BELLEVUE, Wash., Feb. 16, 2018 -- Esterline Corporation (NYSE:ESL) (www.esterline.com) (“the Company”), a leading specialty manufacturer serving the global aerospace and defense markets, today confirmed that its Form 10-Q for the period ended December 29, 2017 (the “Form 10-Q”), has not been timely filed.
As previously disclosed in the Company's earnings press release and associated Form 8-K dated February 1, 2018, and in a Form 8-K filed with the Securities and Exchange Commission (the "SEC") on February 7, 2018, the Company is investigating an accounting error identified in the Company’s Sensors & Systems segment that will require a restatement of financials for prior fiscal periods. The restated financials will be included in an amendment on Form 10-K/A to the Company’s Annual Report on Form 10-K (the “Form 10-K/A”) for the year ended September 29, 2017. The Company is not able to complete and file its Form 10-Q until after the Form 10-K/A is filed. Consequently, the Form 10-Q was not filed by February 7, 2018, which was the SEC deadline. The Company expects both the Form 10-K/A and the Form 10-Q to be filed by the end of March 2018.
Accordingly, the Company is not in compliance with the New York Stock Exchange’s (the "NYSE") continued listing requirements under the timely filing criteria established in Section 802.01E of the NYSE Listed Company Manual. The NYSE has informed the Company that it will regain compliance with the NYSE listing standards when it files the Form 10-Q with the SEC within the next six months.
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements relate to future events or the company’s future financial performance. In some cases, you can identify forward-looking statements by terminology such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “should” or “will,” or the negative of such terms or other comparable terminology. These forward-looking statements are only predictions based on the current intent and expectations of the management of Esterline, are not guarantees of future performance or actions, and involve risks and uncertainties that are difficult to predict and may cause Esterline’s or its industry’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Esterline’s actual results and the timing and outcome of events may differ materially from those expressed in or implied by the forward-looking statements due to risks detailed in Esterline’s public filings with the Securities and Exchange Commission including its most recent Transition Report on Form 10-K.