RACINE, Wis.--(BUSINESS WIRE)--
Twin Disc, Inc. (NASDAQ: TWIN), received a letter on May 14, 2014
from the Nasdaq Stock Market LLC ("Nasdaq") notifying Twin Disc that it
was not in compliance with Nasdaq Rule 5250(c)(1) related to the filing
of periodic financial reports with the Securities and Exchange
Commission ("SEC"). The issuance of the letter is based upon Twin Disc
not filing its Quarterly Report on Form 10-Q for the quarter ended March
28, 2014 on or before the due date of May 7, 2014.
On May 7, 2014, the Company filed a notification of late filing with the
SEC pursuant to Rule 12b-25 under the Securities Exchange Act of 1934,
as amended. As disclosed in the filed Form 12b-25, the Company was
unable to file its Quarterly Report on Form 10-Q for the period ended
March 28, 2014 as a result of the Company discovering certain accounting
issues involving an unknown number of employees at its Belgian
subsidiary, Twin Disc International S.A. The Company's Audit Committee
has begun an investigation into these matters to determine whether any
adjustments will be required with respect to the Company's previously
issued financial statements, and whether there are any internal control
implications.
The issuance of the letter has no immediate effect on the listing of
Twin Disc's common stock. The Company intends to file its quarterly
report on Form 10-Q for the quarter ended March 28, 2014 as soon as
possible after the completion of an Audit Committee investigation, but
is unable to predict a specific date at this time due to the very early
stage of the investigation.
About Twin Disc, Inc.
Twin Disc, Inc. designs, manufactures and sells marine and heavy-duty
off-highway power transmission equipment. Products offered include:
marine transmissions, surface drives, propellers and boat management
systems, as well as power-shift transmissions, hydraulic torque
converters, power take-offs, industrial clutches and control systems.
The Company sells its products to customers primarily in the pleasure
craft, commercial and military marine markets, as well as in the energy
and natural resources, government and industrial markets. The Company's
worldwide sales to both domestic and foreign customers are transacted
through a direct sales force and a distributor network.
Forward-Looking Statements
Some of the statements in this press release, including, without
limitation, statements relating to an anticipated timeframe for filing
the Form 10-Q, are "forward-looking statements" as defined in the
Private Securities Litigation Reform Act of 1995. The words
"anticipates," "believes," "intends," "estimates," and "expects," or
similar anticipatory expressions, usually identify forward-looking
statements. These forward-looking statements may materially differ from
actual results due to a variety of factors, including, without
limitation, if the Audit Committee or its independent advisors require
additional time to complete the investigation, and the actual results of
the investigation.
Twin Disc, Inc.
Christopher J. Eperjesy, 262-638-4343
Source: Twin Disc, Inc.
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