CharterMac to Revise '04 Earnings

CharterMac, New York, has announced that due to accounting errors it will revise its 2004 financial statements in a way that is expected to boost earnings.The company said it has not yet completed its assessment of the impact of the errors, which relate primarily to its deferred tax benefit. "The revisions are confined to accounting misstatements, most of which stemmed from complexity arising upon the acquisition of Related Capital Co.," said Alan P. Himes, CharterMac's chief financial officer. "Because they are confined to the timing of established revenues and tax deductions, they do not affect CharterMac's 2004 cash flow or [cash available for distribution], nor do they affect the company's compliance with debt covenants, financial strength, business prospects, or our earnings outlook for 2005 and beyond." CharterMac, which provides financial services for the multifamily sector, can be found online at http://www.chartermac.com.