Oakley to Restate Earnings for 2000-05

Oakley Inc. said it would restate earnings from 2000 through 2005 to correct how it accounted for foreign currency hedging, trimming profit for this year.

There is no cumulative change to net income for the periods affected, Oakley said.

The maker of sunglasses forecast that profit for 2006 would drop to 68 cents a share, down from an earlier projection of earnings of 73 cents.