-- Anticipates filing restated financial statements on March 29, 2016
--
-- Intends to provide updated outlook for fiscal year
2016 and host conference call on March 30, 2016 --
HILLIARD, Ohio--(BUSINESS WIRE)--
Advanced Drainage Systems, Inc. (NYSE: WMS) (“ADS” or the “Company”), a
leading global manufacturer of water management products and solutions
for commercial, residential, infrastructure and agricultural
applications, today announced that it anticipates completing the
restatement of historical interim and annual financial statements and
filing its Annual Report on Form 10-K for the fiscal year ended March
31, 2015 and amended Quarterly Reports on Form 10-Q for quarterly
periods in the fiscal year ended March 31, 2015 after market close on
March 29, 2016.
The Company intends to provide an updated outlook for fiscal year 2016
before the market opens on Wednesday, March 30, 2016. Chairman and Chief
Executive Officer, Joe Chlapaty, and Chief Financial Officer, Scott
Cottrill will host a conference call and webcast that day at 10:00 a.m.
ET to discuss the impact of the restatement and expectations for the
fiscal year ending March 31, 2016.
The live call can be accessed by dialing 1-866-450-8367 (US toll-free)
or 1-412-317-5465 (international) and asking to be connected to the
Advanced Drainage Systems, Inc. call. The live webcast will also be
accessible via the "Events Calendar” section of the Company’s Investor
Relations website, www.investors.ads-pipe.com.
An archived version of the webcast will be available for 90 days
following the call.
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. Such statements include, but are not
limited to, statements regarding the anticipated timing for the
completion of the Company’s restatement and the filing of its Form 10-K
for the fiscal year ended March 31, 2015 and other restated filings with
the SEC and the anticipated timing for the issuance of additional
historic and future financial information and related filings. 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; the risk that
additional information may arise during the course of the Company’s
ongoing accounting review that would require the Company to make
additional adjustments or revisions or to restate further the financial
statements and other financial data for certain prior periods and any
future periods, any further delay in the filing of the Company’s Annual
Report on Form 10-K for the fiscal year ended March 31, 2015 or other
restated filings with the SEC; a conclusion that the Company’s
disclosure controls and procedures (as defined in Rules 13a-15(e) and
15d-15(e) of the Exchange Act) were ineffective; the review of potential
weaknesses or deficiencies in the Company’s disclosure controls and
procedures, and discovering further weaknesses of which we are not
currently aware or which have not been detected; additional
uncertainties related to accounting issues generally and other risks and
uncertainties described in the Company’s filings with the Securities and
Exchange Commission. 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/20160328005702/en/
Advanced Drainage Systems, Inc.
Michael Higgins, 614-658-0050
Mike.Higgins@ads-pipe.com
Source: Advanced Drainage Systems, Inc.