TCP International Holdings Ltd. (NYSE:TCPI) announced that it will delay the release of its third quarter financial results due to a pending Audit Committee investigation. TCP also announced that it does not anticipate filing its third quarter Form 10-Q by the extended due date of November 23, 2015.
The Audit Committee of TCP’s Board of Directors is conducting an internal investigation concerning the scope and propriety of payments made by its Chairman with his personal funds relating to TCP’s business. The Audit Committee also is investigating whether relationships exist between its Chairman and Vice-Chairman and certain vendors. The Audit Committee has dedicated significant resources to its investigation, including the retention of independent legal and accounting advisors, in order to conduct a thorough and expeditious review.
TCP will take steps to report third quarter financial results and file its third quarter Form 10-Q as soon as practicable after the conclusion of its investigation. TCP does not intend to comment further regarding the investigation until it is completed.
Preliminary financial results for the third quarter 2015 are expected to include revenues within the range of $89 million to $91 million, with diluted earnings per share within the range of $0.00 to $0.03 per share. Revenue decreased in the quarter, compared with the third quarter of 2014, due to lower sales of both CFL and LED products primarily due to lower demand in North America and Asia. Based upon the investigative procedures to date, TCP has not identified any material adjustments to its financial results. However, the investigation is still ongoing and there can be no assurance that material adjustments to these preliminary results will not be required. (Original Source)
Shares of TCP International closed today at $2.22, up $0.02 or 0.91%. TCPI has a 1-year high of $7.21 and a 1-year low of $1.76. The stock’s 50-day moving average is $2.65 and its 200-day moving average is $3.58.
On the ratings front, Deutsche Bank analyst Vishal Shah downgraded TCPI to Hold, with a price target of $5, in a report issued on August 7. The current price target represents a potential upside of 125.2% from where the stock is currently trading. According to TipRanks.com, Shah has a total average return of -18.3%, a 25.0% success rate, and is ranked #3810 out of 3824 analysts.
TCP International Holdings Ltd is a producer and provider of energy efficient light bulbs to the structures of light bulb market. It designs, develops, manufacture and deliver quality energy efficient lamps, fixtures & among others.