Oil & gas construction firm Willbros Group Inc. (NYSE: WG) announced preliminary results for the company’s fourth quarter and full fiscal year, at the same time that it said that it would be unable to file the required SEC documents after the company
determined that a material weakness existed in its controls over the completeness, accuracy and presentation of its accounting for income taxes, including the tax provision and related tax assets and liabilities.
The company is scheduled to file its Form 10-K on April 9th, and the CFO said:
We have reviewed our significant agreements and believe we can complete the filing within the time periods allotted. The generally non-cash nature of the items which require adjustment, primarily goodwill and tax reserves, does not impact our debt covenants or our liquidity.
That’s the bad news. The good news is that the company will begin work this month on a portion of the Red River Gathering Pipeline being built by Energy Transfer Partners LP (NYSE: ETP). Willbros, which will construct a 97-mile long segment of the system, did not indicate the value of the contract.
Investors like the good news much better than the bad, boosting Willbros’ share price by more than 25% this morning, to $4.06 in a 52-week range of $3.13-$11.87.
Paul Ausick
Take This Retirement Quiz To Get Matched With An Advisor Now (Sponsored)
Are you ready for retirement? Planning for retirement can be overwhelming, that’s why it could be a good idea to speak to a fiduciary financial advisor about your goals today.
Start by taking this retirement quiz right here from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes. Smart Asset is now matching over 50,000 people a month.
Click here now to get started.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
