S&P: Grant Prideco unaffected

Standard & Poor's noted that Grant Prideco Inc. (BB-/stable/--) announced on Wednesday that it would be delayed in filing its form 10-K due to delays in its completion of Sarbanes-Oxley Section 404 requirements. The company also announced that it would be restating its earnings for previous periods and will be reporting a material weakness relating to inadequate documentation supporting the company's revenue recognition in certain divisions.

The company estimates the restatement will likely reduce previously reported income from continuing operations to 51 cents per share from 53 cents per share.

After reviewing this information and given the size of the restatement, S&P said it does not expect these matters to have an immediate impact on Grant Prideco's current ratings or outlook.

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