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Systemax, a distributor and manufacturer of PC hardware has announced that it will restate its results for the year ended December 31 2004.

The company is still reviewing which quarters will be affected.

Net income is expected to drop from $12.6m to between $9.0m to $9.6m.

Although the company is not required to comply with section 404 of the Sarbanes-Oxley Act, it has been reviewing its internal controls.

A number of deficiencies have been identified with internal controls relating to financial reporting.

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2004