HILLIARD, Ohio--(BUSINESS WIRE)--
Advanced Drainage Systems, Inc. (NYSE:WMS) (the “Company”), the leading
manufacturer of high performance thermoplastic corrugated pipe and
related products, announced today that on June 16, 2016 the Company
received a notice from NYSE Regulation, Inc. (the “NYSE”) informing the
Company that it is not currently in compliance with the NYSE’s continued
listing requirements under the timely filing criteria outlined in
Section 802.01E of the NYSE-Listed Company Manual. The non-compliance
resulted from the Company’s failure to timely file its Annual Report on
Form 10-K for the fiscal year ended March 31, 2016 (the “Fiscal 2016
Form 10-K”). The Company had previously disclosed in its Form 12b-25
filed with the Securities and Exchange Commission (the “SEC”) on June 1,
2016 that it anticipated receiving such notice of non-compliance from
the NYSE.
As previously disclosed in the Company’s Form 12b-25, the time and
resources necessary to prepare and file the Company’s fiscal 2015 Form
10-K and quarterly reports for fiscal 2016 prevented the Company from
commencing its financial closing process for the 2016 fiscal year-end
period in a timely manner, which has delayed the preparation and filing
of the Fiscal 2016 Form 10-K. The Company intends to file the Fiscal
2016 Form 10-K as soon as reasonably practicable, which management
currently expects will occur by July 31, 2016.
Under NYSE rules, the Company has six months from June 15, 2016 to file
its Fiscal 2016 Form 10-K. The Company can regain compliance with the
NYSE listing standards at any time during this six-month period once it
files its Fiscal 2016 Form 10-K with the SEC. If the Company fails to
file its Fiscal 2016 Form 10-K within such six-month period, the NYSE
may, in its sole discretion, allow the Company's common stock to trade
for up to an additional six months. Until the Company files its Fiscal
2016 Form 10-K, the Company’s common stock will remain listed on the
NYSE under the symbol “WMS,” but will be assigned a “LF” indicator to
signify late filing status.
About ADS
Advanced Drainage Systems (ADS) is the leading manufacturer of high
performance thermoplastic corrugated pipe, providing a comprehensive
suite of water management products and superior drainage solutions for
use in the construction and infrastructure marketplace. Its innovative
products are used across a broad range of end markets and applications,
including non-residential, residential, agriculture and infrastructure
applications. The Company has established a leading position in many of
these end markets by leveraging its national sales and distribution
platform, its overall product breadth and scale and its manufacturing
excellence. Founded in 1966, the Company operates a global network of 61
manufacturing plants and 31 distribution centers. To learn more about
the ADS, please visit the Company’s website at www.ads-pipe.com.
Forward Looking Statements
Certain statements in this press release may be deemed to be
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended, including the Company’s statements
regarding the anticipated timing of filing of its Fiscal 2016 Form 10-K.
These statements are not historical facts but rather are based on the
Company’s current expectations, estimates and projections regarding the
Company’s business, operations and other factors relating thereto. Words
such as “may,” “will,” “could,” “would,” “should,” “anticipate,”
“predict,” “potential,” “continue,” “expects,” “intends,” “plans,”
“projects,” “believes,” “estimates,” “confident” and similar expressions
are used to identify these forward-looking statements. Factors that
could cause actual results to differ from those reflected in
forward-looking statements relating to our operations and business
include: fluctuations in the price and availability of resins and other
raw materials and our ability to pass any increased costs of raw
materials on to our customers in a timely manner; volatility in general
business and economic conditions in the markets in which we operate,
including, without limitation, factors relating to availability of
credit, interest rates, fluctuations in capital and business and
consumer confidence; cyclicality and seasonality of the non-residential
and residential construction markets and infrastructure spending; the
risks of increasing competition in our existing and future markets,
including competition from both manufacturers of high performance
thermoplastic corrugated pipe and manufacturers of products using
alternative materials; our ability to continue to convert current demand
for concrete, steel and PVC pipe products into demand for our high
performance thermoplastic corrugated pipe and Allied Products; the
effect of weather or seasonality; the loss of any of our significant
customers; the risks of doing business internationally; the risks of
conducting a portion of our operations through joint ventures; our
ability to expand into new geographic or product markets; our ability to
achieve the acquisition component of our growth strategy; the risk
associated with manufacturing processes; our ability to manage our
assets; the risks associated with our product warranties; our ability to
manage our supply purchasing and customer credit policies; the risks
associated with our self-insured programs; our ability to control labor
costs and to attract, train and retain highly-qualified employees and
key personnel; our ability to protect our intellectual property rights;
changes in laws and regulations, including environmental laws and
regulations; our ability to project product mix; the risks associated
with our current levels of indebtedness; our ability to meet future
capital requirements and fund our liquidity needs; and the other risks
and uncertainties described in the Company’s filings with the SEC. New
risks and uncertainties emerge from time to time and it is not possible
for the Company to predict all risks and uncertainties that could have
an impact on the forward-looking statements contained in this press
release. In light of the significant uncertainties inherent in the
forward-looking information included herein, the inclusion of such
information should not be regarded as a representation by the Company or
any other person that the Company’s expectations, objectives or plans
will be achieved in the timeframe anticipated or at all. Investors are
cautioned not to place undue reliance on the Company’s forward-looking
statements and the Company undertakes no obligation to publicly update
or revise any forward-looking statements, whether as a result of new
information, future events or otherwise, except as required by law.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160622005424/en/
Advanced Drainage Systems
Michael Higgins, 614-658-0050
Mike.Higgins@ads-pipe.com
Source: Advanced Drainage Systems, Inc.