Philip Services Announces Filing of 10-K and the Final Determination of its 1997 Year End Audit.HAMILTON, ONTARIO--(BUSINESS WIRE)--April 1, 1998--(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :PHV PHV Plug-in Hybrid Vehicle PHV Peak Height Velocity PHV Peak Hour Volume (traffic & transportation engineering) PHV Protocol Handler (CDMA voice) PHV Protocol Handler for Voice .) (ME:PHV.) (NYSE NYSE See: New York Stock Exchange :PHV) Philip Services Corp. today announced that it has filed with the US Securities and Exchange Commission its Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the 1997 fiscal year, which includes the Company's audited consolidated financial statements Consolidated Financial Statements The combined financial statements of a parent company and its subsidiaries. Notes: Because consolidated financial statements present an aggregated look at the financial position of a parent and its subsidiaries, they enable you to gauge for the year ended December 31, 1997, together with the notes thereto (the "Financial Statements"). As part of its final audit review, the Company, in conjunction with its auditors, determined it necessary to include additional charges of US$13.6 million (before taxes) as part of the special and non-recurring charges of US$185.4 million (before taxes) disclosed by Philip in its news release of March 5, 1998. The revised total special and non-recurring charges for 1997 are US$199 million. The additional charges relate to the third and fourth quarters of 1997 and include US$10 million of unrealized losses arising from the market value of copper swap contracts and US$3.6 million in other costs relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the Company's copper operations. While these charges will result in a change to the 1997 diluted loss per share from US$1.09 to US$1.18, they do not impact the Company's net earnings or earnings per share for 1997 before the special and non-recurring charges. The Company's previously announced copper inventory discrepancy charge of US$125.1 million remains unchanged. The Company's auditors have concluded their audit and provided the Company with an unqualified opinion Unqualified opinion An independent auditor's opinion that a company's financial statements comply with accepted accounting procedures. Antithesis of qualified opinion. unqualified opinion See clean opinion. with respect to its 1997 year end consolidated financial statements. Philip Services is an integrated metals and industrial services company with operations throughout the United States, Canada and Europe. Philip provides steel, copper and aluminum processing and recovery services, together with diversified industrial outsourcing services, to all major industry sectors. CONTACT: Philip Services Corp. Teresa Gregoroff, 905/ 540-6619 or Philip Services Corp. Lynda Kuhn, 905/ 540-6658 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion