KLX Inc. Announces Filing of Extension for Form 10-K
April 04 2017 - 6:30AM
KLX Inc. (the “Company”) (NASDAQ:KLXI), a leading distributor and
value added service provider of aerospace fasteners and
consumables, and a provider of services and products to the oil and
gas exploration and production industry, today announced that the
Company has filed a Form 12b-25, Notification of Late Filing with
the U.S. Securities and Exchange Commission which automatically
extends the deadline to file its Form 10-K (the “Fiscal 2016 Form
10-K”) for its fiscal year ended January 31, 2017 (“Fiscal 2016”)
for fifteen calendar days. The Company expects that it will
file its Form 10-K no later than the fifteenth day following the
prescribed due date.
Although the Company’s analysis is still ongoing, the Company
expects it will report that it had a material weakness in its
internal controls associated with revenues related to a claim on a
single end of program/end of life long-term
contract, which expired on December 31, 2016 and which has now been
replaced by a new long-term contract. There is no impact on the
Company’s cash balances. The Company expects the receivables
associated with this single end of contract claim to be recognized
as revenue during 2017.
Primarily due to the issue described above, the Company expects
it will report quarterly adjustments to revenues, earnings,
receivables and inventory as well as adjustments to its full year
results as compared to its March 7, 2017 news release. At
this time, management believes any such adjustments will be
immaterial both individually, and in the aggregate.
This news release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
Such forward-looking statements involve risks and uncertainties.
The Company’s actual experience and results may differ materially
from the experience and results anticipated in such statements.
Factors that might cause such a difference include those discussed
in the Company’s filings with the Securities and Exchange
Commission (“SEC”), which include its Annual Report on Form 10-K
and Current Reports on Form 8-K, as well as but not limited to, any
further delay in the filing of the Fiscal 2016 Form 10-K, which, if
longer than the fifteen calendar day extension period described
above, would result in the suspension of the Company’s
eligibility to use Form S-3 registration statements, which could
increase the time and expense associated with accessing the capital
markets, if the Company chooses to do so. For more
information, see the section entitled “Forward -Looking Statements”
contained in the Company’s Annual Report on Form 10-K and in other
filings. The forward-looking statements included in this news
release are made only as of the date of this news release and,
except as required by federal securities laws and rules and
regulations of the SEC, the Company undertakes no obligation to
publicly update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise.
About KLX Inc. KLX Inc., through its two
operating segments, provides mission critical products and complex
logistical solutions to support its customers’ high value assets.
KLX serves its customers in demanding environments that face high
cost of downtime and require dependable, high quality just-in-time
customer support. The Aerospace Solutions Group is a leading
distributor and value added service provider of aerospace fasteners
and consumables offering the broadest range of aerospace hardware
and consumables and inventory management services worldwide. The
Energy Services Group provides vital services and products to the
oil and gas industry on an episodic, 24/7 basis. For more
information, visit the KLX website at www.klx.com.
CONTACT:
Michael Perlman
Assistant Treasurer
KLX Inc.
(561) 383-5100
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