May 10, 2011 / 1:58 PM / 9 years ago

UPDATE 1-First Marblehead to restate results on accounting issues

* To restate qtrs ended Sept. 30, 2010, and Dec 31, 2010

* Says restatements not to affect cash position (Follows alerts)

May 10 (Reuters) - Student loan securitizer First Marblehead Corp said it will restate results for the first two quarters of its current fiscal year because of accounting issues.

The company said it expects to file its restated financial statements and its third-quarter report, no later than May 16.

The restatement will increase the loss for the quarter ended Sept. 30, 2010, to 64 cents per share from 11 cents, and will increase the loss for the quarter ended Dec 31, 2010, to 33 cents a share from 1 cent.[ID:nWNAB7988]

“These restatements ... do not affect our cash position and are expected to have no impact on our ongoing business operations,” First Marblehead’s Chief Financial Officer Kenneth Klipper said in a statement.

Shares of Boston-based First Marblehead were trading at $2.02 on Tuesday on the New York Stock Exchange. (Reporting by Aditi Sharma in Bangalore; Editing by Jarshad Kakkrakandy)

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