McDonald’s Revises Plan for Charges

McDonald’s Corp. restated second-quarter net income to reverse a $125-million charge for a new food production system, saying it will instead spread the charge over several quarters as it pays for the system. The world’s largest fast-food chain said it made the change after discussions with the SEC. The change does not affect an additional $110-million charge McDonald’s took for headquarters job cuts. Net income was restated as $357.2 million, or 50 cents a diluted share, instead of $233.8 million, or 33 cents. The reversal didn’t affect profit from operations of $468 million, or 66 cents a diluted share. “This is strictly a timing change related to what, in essence, was a very unique transaction between us and the franchisees,” spokesman Charles Ebeling said. Oakbrook, Ill.-based McDonald’s shares fell 50 cents to close at $67.88 on the NYSE.