Press release | July 25, 2017 TechnipFMC plc: Restatement of the unaudited interim condensed consolidated financial information as of and for the period ending March 31, 2017 and prior year period prepared and included in TechnipFMC's Quarterly Report for comparison purposes... LONDON & PARIS & HOUSTON--(BUSINESS WIRE)-- Regulatory News:
TechnipFMC plc: Restatement of the unaudited interim condensed consolidated financial information as of and for the period ending March 31, 2017 and prior year period prepared and included in TechnipFMC's Quarterly Report for comparison purposes and Availability of Form 8-K Current Report
TechnipFMC plc ( TechnipFMC ) (Paris:FTI) (NYSE:FTI) (ISIN:GB00BDSFG982) announces that on 24 July 2017 the Audit Committee of the Board of Directors of TechnipFMC, after consideration of relevant facts and circumstances and after consultation with management and PricewaterhouseCoopers LLP, TechnipFMC's independent registered public accounting firm, concluded that TechnipFMC's unaudited interim condensed consolidated U.S. GAAP financial statements as of March 31, 2017 and for the three months ended March 31, 2017 included in TechnipFMC's Quarterly Report on Form 10-Q and prior year period prepared and included in TechnipFMC's Quarterly Report for comparison purposes for the quarter ended March 31, 2017, as previously filed with the U.S. Securities and Exchange Commission ( SEC ) on May 4, 2017, should be restated, and that such financial statements previously filed with the SEC should no longer be relied upon because of material errors in such financial statements. TechnipFMC has filed with the SEC a Current Report on Form 8-K in respect of the above.
TechnipFMC concluded that errors existed within certain rates used in the calculations of the foreign currency effects on certain of its engineering and construction projects in TechnipFMC's unaudited Condensed Consolidated Balance Sheets and Condensed Consolidated Statements of Income for the quarter ended March 31, 2017. The net income attributable to TechnipFMC in the quarter ending March 31, 2017 was overstated by $209.5 million ($0.45 per share).
The restated unaudited interim condensed consolidated financial information of TechnipFMC as of and for the three months ended March 31, 2017 and March 31, 2016 is appended hereto. TechnipFMC will include the unaudited interim condensed consolidated financial statements so restated to recognize the non-cash, corporate charges in an amendment to TechnipFMC's Quarterly Report on Form 10-Q for the quarter ended March 31, 2017 (the 10-Q Amendment ) which will be filed with the SEC.
In connection with the 10-Q Amendment, TechnipFMC re-evaluated its conclusion regarding the effectiveness of TechnipFMC's disclosure controls and procedures and internal control over financial reporting as of March 31, 2017 and determined that a material weakness existed as of March 31, 2017 relating to the rates used in calculations of foreign currency effects on certain of TechnipFMC's engineering and construction projects.
Solely as a result of the material weakness described above, TechnipFMC expects to conclude that TechnipFMC's disclosure controls and procedures and its internal control over financial reporting were not effective as of March 31, 2017. TechnipFMC has reviewed the process to calculate the foreign currency remeasurement effect and has implemented revisions and additional controls designed to ensure that similar computational errors will not recur. TechnipFMC believes that these changes provide reasonable assurance that the financial statements and other financial information for the three and six month periods ending June 30, 2017 fairly present in all material respects TechnipFMC's financial condition, results of operations and cash flows as of, and for, such periods.
In addition, TechnipFMC announces that, as of July 24, 2017, it has substantially completed the preparation of its financial results for the quarter ended June 30, 2017. As previously disclosed, TechnipFMC intends to release its earnings for the quarter ended June 30, 2017 after the close of the New York Stock Exchange on Wednesday, July 26, 2017 and hold a call to discuss those earnings on Thursday, July 27, 2017 at 1 p.m. London time (8 a.m. New York time).
TechnipFMC's guidance excludes the impact of foreign currency effects.
A copy of the Current Report on Form 8-K can be found on the SEC website (www.sec.gov) and on the TechnipFMC website (http://investors.technipfmc.com).
A copy of the Form 8-K has been submitted to the National Storage Mechanism on the date of this announcement and is, or will shortly be, available for inspection at http://www.morningstar.co.uk/uk/NSM.
A copy of the 10-Q Amendment will be submitted to the National Storage Mechanism and will be available for inspection at http://www.morningstar.co.uk/uk/NSM and on the TechnipFMC website (www.technipfmc.com).
RESTATED UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
OF TECHNIPFMC AS OF AND FOR THE THREE MONTHS ENDED MARCH 31, 2017
TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In millions except per share amounts)
(unaudited)
Three Months Ended
March 31 as reported on Form 10-Q filed on May 4, 2017
2017 2016
As
Previously
Reported
Restatement
Adjustments
As Restated
As
Previously
Reported
Restatement
Adjustments
As Restated
Revenue $ 3,388.0 $ - $ 3,388.0 $ 2,405.7 $ - $ 2,405.7
Costs and expenses 3,345.1 (2.9 ) 3,342.2 2,209.3 - 2,209.3
42.9 2.9 45.8 196.4 - 196.4
Other income (expense), net 336.8 (263.9 ) 72.9 11.7 (28.3 ) (16.6 )
Income before net interest
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Press release | July 25, 2017 TechnipFMC plc: Restatement of the unaudited interim condensed consolidated financial information as of and for the period ending March 31, 2017 and prior year period prepared and included in TechnipFMC's Quarterly Report for comparison purposes... LONDON & PARIS & HOUSTON--(BUSINESS WIRE)-- Regulatory News: 
