Dummy

Gas compression company Hanover Compressor became the latest accounting crash test dummy to come out with its head rearranged. The company announced Tuesday that it is being examined by the Securities and Exchange Commission for some apparent financial accidents in Nigeria involving a joint venture with Royal Dutch/Shell. It is restating financial results for 2000 and for the first nine months if 2001, lowering its net income by a total of $8.9 million, because it reported income — mainly from the Nigerian joint venture — that it didn’t have. As if that wasn’t enough, the company reported lower than expected earnings for the fourth quarter and cut its earnings forecast for 2002.