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MTRN > SEC Filings for MTRN > Form 8-K on 26-Feb-2014All Recent SEC Filings

Show all filings for MATERION CORP

Form 8-K for MATERION CORP


26-Feb-2014

Results of Operations and Financial Condition, Non-Reliance on Previous Financials,


Item 2.02 Results of Operations and Financial Condition.
On February 26, 2014, Materion Corporation (the "Company") issued a press release announcing its financial results for the fourth quarter and year ended December 31, 2013.
In that press release, the Company also announced that it will restate the financial statements included in its Forms 10-Q for the quarterly periods ended June 28, 2013 and September 27, 2013 and the year-to-date financial information in its Forms 10-Q for the quarterly periods ended June 28 and September 27, 2013 to correct its accounting for an error that impacted the recording of the results of the Company's regular quarterly physical inventory count, as further discussed in Item 4.02
A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.



Item 4.02 Non-Reliance on Previously Issued Financial Statements or a Related
Audit Report or Completed Interim Review.
During the Company's year-end review and evaluation of its fourth quarter precious metal physical inventory results, an error in the utilization of a new system report during the physical inventory count reconciliation process was identified. This error occurred in the recording of the results of the Company's regular quarterly physical inventory count during the second and third quarters of 2013 and had gone undetected by the Company's review processes. The Company's review and evaluation of its physical inventory reconciliation process and related errors resulted in the Company's management recommending to the Audit Committee of the Board of Directors (the "Audit Committee") that the Company's previously reported quarterly financial results for the second and third quarters of 2013 and the year-to-date financial results for the second and third quarters of 2013 be restated. The Audit Committee, after consultation with Company management, the full Board and with Ernst & Young LLP ("EY"), the Company's independent registered public accounting firm, approved this recommendation on February 24, 2014, and concluded that the Company's previously filed financial statements for the three and six months ended June 28, 2013 and the three and nine months ended September 27, 2013 should no longer be relied upon.
The Company is currently reviewing the impact of the error on its previously reported results, including consulting with EY. The Company believes that the net impact of the error understated the Company's book-to-physical adjustment and therefore understated costs of sales by approximately $7.5 million for the nine months ended September 27, 2013. The Company believes that the net impact of the error understated cost of sales by approximately $6.8 million for the three months ended June 28, 2013 and by approximately $0.7 million for the three months ended September 27, 2013, which impacted the six and nine month year-to-date results accordingly. Because the Company is still in the process of reviewing the impact of this error, these amounts are estimates and are subject to potential revision as the Company continues its review.
The Company intends to file amendments to its Quarterly Reports on Form 10-Q for the quarterly periods ended June 28, 2013 and September 27, 2013 as soon as practicable to address the matters discussed herein, which will include the final amounts associated with the understated cost of sales.



Item 9.01 Financial Statements and Exhibits.

Exhibits.
Exhibit Number   Description of Exhibit
99.1             Materion Corporation press release, dated February 26, 2014

The press release issued February 26, 2014 is furnished herewith as Exhibit No. 99.1 to this report, and shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934.


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