ALEXANDRIA, Minn.-Rural Cellular Corp. restated unaudited financial results for the second quarter resulting in net losses attributed to common shareholders increasing from $1.5 million, a loss of 12 cents per share, to $6.1 million, a loss of 51 cents per share.
The company said the restatement, which included an additional non-cash interest expense of $4.6 million being charged during the second quarter, came after it determined that one of its derivative financial instruments did not qualify for hedge accounting treatment under Statement of Financial Accounting Standards No. 133.
