2023-03-17 06:42:42 ET
- Tupperware Brands ( NYSE: TUP ) has delayed filing of its Form 10-K for the fiscal year ended December 31, 2022.
- The consumer products company is seeking additional time to complete the restatement of certain of its previously issued statements. The misstatements are predominantly in the accounting for income taxes and leases.
- Adjusted income from continuing operations for fiscal years 2020 to 2022 was previously understated and will likely be restated higher. The adjustments identified are primarily non-cash corrections related to income taxes and lease accounting treatment.
- The company expects that misstatements that originated in periods prior to 2020 resulted in the 2020 beginning retained earnings balance being overstated by an approximate $23M to $28M.
- In addition, Tupperware identified material weaknesses in its internal control over financial reporting as of December 31, 2022.
- TUP shares were down 1% premarket
For further details see:
Tupperware delays 2022 Form 10-K filing