New User:

Forgot your password?

Stock Market & Financial Investment News

News Breaks
August 17, 2012
14:02 EDTDCOIngalls & Snyder reports 5.1% passive stake in Ducommun
News For DCO From The Last 14 Days
Sign up for a free trial to see the rest of the stories you've been missing.
March 26, 2015
10:56 EDTDCODucommun management to meet with FBR Capital
Meeting to be held in New York on April 1 hosted by FBR Capital.
March 17, 2015
07:18 EDTDCOSatellite & Access Intelligence to hold a exhibition
Subscribe for More Information
March 16, 2015
08:01 EDTDCODucommun to delay release of earnings
Ducommun Incorporated announced that it will postpone its 2014 fourth quarter and year-end earnings announcement and conference call currently scheduled for Monday, March 16. The company needs additional time to complete its 2014 financial statements and will file an extension notice on Form 12b-25 with the SEC to report the delayed filing of its Annual Report on Form 10-K. The company requires further time to finalize the financial information because it has discovered certain errors in the reported financial results for certain prior periods. Ducommun anticipates that the correction of these errors generally will result in an increase in the company’s net income for such periods. The company’s assessment of these matters is ongoing and subject to additional review. The company expects to announce its 2014 fourth quarter and year-end results as soon as practical and will issue a subsequent earnings release and conference call advisory announcing the timing for the release upon the finalization of the financial statements and audit completion.
07:56 EDTDCODucommun says some financial statements should not be relied upon
In a filing, Ducommun said its Audit Committee of the Board of Directors, after considering the recommendation of management, concluded on March 12, that the company’s previously issued financial statements contained in the company’s Annual Report on Form 10-K for the year ended December 31, 2013, and the Quarterly Reports on Form 10-Q for the first three quarters of the year ended December 31, 2014, should no longer be relied upon because of prior period errors in such financial statements. The conclusions reached were discussed with PricewaterhouseCoopers LLP, the Company’s independent registered public accounting firm. The prior period errors were discovered in connection with (i) a review by the company of a long-term contract following the discovery of misconduct by employees in the recording of direct labor costs to the contract from 2009 through the third quarter 2014, which resulted in the identification of a forward loss provision that should have been recorded in a prior period; and (ii) the year end reconciliation of income taxes payable and deferred tax balances that identified errors primarily in 2012 and 2013. Upon completion of the review of these matters and their impact on the above-referenced financial statements, the company expects to restate its financial statements previously included in the Prior 10-K. The company has additionally concluded that the control deficiencies that failed to detect these errors constituted material weaknesses in internal control over financial reporting as of December 31, 2013 and for each of the quarters in the nine months ended September 27, 2014. These material weaknesses remain unremediated as of December 31, 2014. When combined with the impact of prior period errors previously disclosed in the company’s financial statements included in the Prior 10-K and Prior 10-Qs, the company anticipates that the correction of the errors described above generally will result in an increase in the company’s net income for the years ended December 31, 2012 and December 31, 2013 and the nine months ended September 27, 2014, as a result of establishing a contract loss reserve in a prior period. However, the company presently cannot quantify the amount of the anticipated increase in net income because it has not completed the review described above. The company expects to file its Form 10-K for the year ended December 31, 2014 on or before March 31, 2015.

Sign up for a free trial to see the rest of the stories you've been missing.

I agree to the disclaimer & terms of use