8-KEarnings & ResultsFinancial EventsOther Events+1

CURTISS WRIGHT CORP 8-K Report, Financial Results (Mar 3, 2005)

Filed March 3, 2005For Securities:CW

Summary

Curtiss-Wright Corporation (CW) filed an 8-K on March 3, 2005, to address a restatement of previously issued financial information. The company announced that its Audit Committee concluded that the financial results for the fourth quarter and year-end 2004, as initially reported in a press release dated February 3, 2005, are no longer reliable and require revision. This revision stems from the decision to increase environmental reserves by $4.4 million to cover estimated future remediation costs that were not previously accounted for. While the company expects to file its full 2004 Form 10-K within the prescribed timeframe, investors should be aware of this accounting adjustment. The decision to revise was made by the Audit Committee and the Board of Directors in consultation with management and has been discussed with their independent auditor, Deloitte & Touche. This restatement highlights the importance of accurate financial reporting and the oversight provided by the Audit Committee.

Key Highlights

  • 1Curtiss-Wright is restating previously issued financial information from its February 3, 2005 press release regarding Q4 and full-year 2004 results.
  • 2The company will increase its environmental reserves by $4.4 million to account for estimated future remediation costs.
  • 3This increase in reserves means these costs were not included in the previously reported financial data.
  • 4The Audit Committee of the Board of Directors concluded that the prior financial information is no longer reliable.
  • 5The decision to revise the financial statements was made in consultation with company management.
  • 6Curtiss-Wright's independent registered public accounting firm, Deloitte & Touche, has been consulted on this matter.
  • 7The company expects to file its 2004 Form 10-K within the 75-day filing period.

Frequently Asked Questions

Curtiss-Wright is filing this 8-K to inform investors that previously issued financial information regarding their 2004 fourth quarter and year-end results, announced on February 3, 2005, needs to be revised and should no longer be relied upon. This is due to an increase in environmental reserves.

The company is increasing its environmental reserves by $4.4 million. This adjustment is to cover estimated future remediation costs that had not been included in the previously reported financial information.

The decision to revise the financial statements was made by the Audit Committee of the Board of Directors and the Board of Directors themselves, in consultation with the company's management.

Yes, the Audit Committee has discussed the matters disclosed in this report with Deloitte & Touche, Curtiss-Wright's independent registered public accounting firm.