Provided by MZ Technologies
 
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 

 
FORM 6-K
 
REPORT OF FOREIGN ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF THE
SECURITIES EXCHANGE ACT OF 1934
 
For the month of May, 2009

(Commission File No. 001-32221) ,
 

 
GOL LINHAS AÉREAS INTELIGENTES S.A.
(Exact name of registrant as specified in its charter)
 
GOL INTELLIGENT AIRLINES INC.
(Translation of Registrant's name into English)
 


R. Tamoios, 246
Jd. Aeroporto 
04630-000 São Paulo, São Paulo
Federative Republic of Brazil
(Address of Regristrant's principal executive offices)



Indicate by check mark whether the registrant files or will file
annual reports under cover Form 20-F or Form 40-F.

Form 20-F ___X___ Form 40-F ______

Indicate by check mark whether the registrant by furnishing the
information contained in this Form is also thereby furnishing the
information to the Commission pursuant to Rule 12g3-2(b) under
the Securities Exchange Act of 1934.

Yes ______ No ___X___

If "Yes" is marked, indicated below the file number assigned to the
registrant in connection with Rule 12g3-2(b):



Press Release

GOL Republishes 2008 Financial Statements

São Paulo, May 7, 2009 – GOL Linhas Aéreas Inteligentes S.A. (Bovespa: GOLL4 and NYSE: GOL), Brazil’s low-cost airline, announces the republication of its financial statements for 2007 and 2008 in IFRS and for 2008 in BRGAAP (Law 11638).

During conclusion of the 2008 20-F, the report detailing the Company’s annual operating and financial activities in line with the regulations of the SEC (U.S. Securities and Exchange Commission), GOL’s executive officers perceived the need to adjust the financial statements in IFRS and BRGAAP (including the adoption of Law 11348/07 and Presidential Decree 449/08), both of which were published on March 20, 2009 in Brazil and the United States.

This occurred because the publication of the financial statements precedes the preparation of the 20-F. The adjustments in question are essentially limited to the recognition of deferred income and social contribution taxes and assets arising from sale and lease-back operations during the adoption of the new accounting practices (IFRS and Law 11638).

The main reasons that led the Company to republish its financial statements are summarized below:

The Company has already taken the necessary measures to remedy the above-mentioned questions, including improving automation procedures, and strengthening pro-active management through the installation of internal accounting and tax committees in order to keep income taxes and related deferrals, as well as all future non-habitual or non-recurring transactions under close and constant scrutiny.

Summary of the Adjustments to the Financial Statements in IFRS


The balances of the affected accounts at December 31, 2008 are shown below:

 
    2008    2007 
Adjustments to the Balance Sheet (R$ ‘000)   Previously        Previously     
   
Reported 
  Republished    Reported    Republished 
                 
Assets                 
Current assets                 
Other current assets    49,439    52,386    144,484    144,484 
Prepaid expenses    120,100    123,801    131,231    135,957 
Trade and other receivables    344,927    344,927    916,133    903,061 
Non-current assets                 
Prepaid expenses      58,793      44,808 
Deferred income taxes    495,544    729,784    485,980    485,980 
Other non-current assets    105,526    97,446    87,694    87,489 
Liabilities and shareholders' equity                 
Current liabilities                 
Other current liabilities    238,904    219,886    160,799    166,340 
Non-current liabilities                 
Deferred income taxes      323,345    548,680    339,348    341,634 
Provisions     157,310    157,310    117,062    200,664 
Other non-current liabilities     160,069    196,893    63,135    107,132 
Shareholders' equity                   
Issued share capital     1,248,649    1,250,618    1,248,649    1,250,618 
Retained earnings (deficit)     (273,877)   (227,386)   1,153,412    1,052,274 
 
 
 
 
    2008    2007 
Adjustments to the Income Statement (R$ ‘000)   Previously    Republished    Previously    Republished 
    Reported        Reported     
Other operating expenses    (329,883)   (329,883)   (277,844)   (270,422)
Capitalized interest    28,871    27,179    38,879    38,879 
Income taxes    (193,626)   (44,3050    78,800    (33,595)
Net Income    (1,386,976)   (1,239,347)   272,261    167,288 
 

The above adjustments resulted in changes to amounts previously reported in Notes 3, 10, 13, 15, 16 and 23, which have also been duly amended.

The financial statements in IFRS and BRGAAP were republished today in electronic format and the statements in BRGAAP will be republished in the press on May 8, 2009.

The financial statements will be put to the approval of the shareholders at the next Extraordinary Shareholders’ Meeting to be called opportunely.


Suspension of quiet period

The Company will suspend its quiet period between May 7 and 9 so that its investor relations department may provide additional clarifications to investors and analysts.

List of the Republished Documents

CONTACT:    About GOL Linhas Aéreas Inteligentes S.A. 
     
Investor Relations    GOL Linhas Aéreas Inteligentes S.A. (NYSE: GOL and Bovespa: GOLL4), Brazil’s low-cost airline, offers around 800 daily flights to 49 destinations that connect all the important cities in Brazil and ten major destinations in South America. The Company operates a young, modern fleet of Boeing 737 Next Generation aircraft, the safest and most comfortable of its class, with high aircraft utilization and efficiency levels. The Company’s service is recognized as the best value proposition in the market. 
   
Leonardo Pereira - CFO and IRO   
Rodrigo Alves - IR Manager   
Tel.: (11) 2128-4700   
E-mail: ri@golnaweb.com.br   
Website: www.voegol.com.br/ri   
   
   
Corporate Communication   
Tel.: (11) 2128-4413    This release contains forward-looking statements relating to the prospects of the business, estimates for operating and financial results, and those related to growth prospects of GOL. These are merely projections and, as such, are based exclusively on the expectations of GOL’s management concerning the future of the business and its continued access to capital to fund the Company’s business plan. Such forward-looking statements depend, substantially, on changes in market conditions, government regulations, competitive pressures, the performance of the Brazilian economy and the industry, among other factors and risks disclosed in GOL’s filed disclosure documents and < FONT color="#808080">are, therefore, subject to change without prior notice. 
   
comcorp@golnaweb.com.br   
Media Relations   
FSB Comunicações (Brasil)  
Erica Arruda   
Tel.: (11) 2128-4420   
erica.arruda@fsb.com.br   
   
Edelman (USA and Europe):   
M. Smith and N. Dean   
Tel.: 1 (212) 704-8196 / 704-4484   
meaghan.smith@edelman.com or   
noelle.dean@edelman.com   




 
SIGNATURE
 
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: May 07, 2009

 
GOL LINHAS AÉREAS INTELIGENTES S.A.
By:

/S/ Leonardo Porciúncula Gomes Pereira


 
Name: Leonardo Porciúncula Gomes Pereira
Title:    Executive Vice-President and Chief Financial Officer
 

 

FORWARD-LOOKING STATEMENTS

This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management's current view and estimates offuture economic circumstances, industry conditions, company performance and financial results. The words "anticipates", "believes", "estimates", "expects", "plans" and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will a ctually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.