CSW INDUSTRIALS, INC. (NASDAQ:CSWI) Files An 8-K Other EventsItem 8.01 Other Events.
On February 8, 2018, CSW Industrials, Inc., a Delaware corporation (the “Company”), announced that it has engaged in a process to evaluate strategic alternatives for its coatings business and, effective December 31, 2017, has classified the assets, liabilities, and results of operations for the Strathmore Products business (the “Coatings business”) as “discontinued operations”. Additionally, the Company consolidated its operations into two segments, Industrial Products and Specialty Chemicals. The Company’s sealants and adhesives business, which was included with the former Coatings, Sealants & Adhesives segment, was combined with Specialty Chemicals, as a result of the Coatings business being classified as discontinued operations.
To assist investors in comparing the Company’s historical financial information and results for the Company’s continuing and discontinued operations, Exhibit 99.1 filed with this Current Report on Form 8-K includes retrospectively adjusted supplemental unaudited historical financial information for the Company and its reporting segments for each of the fiscal quarters ended September 30, 2017, June 30, 2017, March 31, 2017, December 31, 2016, September 30, 2016 and June 30, 2016. The information included in Exhibit 99.1 to this Current Report on Form 8-K presents historical unaudited financial results of the Company and the revised reporting segments as if the Coatings business were a discontinued operation for all periods shown, on both a U.S. GAAP and as adjusted basis.
The supplemental historical unaudited financial information presented on a U.S. GAAP basis is consistent with the Company’s reporting segments and presentation of continuing and discontinued operations included in the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended December 31, 2017, filed with the Securities and Exchange Commission on February 8, 2018 (the 3Q 10-Q”). The information included in Exhibit 99.1 should be read in conjunction with the 3Q 10-Q as well as our Annual Report on Form 10-K for the fiscal year ended March 31, 2017.
Item 8.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No.Exhibit Description
CSW INDUSTRIALS, INC. ExhibitEX-99.1 2 a8kgaapadjusted021218.htm EXHIBIT 99.1 a8kgaapadjusted021218 CSW Industrials,…To view the full exhibit click here
About CSW INDUSTRIALS, INC. (NASDAQ:CSWI)
CSW Industrials, Inc. (CSWI) is a diversified industrial growth company. The Company operates through three segments: Industrial Products; Coatings, Sealants & Adhesives, and Specialty Chemicals. The Industrial Products segment consists of specialty mechanical products; fire and smoke protection products; architecturally specified building products, and storage, filtration and application equipment. The Coatings, Sealants & Adhesives segment comprises coatings and penetrants, pipe thread sealants, firestopping sealants, and caulks and adhesives/solvent cements. The Specialty Chemicals segment manufactures and supplies specialized consumables that impart or enhance properties, such as lubricity, anti-seize qualities, friction and heat control. Markets that it serves include HVAC, industrial, rail, plumbing, architecturally specified building products, energy, mining and other general industrial markets.