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BearingPoint reported a $546.2 million loss for 2004 and disclosed that the company faces "potential exposure to liability" under the Foreign Corrupt Practices Act because of payments and gifts to current and former officials at state-owned companies in China.
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| Consulting-Times E-zine
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In documents filed with the Securities and Exchange Commission, the company provided financial results for 2004, showing that it was making progress in sorting out its accounting difficulties.
The company said revenue for 2004 totalled $3.38 billion. BearingPoint revised its 2003 revenue to $3.16 billion from the $3.14 billion it had previously reported for the year.
BearingPoint's executives said the company spent more than $100 million to prepare its 2004 financial results and review the statements of the previous three years. CEO Harry You said the company expects to report a "substantial loss" for 2005 because of the costs related to the filing and the overhaul of its accounting procedures.
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