A big merger in 2013 is giving Aerojet Rocketdyne a big headache in 2016.
The move was disclosed in a Feb. 1 regulatory filing. A company spokesman emphasized the need for the revised quarterly statements came up during a routine follow-up accounting inquiry by PricewaterhouseCoopers of the vast array of contracts in place at the respective companies prior to the merger.
Update: R&D hurts bottom line in fourth quarter.
Aerojet Rocketdyne said the restatement will increase its loss from continuing operations in 2013 by at least $9.5 million. But the restatement is expected to lessen losses in 2014 and the first three quarters in 2015 by a $5.25 million.
“The restatement has no effect on cash received from the Rocketdyne business acquisition or cash flows generated from operating the Rocketdyne business,” Aerojet said its Securities and Exchange Commission filings.
Aerojet said it will filing its fiscal 2015 fourth quarter results at the same time it files the restated result for prior quarters. That’s likely by month’s end, though the company said only it would file all of the results as soon as possible.