Trimble Announces Filing of Form 10-K/A for 2023 and Issuance of Forms 10-Q for the First, Second and Third Quarters of 2024
Rhea-AI Summary
Trimble (TRMB) has announced the completion of Ernst & Young's audit procedures for its 2023 financial statements, confirming no changes to previously reported financial results. The company has filed its amended 2023 Form 10-K and Forms 10-Q for the first three quarters of 2024.
The amended Form 10-K identified material weaknesses in controls related to IT general controls, data transfer between systems, and evaluation of standalone selling prices. Trimble reports that remediation efforts for these control deficiencies are well underway.
The company expects to regain compliance with Nasdaq Listing Rule 5250(c)(1) after these filings and upon receiving confirmation from Nasdaq. This rule requires timely filing of all periodic reports with the SEC for companies listed on The Nasdaq Stock Market
Positive
- No changes required to previously reported financial statements
- Remediation of internal control issues is progressing well
- Expected return to Nasdaq compliance following filings
Negative
- Material weaknesses identified in IT general controls
- Deficiencies found in data transfer controls between systems
- Control issues in evaluation of standalone selling prices
News Market Reaction – TRMB
On the day this news was published, TRMB gained 1.62%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
No changes have been made to previously reported financial statements
Remediation to internal controls well underway
"EY's audit work over the past months confirmed that our financial statements are accurate, and there are no changes to our previously released 2023 or quarterly 2024 financial statements," said Phil Sawarynski, chief financial officer at Trimble. "Our commitment to accurate financial reporting and high standards of internal controls is unwavering and we appreciate the support of the entire Trimble team to get us through this audit."
Trimble expects to regain compliance with Nasdaq Listing Rule 5250(c)(1), which requires companies with securities listed on The Nasdaq Stock Market LLC to timely file all required periodic reports with the SEC, upon submission of these filings and receipt of a letter from Nasdaq, informing the company that it has regained compliance with the listing rules.
About Trimble
Trimble is transforming the ways people move, build and live. Core technologies in positioning, modeling and data analytics connect the digital and physical worlds to improve our customers' productivity, quality, safety, transparency and sustainability. For more information about Trimble (Nasdaq: TRMB), visit: https://www.trimble.com.
Forward-Looking Statements
Certain statements made in this press release contain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and are made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. These statements include statements regarding the timing and expectations regarding regaining compliance with the Nasdaq listing rules, as well as all statements that are not historical facts. These forward-looking statements are subject to change, and actual results may materially differ from those set forth in this press release due to certain risks and uncertainties. Factors that could cause or contribute to changes in such forward-looking statements include, but are not limited to, the discretion of the Nasdaq staff to determine that the company has regained compliance with the listing rules. Undue reliance should not be placed on any forward-looking statement contained herein. These statements reflect the company's position as of the date hereof. The company expressly disclaims any undertaking to release publicly any updates or revisions to any statements to reflect any change in the company's expectations or any change of events, conditions, or circumstances on which any such statement is based.
FTRMB
View original content to download multimedia:https://www.prnewswire.com/news-releases/trimble-announces-filing-of-form-10-ka-for-2023-and-issuance-of-forms-10-q-for-the-first-second-and-third-quarters-of-2024-302353106.html
SOURCE Trimble
FAQ
What did Ernst & Young's audit reveal about Trimble's (TRMB) 2023 financial statements?
What material weaknesses were identified in Trimble's (TRMB) 2023 Form 10-K?
How will Trimble (TRMB) regain Nasdaq compliance?
What regulatory filings has Trimble (TRMB) completed in January 2025?
