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Stock Market & Financial Investment News

News Breaks
July 31, 2014
14:41 EDTRPMRPM files to delay 10-K
In a regulatory filing, the company said, "The Audit Committee of the company’s Board of Directors, with the assistance of independent advisors, is conducting an investigation of matters relating to the timing of our disclosure and accrual of loss reserves with respect to our settlement of the previously disclosed General Services Administration and Department of Justice investigation into compliance issues relating to our Tremco Roofing Division’s GSA contracts. The issues being reviewed by the Audit Committee are also the subject of a formal investigation by the SEC. The company is cooperating with the SEC in its ongoing investigation. We believe that the potential financial statement impact of this issue is confined to whether some or all of the reserve accrued in connection with our submission of a settlement proposal during the third quarter of fiscal 2013 should have been recorded during prior quarterly periods of fiscal 2013. As a result, the resolution of this matter is not expected to impact reported annual results for the full fiscal 2012, fiscal 2013 or fiscal 2014 years. The results of the investigation may affect management’s assessment of the company’s disclosure controls and procedures and internal control over financial reporting. As a result of the potential impact of the pendency of the Audit Committee’s investigation on unaudited comparative quarterly information contained in the company’s financial statements and the other required disclosures, the company is unable, without unreasonable effort or expense, to timely file its Form 10-K."
News For RPM From The Last 14 Days
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October 9, 2014
14:47 EDTRPMRPM increases quarterly dividend 8.3%
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October 8, 2014
10:32 EDTRPMRPM seeing improvement in construction markets, expects to continue through 2015
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10:25 EDTRPMRPM says Q1 results was 'on track' with its earnings plan
RPM said it expected a flat performance in Q1 after experiencing "extraordinary performance' due to results in Synta and Kirker subsidiaries. The company did not expect the performance to continue this year. The comparisons will continue to be negative in Q2 and be fairly flat for 2H15. The company also said there was $5.6M in unplanned costs due to the SEC investigation, the proposed SPHC settlement, and a voluntary self-disclosure agreement with the state of Delaware for unclaimed property. RPM expects costs for these three categories to continue in Q2 and Q3. When accounting for these facts, RPM says it is right on track with its earnings plan and says its consumer segment is continuing to perform well with mid-EBIT growth. The company also said more normal winter weather should help Q3. RPM expressed concern about the weak Euro, and says its outlook for the European economy remains mixed. Comments taken from Q1 earnings conference call.
09:20 EDTRPMOn The Fly: Pre-market Movers
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07:59 EDTRPMRPM comments on SPHC plan of reorganization
On September 26, 2014, SPHC filed its plan of reorganization in Delaware Bankruptcy Court. The plan memorializes the settlement in principle reached with representatives of current and future asbestos claimants. As previously reported, a trust will be established to resolve all current and future Bondex asbestos claims, an injunction will be issued by the court that will permanently protect SPHC, RPM International Inc., their affiliates, and other parties from current and future asbestos claims, and SPHC will emerge from bankruptcy and will be reconsolidated with RPM. RPM currently anticipates that the plan's effective date and the reconsolidation of SPHC's financial results will occur in RPM's fiscal 2015 third quarter, but the actual timeline could change based on a variety of factors beyond the control of SPHC and RPM. The impact of the completion of this transaction on RPM's 2015 fiscal year will be dependent on specific timing and related transaction costs. On an annualized basis, SPHC has revenues of approximately $400M. CEO Frank Sullivan said, "We look forward to plan confirmation for SPHC and its emergence from bankruptcy. While the amounts required to fund a 524g trust are substantial from a financial perspective, this transaction will be good for RPM shareholders, both in terms of our ongoing operations and as a process which will bring finality to the Bondex asbestos liability."
07:57 EDTRPMRPM sees FY16 EPS $2.70-$2.90, consensus $2.74
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07:34 EDTRPMRPM backs FY15 EPS $2.38-$2.42, consensus $2.42
Backs FY14 consolidated sales up 6%-8%, consensus $4.65B; Backs FY15 industrial sales up 6%-8%; Backs FY15 consumer sales up 5%-7%.
07:33 EDTRPMRPM expects FY15 quarterly results to follow different pattern from FY14
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07:31 EDTRPMRPM reports Q1 EPS 73c, consensus 79c
Reports Q1 revenue $1.20B, consensus $1.23B
October 7, 2014
15:16 EDTRPMNotable companies reporting before tomorrow's open
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