COOPER DEVELOPMENT &lt;BUGS> RESTATES RESULTS

  Cooper Development Co said it
  revised results for the year ended October 31 to a loss of 61.7
  mln dlrs, or 2.33 dlrs per share, down from the
  previously-reported loss of 12.1 mln dlrs, or 46 cts per share.
      The restatement was made because of change in the method of
  accounting for a combination of several company-controlled
  concerns that resulted in a 53.5 mln dlr charge, Cooper
  Development said.
      Last August Cooper Development combined its Cooper
  Biomedical Inc unit and its Cooper Laboratories subsidiary with
  Technicon Instruments Corp, a company acquired from Revlon Inc
  &lt;REV>, a Cooper spokesman said.
      The spokesman said the transaction was accounted for as an
  acquisition, but the Securities and Exchange Commission took
  issue with the accounting method and said it should be
  accounted for as a reorganization of entities under common
  control.
      This treatment requires that the costs associated with the
  transaction be expanded rather than capitalized as an
  intangible asset, the company said.
      It also said that, since the charged required an expensing
  of previously accrued liabilities, the company will experience
  no resulting material change it its cash flow.
  

