Hanover Completes Review of 1999 Transactions; Will Restate 1999 Financial Results; CEO, CFO to Certify Results for Past Three Years.Business Editors
HOUSTON--(BUSINESS WIRE)--Oct. 23, 2002
Schedules 3Q02 Earnings Conference Call For Oct. 31st
Hanover Compressor compressor, machine that decreases the volume of air or other gas by the application of pressure. Compressor types range from the simple hand pump and the piston-equipped compressor used to inflate tires to machines that use a rotating, bladed element to achieve Company (NYSE NYSE
See: New York Stock Exchange : HC), the leading provider of outsourced natural gas compression services, today announced it has completed its review of prior business transactions and, with the concurrence CONCURRENCE, French law. The equality of rights, or privilege which several persons-have over the same thing; as, for example, the right which two judgment creditors, Whose judgments were rendered at the same time, have to be paid out of the proceeds of real estate bound by them. Dict. de Jur. h.t. of its independent auditors Independent Auditor
An external auditor with a certified public accounting designation that qualifies him or her to provide an auditor's report.
These auditors aren't affiliated with the company being audited. , will restate re·state
tr.v. re·stat·ed, re·stat·ing, re·states
To state again or in a new form. See Synonyms at repeat.
re·state 1999 financial results to more properly reflect four transactions totaling revenues of $5.1 million and net income of $2.0 million.
The decision follows completion of reviews by management, the board of directors, and outside counsel of 1999 transactions.
"Senior management is satisfied it has conducted a thorough review of prior transactions and, consequently, will certify and file with the Securities and Exchange Commission within 30 days amended financial results for 1999, 2000 and 2001 to reflect the restatements," said John Jackson John Jackson may refer to:
"Operating managers identified a few transactions that, although relatively small in their overall affect on our historical results, the Company felt warranted restatement Restatement
A revision in a company's earlier financial statements.
The need for restating financial figures can result from fraud, misrepresentation, or a simple clerical error. in order to assure shareholders that the Company's accounts are accurate and transparent," said Chad Deaton, chief executive officer. "Our focus now is to begin making the necessary changes that takes Hanover to the next level of performance."
Restating 1999 financial results will reduce revenues by $5.1 million, pre-tax income by $3.1 million and net income by $2.0 million for 1999. The impact of the restatement of the 1999 transactions on 2000 net income is an increase of $0.4 million and the impact on 2001 net income is a decrease of $0.4 million.
Conference Call Details
The Company will host a conference call at 11:00 a.m. ET, Thursday, October 31st, to discuss financial results for the third quarter ended September 30, 2002, and other matters. To access the call, participants should dial 913-981-4910 at least ten minutes before the scheduled start time. For those unable to participate, a replay will be available from 2:00 p.m. ET on Thursday, October 31st, until midnight on Wednesday, November 6th. To listen to the replay, please dial 719-457-0820, access code 441442.
About Hanover Compressor
Hanover Compressor Company (www.hanover-co.com) is the global market leader in full service natural gas compression and a leading provider of service, financing, fabrication fabrication (fab´rikā´shn),
n the construction or making of a restoration. and equipment for contract natural gas handling applications. Hanover provides this equipment on a rental, contract compression, maintenance and acquisition leaseback basis to natural gas production, processing and transportation companies that are increasingly seeking outsourcing solutions. Founded in 1990 and a public company since 1997, Hanover's customers include premier independent and major producers and distributors throughout the Western Hemisphere Western Hemisphere
Part of Earth comprising North and South America and the surrounding waters. Longitudes 20° W and 160° E are often considered its boundaries. .
Certain matters discussed in this press release are "forward-looking statements forward-looking statement
A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " intended to qualify for the safe harbors Safe Harbor
1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated.
2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. from liability established by the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. These forward-looking statements can generally be identified as such because of the context of the statement and will include words such as "believes," "anticipates," "expects," "estimates," or words of similar import. Similarly, statements that describe Hanover's future plans, objectives or goals are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties, which could cause actual results to differ materially from those anticipated as of the date of this press release. These risks and uncertainties include: the loss of market share through competition; the introduction of competing technologies by other companies; a prolonged, substantial reduction in oil and gas prices which could cause a decline in the demand for Hanover's compression and oil and gas production equipment; new governmental safety, health and environmental regulations which could require Hanover to make significant capital expenditures; inability to successfully integrate acquired businesses; currency fluctuations; changes in economic or political conditions in the countries in which Hanover operates; and legislative changes in the various countries in which Hanover does business. The forward-looking statements included in this press release are only made as of the date of this press release, and Hanover undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances. A discussion of these factors is included in the Company's periodic reports filed with the Securities and Exchange Commission.