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August 12, 2014
16:39 EDTNWPXNorthwest Pipe files to delay 10-Q
Northwest Pipe Company was unable to file its Quarterly Report on Form 10-Q for the three and six months ended June 30 within the prescribed time period because management of the Company has identified a material weakness in its internal control over financial reporting relating to goodwill that existed as of December 31, 2013. This material weakness did not result in any adjustments to the annual or interim consolidated financial statements. A material weakness indicates that internal controls over financial reporting and disclosure controls and procedures, and because that same material weakness had not yet been remediated at June 30, our DCP continued to be ineffective as of that date. Our Annual Report on Form 10-K for 2013 and our Quarterly Report on Form 10-Q for the first quarter of 2014 will be amended to reflect the conclusions reached. The Company is in the process of remediating the identified material weakness in ICFR and expects to have that work completed by the end of the year, although there can be no assurance we will accomplish that goal. Our need to re-evaluate our internal control over financial reporting related to accounting for goodwill arose after a routine inspection by the Public Company Accounting Oversight Board of our independent registered public accounting firm, PricewaterhouseCoopers LLP, which included a review by the PCAOB of PwCs independent audit of our 2013 financial statements and ICFR. In addition, following the inspection, management of the Company and PwC re-evaluated our ICFR related to our accounting for goodwill, which ultimately resulted in the conclusion discussed in the preceding paragraph. The Company is in the process of finalizing its disclosures pursuant to Part I, Item 4, which includes completing internal and external review of the disclosures. Thus, the Company is unable to file its Quarterly Report within the prescribed time period without unreasonable effort or expense.
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September 9, 2014
07:02 EDTNWPXDA Davidson to hold a conference
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