Business
Wajax Announces Change to Release Date for 2018 Annual Financial Statements and MD&A
Wajax Announces Change to Release Date for 2018 Annual Financial Statements and MD&A ...
About this update from Wajax Corporation
[{"type":"text","content":"\n\n\n\nWajax Announces Change to Release Date for 2018 Annual Financial Statements and MD&A\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nWajax Announces Change to Release Date for 2018 Annual Financial Statements and MD&A\nCanada NewsWire\nTORONTO, Feb. 26, 2019\n\n\n\nTSX Symbol:  WJX\n TORONTO, Feb. 26, 2019 /CNW/ - Wajax Corporation (\"Wajax\" or the \"Corporation\") today announced a change to the release date for its 2018 audited annual financial statements and related Management's Discussion and Analysis and certifications, to after market close on Thursday, March 21, 2019. The webcast of the Corporation's Annual Financial Results Conference Call will now take place at 9:00 a.m. ET on Friday, March 22, 2019. The change in release date is necessary to allow sufficient time for the identification and correction of certain non-cash accounting errors recently discovered by management. These changes are not expected to have a material impact on the financial results of the Corporation or require any restatement of financial statements under applicable accounting principles.  In addition, the correction of these non-cash accounting errors is not expected to affect the outlook for 2018 given by the Corporation in its November 5, 2018 news release, and full year financial results are expected to be generally consistent with the Corporation's budget.\n\n \n \n\n \nDuring 2016, as part of its transition to the \"One Wajax\" operating model, the Corporation consolidated its three former operating divisions – Wajax Equipment, Wajax Power Systems and Wajax Industrial Components – into one business. As a result, in 2017, the Corporation began to report on its operations as one operating segment, versus the prior three operating segments. In 2018, the Corporation communicated plans to redesign its finance function, with the following objectives: (1) to better align the operation of the finance group with the operation of the business, (2) to standardize financial policies, procedures and controls of the three former operating divisions, an...