for fiscal years ended October 3, 2020, October 2, 2021 and October 1, 2022, as well as PwC’s opinion on the effectiveness of the Company’s internal control over financial reporting as of October 1, 2022, should also no longer be relied upon. Additionally, the Company’s management has concluded that in light of the findings described above, the Company’s disclosure controls and procedures for the Affected Periods were not effective.
Restatement of Consolidated Financial Statements
This Form 10-Q/A includes unaudited restated quarterly financial information for the fiscal quarters ended December 31, 2022, October 1, 2022 and January 1, 2022. In addition to correcting the misstatements identified by the Investigation as described above, the unaudited restated quarterly financial information for the fiscal quarters ended December 31, 2022, October 1, 2022 and January 1, 2022 included herein also includes corrections that relate primarily to uncorrected balance sheet misstatements in previously filed financial statements that were not material, individually or in the aggregate, to those previously filed financial statements. The impact of these misstatements is included in the amounts referenced above.
For additional information on the unaudited restated quarterly financial information for the for the fiscal quarters ended December 31, 2022, October 1, 2022 and January 1, 2022, see Note 1 of “Notes to Condensed Consolidated Financial Statements” in this Form 10-Q/A.
This Form 10-Q/A also amends and restates the following items included in the Original Form 10-Q as appropriate to reflect the restatement and revision of the relevant periods: “Item 1-Interim Financial Statements (Unaudited)”; “Item 2-Management’s Discussion and Analysis of Financial Condition and Results of Operations”; “Item 4-Controls and Procedures”; and “Item 6-Exhibits.”
In accordance with Rule 12b-15 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), the Company is also including with this Form 10-Q/A currently dated certifications of the Company’s Chief Executive Officer and Chief Financial Officer (attached as Exhibits 31.1, 31.2, 32.1, and 32.2).
Except as discussed above and as further described in Note 1 of “Notes to Condensed Consolidated Financial Statements” in this Form 10-Q/A, the Company has not modified or updated the disclosures presented in this 10-Q/A. Accordingly, this 10-Q/A does not reflect events occurring after the Original Form 10-Q or modify or update those disclosures affected by subsequent events. Information not affected by the restatement and revision is unchanged and reflects disclosures made at the time of the filing of the Original Form 10-Q.