Orbital ATK to delay filing of annual report on Form 10-K
Orbital ATK is unable to file its Annual Report on Form 10-K for the year ended December 31, 2016 within the prescribed time period without unreasonable effort or expense because of the circumstances described below. As reported in the Company's Current Reports on Form 8-K filed on August 10, 2016 and November 3, 2016, the Audit Committee of the Board of Directors of the Company, after considering the recommendation of management, concluded that the Company's previously issued financial statements for the nine-month transition period ended December 31, 2015, fiscal year ended March 31, 2015, fiscal year ended March 31, 2014, and fiscal year ended March 31, 2013, and the quarters in each period (except for the first quarter of 2013) and the quarter ended April 3, 2016, should no longer be relied upon as a result of misstatements in such financial statements. The Company filed an amendment to the Transition Report on Form 10-K for the 2015 transition period on February 24, 2017, in which it restated its consolidated financial statements for the 2015 transition period, fiscal 2015, fiscal 2014, the unaudited quarterly information in the 2015 transition period and fiscal 2015 and the unaudited selected financial data contained in the Form 10-K/A. The misstatement corrections contained in the restated financial statements collectively are referred to as the "Restatement." An explanation of the underlying cause of the Restatement is included in the above referenced Form 10-K/A. The Company expects to file a Form 10-Q/A for the quarter ended April 3, 2016, which will include restated consolidated financial statements for that period and the comparative period as soon as practical. Thereafter, the Company expects to file a Form 10-Q for each of the quarters ended July 3, 2016 and October 2, 2016. After it has filed the Form 10-Q/A and the 2016 Forms 10-Q, the Company expects to file its 2016 Form 10-K. In view of the resources that were focused on the preparation of the Form 10-K/A that was recently filed and the ongoing work in preparing the Form 10-Q/A, the 2016 Forms 10-Q and 2016 Form 10-K, the Company will not be able to without unreasonable effort or expense file its 2016 Form 10-K by March 16, 2017, which is the deadline for the extended filing period pursuant to Rule 12b-25. As previously disclosed, the Company has entered into an extension agreement with its credit agreement lenders to extend to April 14, 2017 the deadline under its credit agreement for filing with the SEC the 2016 Form 10-K, as well as the Form 10-Q/A and 2016 Forms 10-Q.