KENT, Wash., Sept. 20 /PRNewswire-FirstCall/ -- Flow International
Corporation (Nasdaq: FLOW), the world's leading supplier of ultrahigh-pressure
waterjet products, today announced that it has been further delayed from
filing its Form 10-Q for the fiscal 2006 first quarter ended July 31, 2005.
On September 16, 2005, the Company filed a Form 12b-25 to extend the filing
date for its interim report, extending the filing date to September 19, 2005.
The Company did not file the Form 10-Q on September 19, 2005 and currently is
unable to predict when it will file the 10-Q.
The Company, after consultation with its Independent Registered Public
Accounting Firm ("IRPAF") has determined that it will restate its financial
results for the year ended April 30, 2005 as a result of an error related to
the valuation of anti-dilution warrants issued to the Company's lenders on
March 21, 2005. The warrants were issued as a result of the issuance of
securities in a PIPE transaction. The amount of the restatement, which will
result in a non-cash adjustment, is estimated to be approximately $600,000 and
will increase the Company's paid-in capital and net loss for the year ended
April 30, 2005. The restatement for these warrants will not have any effect
on net shareholder's equity as of April 30, 2005.
In conjunction with the Public Company Accounting Oversight Board's
inspection of the IRPAF, the IRPAF has advised that it continues to complete
required audit procedures in connection with the 2005 financial statements.
Until the IRPAF has completed these procedures and the 2005 financial
statements are restated, the Company will not be in a position to file the 10-
Q for the first quarter.
About Flow International
Flow International Corporation is the world's leading developer and
manufacturer of ultrahigh-pressure waterjet technology for cutting, cleaning,
and food safety applications, providing state-of-the-art ultrahigh-pressure
(UHP) technology to industries including automotive, aerospace, job shop,
surface preparation, food and more. For more information, visit
http://www.flowcorp.com.
Contact: John Leness
General Counsel
253-850-3500
SOURCE Flow International Corporation
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Related links:
http://www.flowcorp.com
CONTACT:
John Leness, General Counsel of Flow
International Corporation, +1-253-850-3500
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