Will File Form 12b-25 to Extend Submission of Form 10-K Until September 28, 2018
On September 28, 2018 Company will Report Fourth Quarter & Fiscal 2018 Financial Results and Hold Earnings Conference Call
Board of Directors Declares a Dividend of $0.01 per Share
PORT WASHINGTON, N.Y., Sept. 12, 2018 (GLOBE NEWSWIRE) -- ACETO Corporation (ACET), an international company engaged in the development, marketing, sale and distribution of Human Health products, Pharmaceutical Ingredients and Performance Chemicals, announced that the Company has entered into a Third Amendment and Limited Waiver (the “Amendment”), dated as of September 11, 2018, to the Second Amended and Restated Credit Agreement (the “A&R Credit Agreement”) with the assistance of its financial and legal advisors and through active negotiations with its secured lenders.
The Amendment provides for a waiver of any event of default on the total net leverage ratio, senior secured net leverage ratio and debt service coverage ratio financial covenants for the fiscal quarters ended or ending June 30, 2018, September 30, 2018, December 31, 2018, March 31, 2019 and June 30, 2019. In addition, the Amendment allows for greater capital expenditures and investments, places limitations on the payment of quarterly dividends, increases the interest rate payable on all loans under the A&R Credit Agreement and requires the company to maintain minimum liquidity levels, among other amendments. The Amendment will be filed on Form 8-K with the Securities and Exchange Commission (“SEC”) today.
Separately, the Company also announced that it will file a Notification of Late Filing on Form 12b-25 with the SEC for an automatic fifteen-day extension to file its Annual Report on Form 10-K for the fiscal year ended June 30, 2018. Shortly before the anticipated timely filing of the Annual Report, a decision was made that additional analysis would be required to determine if it would be appropriate to record an additional valuation allowance for the fiscal year ended June 30, 2018 with respect to net deferred tax assets. The analysis remains ongoing and the Company expects to file its Annual Report on September 28, 2018.
Fourth Quarter Fiscal 2018 Dividend Declared
The Company's Board of Directors has declared a regular quarterly dividend of $0.01 per share for the fourth quarter of 2018, payable on October 9, 2018 to stockholders of record as of September 24, 2018, in accordance with the Amendment.
Reporting Fourth Quarter and Fiscal Year 2018 Earnings
Management intends to report results for the fourth quarter and fiscal year ended June 30, 2018 at 7:00 a.m. ET on September 28, 2018.
In addition, management will host a conference call to discuss the results at 9:00 a.m. ET on Friday, September 28, 2018. To participate in the conference call, please dial 844-413-3976 or 412-317-6583 approximately 10 minutes prior to the call and ask for the ACETO Corporation call.
To preregister, go to DiamondPassLink. Callers who preregister will be given a conference passcode and unique PIN to gain immediate access to the call and bypass the live operator. Participants may preregister at any time, including up to and after the call start time.
A live webcast of the conference call will be available in the Investor Relations section of the Company’s website, www.aceto.com. Please access the website 15 minutes prior to the start of the call to download and install any necessary audio software.
A telephone replay of the conference call will be available from 11:00 a.m. ET on September 28, 2018 until 11:59 p.m. ET on October 5, 2018 and may be accessed by calling 877-344-7529 or 412-317-0088 and reference conference ID #10121909. An archived replay of the conference call will also be available in the investor relations section of the Company’s website.
ACETO Corporation, incorporated in 1947, is focused on the global marketing, sale and distribution of Human Health products (finished dosage form generics and nutraceutical products), Pharmaceutical Ingredients (pharmaceutical intermediates and active pharmaceutical ingredients) and Performance Chemicals (specialty chemicals and agricultural protection products). With business operations in nine countries, ACETO distributes over 1,100 chemical compounds used principally as finished products or raw materials in the pharmaceutical, nutraceutical, agricultural, coatings and industrial chemical industries. ACETO's global operations, including a staff of 25 in China and 12 in India, are distinctive in the industry and enable its worldwide sourcing and regulatory capabilities.
FORWARD LOOKING STATEMENTS
This news release contains forward-looking statements as that term is defined in the federal securities laws, including statements regarding the Company’s plans to finalize its financial statements and timely file its Annual Report, and to pay the referenced dividend in accordance with the Company’s credit agreement as amended by the Amendment. Any such forward-looking statements are based on current expectations, estimates and projections of management. ACETO intends for these forward-looking statements to be covered by the safe-harbor provisions for forward-looking statements. Words such as "may," "will," "expect," "believe," "anticipate," "project," "plan," "intend," "estimate," and "continue," and their opposites and similar expressions are intended to identify forward-looking statements. ACETO cautions you that these statements are not guarantees of future performance or events and are subject to a number of uncertainties, risks and other influences, many of which are beyond ACETO’s control, which may influence the accuracy of the statements and the projections upon which the statements are based. Factors that could cause actual results to differ materially from those set forth or implied by any forward-looking statement include, but are not limited to, risks and uncertainties discussed in ACETO’s reports filed with the SEC, including, but not limited to, ACETO’s Annual Report on Form 10-K for the fiscal year ended June 30, 2017 and other SEC filings. Copies of these filings are available at www.sec.gov.
Any one or more of these uncertainties, risks and other influences could materially affect ACETO’s results of operations and whether forward-looking statements made by ACETO ultimately prove to be accurate. ACETO undertakes no obligation to publicly update or revise any forward-looking statements, whether from new information, future events or otherwise.
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