Technical Consumer Products (TCP) is a global manufacturer and supplier of TCP branded and own label, high-quality, energy efficient lighting products.
AURORA, Ohio, Nov. 5, 2015 /PRNewswire/ — TCP International Holdings Ltd. (NYSE: TCPI) today announced that it will delay the release of its third quarter financial results due to a pending Audit Committee investigation. TCP also announced that it does not anticipate filing its third quarter Form 10-Q by the extended due date of November 23, 2015.
The Audit Committee of TCP’s Board of Directors is conducting an internal investigation concerning the scope and propriety of payments made by its Chairman with his personal funds relating to TCP’s business. The Audit Committee also is investigating whether relationships exist between its Chairman and Vice-Chairman and certain vendors. The Audit Committee has dedicated significant resources to its investigation, including the retention of independent legal and accounting advisors, in order to conduct a thorough and expeditious review.
TCP will take steps to report third quarter financial results and file its third quarter Form 10-Q as soon as practicable after the conclusion of its investigation. TCP does not intend to comment further regarding the investigation until it is completed.
Preliminary financial results for the third quarter 2015 are expected to include revenues within the range of $89 million to $91 million, with diluted earnings per share within the range of $0.00 to $0.03 per share. Revenue decreased in the quarter, compared with the third quarter of 2014, due to lower sales of both CFL and LED products primarily due to lower demand in North America and Asia. Based upon the investigative procedures to date, TCP has not identified any material adjustments to its financial results. However, the investigation is still ongoing and there can be no assurance that material adjustments to these preliminary results will not be required.
For those not familiar with the company, it was founded in 1993 in the U.S.A. by Ellis Yan, mainly producing Compact Fluorescent lamps (CFL’s) before developing its product portfolio of halogen and LED lamps and its international presence.
Today, TCP designs and develops its products in Ohio, USA, which are then manufactured in its owned factories in China before being transported across the world. From Corby in the UK, TCP covers Europe, the Middle East and Africa, as well as providing support for the French and Southern Europe business unit.
As we reported in July, industry veteran Kaj den Daas was appointed as CEO, replacing Mr Yan in that role.