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By RICHARD MULLINS
The Tampa Tribune
St. Petersburg-based electronics maker Jabil Circuit Inc. says it made “administrative errors” awarding company stock options to employees over a nine-year period from 1996 to 2005 and will record a $54.3 million charge.
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The announcement comes as Jabil and hundreds of other U.S. companies face criticism for “back dating” stock options to artificially boost compensation for executives and employees.
About $1.7 million of the charges Jabil plans to take relate to options granted to executive officers at the time of the grants, the company said.
The company also said it will restate financial reports for two years to adjust for the error.
In morning trading on the NYSE, Jabil shares slipped 59 cents to $21.45 per share.
Reporter Richard Mullins can be reached at (813) 259-7919 or rmullins@tampatrib.com.
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