Tupperware Brands Corp. announced on Thursday that its second-quarter report will be filed late. The well-known maker of iconic food containers stated in an SEC filing that it is unable to meet the prescribed due date for filing its report for the quarter ended July 1. Tupperware attributed this delay to the extensive time and effort required to complete its consolidated financial statements for its Form 10-K annual report for the fiscal year ended December 31, 2022, as well as the Form 10-Q for the quarter ended April 1, 2023.
The company expressed that, without unreasonable effort or expense, it will be unable to complete and file the Q2 Form 10-Q within the designated time period. Tupperware's ongoing process of restating previously issued financial statements and addressing material weaknesses in internal control over financial reporting, as disclosed in its earlier Form 8-K filed on April 7, 2023, has identified additional prior period misstatements and weaknesses.
Furthermore, the April 7 filing revealed that Tupperware has serious concerns about its ability to continue as a going concern. Although the company is still in the process of finalizing its financial close for the second quarter of 2023, it expects that its Q2 Form 10-Q will indicate a significant decline in revenues compared to the same period in 2022. Tupperware estimates that its preliminary revenue results for the quarter ended July 1, 2023, will fall within the range of $260 - $270 million.
In trading, Tupperware's stock declined by 4.1% during Thursday's session but rose by 0.9% in after-hours trading.
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