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Stock Market & Financial Investment News

News Breaks
May 13, 2014
14:19 EDTKBRKBR files to delay 10-Q, SEC opens probe
As previously reported on a Form 8-K filed May 5, KBR is in the process of restating its consolidated financial statements as of and for the year ended December 31, 2013. The SEC has informed KBR that it has opened an investigation with respect to the matters disclosed in the Form 8-K. In connection with and upon conclusion of, the restatement, KBR expects to amend its Form 10-K for the year ended December 31, 2013 as soon as practicable and will not file its Form 10-Q for the three months ended March 31, until after the filing of the amended Form 10-K. As a result, KBR’s Quarterly Report on Form 10-Q for the three months ended March 31 could not, without unreasonable effort and expense, have been filed with the SEC before its May 12 due date, nor can it be filed by May 19, the extended due date of such report.
News For KBR From The Last 14 Days
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December 17, 2014
11:01 EDTKBRBalyasny Asset reports 5.57% passive stake in KBR
December 11, 2014
09:24 EDTKBRKBR says looks to reduce annual operating expenses by $200M by 2016
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08:08 EDTKBRKBR sees pre-tax charge of $800M-$1B related to restructuring
Effective December 31, 2014, KBR, Inc. will be reorganized into three new businesses. The actions are expected to strengthen KBR's balance sheet by addressing and exiting under-performing and non-strategic businesses. The company expects to realize annual operating cost savings of $200M by 2016, but anticipate taking a pre-tax charge ranging from $800M-$1B, the majority of which will be non-cash. The company currently has a cash balance of approximately $1B and has received approval from its lenders to amend its credit facility for the impact of the anticipated charge.
08:06 EDTKBRKBR to divest or exit several non-strategic businesses
KBR announced the results of a major Strategic Review which will see the company become a more streamlined, empowered and accountable global organization. Effective December 31, 2014, KBR, Inc. will be reorganized into three new businesses that will focus on core strengths in consulting, technology, engineering and construction and government services: Technology & Consulting combines all proprietary KBR technologies, knowledge-based services and KBR companies Granherne, Energo and GVA under one customer-facing global business to provide licensed technologies and consulting services to the oil and gas value chain, for wellhead to crude refining and to specialty chemicals production. In addition to sharing many of the same customers, these businesses share their approach of early and continuous involvement to deliver the most optimal solution to meet the customer's objectives through early planning and scope definition, advanced technologies and project lifetime support. This focus allows early customer engagement and continuity through to full project delivery; Engineering & Construction is KBR's project delivery business. It will leverage our operational and technical excellence as a global provider of engineering, procurement, construction, commissioning and maintenance for oil and gas, refining, petrochemicals, chemicals and industrial customers. Through a regional structure, E&C has been designed to be closer to its customers and capable to execute global project delivery on a consistent basis throughout the world; Government Services will focus on long-term services contracts with annuity streams particularly for the United Kingdom, Australian and United States governments. KBR functions at a corporate level will be streamlined. This will result in a lean corporate office with responsibility for strategy and governance. As a result of this Strategic Review, KBR will be divesting or exiting the following non-strategic businesses as it works to streamline global operations and drive efficiency with a goal of reducing annual operating costs of at least $200M by 2016: Fixed Price EPC Power; Fixed Price EPC Infrastructure and U.S. Minerals; Building Group; and Fixed Price, stand-alone Construction. In addition, options for Canadian module fabrication and U.S. military deployed operations support businesses are still under consideration.
December 8, 2014
12:00 EDTKBRKBR to host investor meeting
Investor meeting to be held in New York on December 11 at 9 am. Webcast Link

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