The Company will be unable to file the Report by its original due date as a result of disruptions caused by
the pandemic and the need to perform additional analyses and procedures relating to COVID-19s potential impact on the Companys financial statements, including analyses pertaining to the potential
impairment of long-lived assets.
The Company is also evaluating alternatives to further enhance liquidity, including through discussions with its lenders
regarding covenants under its ABL credit facility.
Risks Related to COVID-19
In light of recent developments relating to COVID-19, the Company is supplementing Item 1A. Risk Factors in the Annual
Report on Form 10-K. The following risk factor should be read in conjunction with the risk factors described in the Annual Report on Form 10-K.
Our business, results of operations, financial condition, cash flows and stock price can be adversely affected by pandemics, epidemics or other public
health emergencies, such as the recent outbreak of COVID-19.
Our business, results of operations,
financial condition, cash flows and stock price can be adversely affected by pandemics, epidemics or other public health emergencies, such as the recent outbreak of COVID-19 which has spread from China to many other countries including the United
States. In March 2020, the World Health Organization characterized COVID-19 as a pandemic, and the President of the United States declared the COVID-19 outbreak a
national emergency. The outbreak has resulted in governments around the world implementing measures to help control the spread of the virus, including quarantines, shelter in place and stay at home orders, travel
restrictions, business curtailments, school closures, and other measures. In addition, governments and central banks in several parts of the world have enacted fiscal and monetary stimulus measures to counteract the impacts of COVID-19.
Although we have continued to operate our facilities to date consistent with federal guidelines and state and
local orders, the outbreak of COVID-19 and any preventive or protective actions taken by governmental authorities may have a material adverse effect on our operations, supply chain, customers and
transportation networks, including business shutdowns or disruptions. The extent to which COVID-19 may adversely impact our business depends on future developments, which are highly uncertain and
unpredictable, depending upon the severity and duration of the outbreak and the effectiveness of actions taken globally to contain or mitigate its effects. Any resulting financial impact cannot be estimated reasonably at this time, but may
materially adversely affect our business, results of operations, financial condition and cash flows. Even after the COVID-19 pandemic has subsided, we may experience materially adverse impacts to our business
due to any resulting economic recession or depression. Additionally, concerns over the economic impact of COVID-19 have caused extreme volatility in financial and other capital markets which has and may
continue to adversely impact our stock price and our ability to access capital markets. To the extent the COVID-19 pandemic adversely affects our business and financial results, it may also have the effect of heightening many of the other risks
described in the Annual Report on Form 10-K, such as those relating to our products and financial performance.
Item 9.01 Financial Statements and
Exhibits
(d) Exhibits