Summary
Curtiss-Wright Corporation's (CW) third-quarter 2006 10-Q filing indicates stability in key areas with no material changes to market risk or risk factors compared to its 2005 annual report. Management, including the CEO and CFO, has affirmed the effectiveness of the company's disclosure controls and procedures and internal financial controls as of September 30, 2006. The company also addressed legal proceedings, stating that while various claims and contingent liabilities exist, none are expected to materially impact its financial position. A specific mention of asbestos-related lawsuits highlights the company's belief in minimal exposure due to limited asbestos use and product characteristics, supported by adequate insurance coverage.
Key Highlights
- 1No material changes in market risk or risk factors were reported for the nine months ended September 30, 2006, indicating a stable risk environment.
- 2Management, including the CEO and CFO, has certified the effectiveness of the company's disclosure controls and procedures as of September 30, 2006.
- 3Internal control over financial reporting has not materially changed during the quarter, suggesting operational and financial reporting consistency.
- 4The company is subject to legal proceedings but does not expect any to have a material adverse effect on its financial position or results of operations.
- 5Curtiss-Wright believes its asbestos litigation exposure is minimal due to limited historical use and product condition, and it maintains adequate insurance coverage for potential liabilities.
Frequently Asked Questions
As of the filing date (November 9, 2006), the company stated there have been no material changes in its market risk during the first nine months of 2006. For detailed information on market risk, investors should refer to the company's 2005 Form 10-K.
Curtiss-Wright is involved in various legal proceedings, including asbestos-related claims. However, the company asserts that the disposition of these matters, individually or in aggregate, is not expected to materially affect its financial position or results of operations. They also believe their exposure to asbestos litigation is minimal and adequately covered by insurance.
Yes, the company's management, including the CEO and CFO, conducted an evaluation and concluded that the disclosure controls and procedures, as well as internal control over financial reporting, are effective in all material respects as of September 30, 2006. There were no changes during the quarter that materially affected internal controls.