Business Context and Reporting Period
This Form 8-K is filed by Platform Specialty Products Corporation (not Element Solutions Inc) on March 30, 2014. The report addresses unaudited financial results for the "Successor Period" spanning from the company's inception on April 23, 2013, through December 31, 2013. The filing serves to correct specific line items in the Consolidated Statements of Cash Flows previously disclosed in an earnings press release dated March 27, 2014.
Key Financial Metrics and Revisions
The filing details specific revisions to the cash flow statement to accurately reflect cash flow activity. The filing text does not provide clear values for revenue, profit, margins, or debt levels, as the focus is strictly on cash flow adjustments.
| Line Item | Previously Reported | Revised Amount |
|---|---|---|
| Beginning Cash and Cash Equivalents | $87,055,000 | $0 |
| Cash Flows Used in Investing Activities | $(973,905,000) | $(920,231,000) |
| Cash Flows Provided by Financing Activities | $1,002,388,000 | $1,035,656,000 |
Material Changes
The primary material change is the correction of the beginning cash balance, which was reduced to zero. This adjustment resulted in a decrease in reported cash used for investing activities and an increase in cash provided by financing activities. These changes were identified during final year-end reporting procedures.
Outlook and Management Commentary
Management indicated that the audited Consolidated Statements of Cash Flows reflecting these revisions will be included in the Annual Report on Form 10-K for the fiscal year ended December 31, 2013. The company intended to file this 10-K with the SEC on March 31, 2014. The filing explicitly states that the information in this 8-K is not deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 and shall not be incorporated by reference into other filings unless expressly stated.
Investor Verification Checklist
- Verify the corrected cash flow figures in the upcoming Form 10-K filed on or around March 31, 2014.
- Confirm the company name is Platform Specialty Products Corporation, as the input metadata referenced "Element Solutions Inc" which does not match the registrant in the text.
- Review the full unaudited financial results for the Successor Period (April 23, 2013 – December 31, 2013) in the March 27, 2014 press release (Exhibit 99.1) for revenue and profit data not included in this 8-K.