Trex Company to Restate Previously Issued Financial Statements
27 Julho 2009 - 7:25PM
Business Wire
Trex Company, Inc. (NYSE:TWP) today announced that the valuation
allowance related to its deferred tax assets was understated
beginning in December of 2007. The Company will therefore restate
its financial results for the years 2007 and 2008 and the first
three months of 2009.
The restatements will have the cumulative effect of decreasing
the Company’s reported net income for 2007 through 2008 by
approximately $1.9 million. The effect on the earnings for the
first quarter 2009 was not material. The reduction to income will
be $1.6 million in 2007 and $0.3 million in 2008. All adjustments
are non-cash related and do not impact cash flows. In addition, the
adjustments will not affect the Company’s tax loss
carryforward.
Additional information about the restatement of the Company’s
financial results for the years 2007 and 2008 and the first three
months of 2009 will be contained in the Company’s current report on
Form 8-K filed today with the Securities and Exchange
Commission.
About Trex Company
Trex Company is the nation’s largest manufacturer of composite
decking, railing and fencing, with over 15 years of product
experience. Built on “green” principles and values, Trex makes its
products from a unique formulation of reclaimed wood and plastic,
combined through a proprietary process. Trex decking, railing and
fencing offer significant design flexibility with fewer ongoing
maintenance requirements than wood, as well as a truly
environmentally responsible choice. In addition, Trex distributes
ultra-low maintenance PVC decking under the trademark Trex Escapes™
and PVC trim under the trademark Trex Trim™. For more information,
visit the Company’s website, www.trex.com. Trex® is a trademark of
Trex Company, Inc., Winchester, Va.
The statements in this press release regarding the Company's
expected future performance and condition constitute
"forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. These statements are subject to risks and
uncertainties that could cause the Company's actual operating
results to differ materially. Such risks and uncertainties include
the extent of market acceptance of the Company's products; the
sensitivity of the Company's business to general economic
conditions; the Company's ability to obtain raw materials at
acceptable prices; the Company's ability to maintain product
quality and product performance at an acceptable cost; the level of
expenses associated with product replacement and consumer relations
expenses related to product quality; and the highly competitive
markets in which the Company operates. The Company's report on Form
10-K filed with the Securities and Exchange Commission on March 12,
2009 and its subsequent report on Form 10-Q filed on May 8, 2009
discuss some of the important factors that could cause the
Company's actual results to differ materially from those expressed
or implied in these forward-looking statements. The Company
expressly disclaims any obligation to update or revise publicly any
forward-looking statements, whether as a result of new information,
future events or otherwise.
Trex (NYSE:TWP)
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