PPG completes internal audit
The paint maker’s adjusted first quarter net income reveals an $8 million slide.
PPG reported today that the paint and coatings manufacturer has filed an amended Annual Report on Form 10-K/A for the fiscal year ended Dec. 31, 2017 with the Securities and Exchange Commission.
The amended report a restatement of its audited consolidated financial statements for the years ended Dec. 31, 2016 and 2017.
In updated results for the first quarter 2018, PPG said its net income from continuing operations was $19 million less than originally reported. Net income for the quarter totaled $328 million compared with $347 million.
Adjusted net income for the quarter was $342 million, an $8 million slide from PPG’s original first quarter report.
Regarding 2017 results, PPG’s net income from continuing operations was $2 million less than $1.4 billion originally reported while for 2016 it was $4 million less than the $547 million the company originally reported.
Earlier this year, PPG revealed accounting violations that led to the firing of company controller and vice president Mark Kelly.
PPG said it has restated unaudited quarterly results related to the three months ended Dec. 31, 2016, March 31, 2017, June 30, 2017, September 30, 2017 and December 31, 2017. In addition, PPG announced today that it has filed its Quarterly Report on Form 10-Q for the quarter ended March 31, 2018. PPG is now current in its filings with the SEC.
According to PPG, it received a report through its internal reporting system in April 2018 alleging violations of PPG’s accounting policies and procedures regarding the failure to accrue certain specified expenses in the first quarter of 2018.
“Throughout the process to conduct a detailed review of our financials and support our audit committee’s investigation, we have appreciated the patience of PPG shareholders, lenders and other stakeholders,” said Michael McGarry, PPG chairman and CEO.
In the meantime, the Pittsburgh-based company said it has begun to implement “a remedial plan to address the issues identified by the internal report and the investigation, as more fully described in our filings today.”
The amended report a restatement of its audited consolidated financial statements for the years ended Dec. 31, 2016 and 2017.
In updated results for the first quarter 2018, PPG said its net income from continuing operations was $19 million less than originally reported. Net income for the quarter totaled $328 million compared with $347 million.
Adjusted net income for the quarter was $342 million, an $8 million slide from PPG’s original first quarter report.
Regarding 2017 results, PPG’s net income from continuing operations was $2 million less than $1.4 billion originally reported while for 2016 it was $4 million less than the $547 million the company originally reported.
Earlier this year, PPG revealed accounting violations that led to the firing of company controller and vice president Mark Kelly.
PPG said it has restated unaudited quarterly results related to the three months ended Dec. 31, 2016, March 31, 2017, June 30, 2017, September 30, 2017 and December 31, 2017. In addition, PPG announced today that it has filed its Quarterly Report on Form 10-Q for the quarter ended March 31, 2018. PPG is now current in its filings with the SEC.
According to PPG, it received a report through its internal reporting system in April 2018 alleging violations of PPG’s accounting policies and procedures regarding the failure to accrue certain specified expenses in the first quarter of 2018.
“Throughout the process to conduct a detailed review of our financials and support our audit committee’s investigation, we have appreciated the patience of PPG shareholders, lenders and other stakeholders,” said Michael McGarry, PPG chairman and CEO.
In the meantime, the Pittsburgh-based company said it has begun to implement “a remedial plan to address the issues identified by the internal report and the investigation, as more fully described in our filings today.”
