Hill International Receives NYSE Notice Regarding Late Form 10-Q Filing
August 18 2017 - 4:30PM
Hill International (NYSE:HIL), the global leader in managing
construction risk, today announced that, as a result of its failure
to timely file its Quarterly Report on Form 10-Q for the fiscal
quarter ended June 30, 2017 (the “Form 10-Q”), it has received a
notice from the New York Stock Exchange (the “NYSE”) that the
Company is not in compliance with the NYSE’s continued listing
requirements under the timely filing criteria established in
Section 802.01E of the NYSE Listed Company Manual.
The reason for the delay is that the Company is
continuing to compile information regarding, and complete the
proper accounting and related tax treatment of, the sale of the
Company’s Construction Claims Group which was completed during the
second quarter of 2017, and to assess the Company’s accounting for
comprehensive income (loss) in conjunction with the accounting for
the sale of the Construction Claims Group. The Company is currently
uncertain as to the scope or size of any adjustment that may be
required from its assessment of comprehensive income (loss). The
Company will not be able to file the Form 10-Q until the
compilation, accounting and assessment are completed. The Company
will file the Form 10-Q as soon as practicable.
The NYSE informed the Company that, under the
NYSE’s rules, the Company will have six months from August 15, 2017
to file the Form 10-Q with the SEC. The Company can regain
compliance with the NYSE listing standards before that date by
filing the Form 10-Q with the SEC.
About Hill International Hill
International, with 3,300 professionals in more than 50 offices
worldwide, provides program management, project management,
construction management and other consulting services to clients in
a variety of market sectors. Engineering News-Record magazine
recently ranked Hill as the eighth largest construction management
firm in the United States. For more information on Hill, please
visit our website at www.hillintl.com.
Certain statements contained herein may be
considered “forward-looking statements” within the meaning of the
Private Securities Litigation Reform Act of 1995, and it is our
intent that any such statements be protected by the safe harbor
created thereby. Except for historical information, the matters set
forth herein including, but not limited to, any projections of
revenues, earnings or other financial items; any statements
concerning our plans, strategies and objectives for future
operations; and any statements regarding future economic conditions
or performance, are forward-looking statements. These
forward-looking statements are based on our current expectations,
estimates and assumptions and are subject to certain risks and
uncertainties. Although we believe that the expectations, estimates
and assumptions reflected in our forward-looking statements are
reasonable, actual results could differ materially from those
projected or assumed in any of our forward-looking statements.
Important factors that could cause our actual results to differ
materially from estimates or projections contained in our
forward-looking statements are set forth in the Risk Factors
section and elsewhere in the reports we have filed with the
Securities and Exchange Commission, including that unfavorable
global economic conditions may adversely impact our business, our
backlog may not be fully realizable as revenue, and our expenses
may be higher than anticipated. We do not intend, and undertake no
obligation, to update any forward-looking statement.
Hill International, Inc. John Fanelli III
Executive Vice President and Chief Financial Officer (215)
309-7906johnfanelli@hillintl.com
The Equity Group Inc. Devin Sullivan Senior
Vice President (212) 836-9608dsullivan@equityny.com