ORLANDO,
Fla., March 16, 2023 /PRNewswire/ -- Tupperware
Brands Corporation (NYSE: TUP), a leading global consumer products
company, announced it will file today a Form 12b-25 Notification of
Late Filing with the Securities and Exchange Commission to access
an extension within which it will endeavor to file its Form 10-K
for the fiscal year ended December 31,
2022. The Company requires additional time to complete its
financial close process and the restatement of certain of its
previously issued financial statements related to misstatements it
believes are predominantly in the accounting for income taxes and
leases, as disclosed in a Form 8-K filed by the Company today.
For fiscal years 2020 to 2022, in the aggregate, the Company
believes that adjusted income from continuing operations was
previously understated, and will likely be restated higher. As of
the date of this release, the adjustments identified are primarily
non-cash corrections related to income taxes and lease accounting
treatment. As the Company continues its work to finalize its
financial close process, these preliminary results may change.
The Company expects that misstatements that originated in
periods prior to 2020 resulted in the 2020 beginning retained
earnings balance being overstated by an approximate $23 to $28 million,
subject to the completion of the financial close process.
"While the delayed filing of our Form 10-K is disappointing, we
believe it is important to ensure continued improvement in all
aspects of our operations, including financial reporting. These are
core elements of our complete turnaround of this iconic company,"
said Miguel Fernandez, CEO of
Tupperware Brands.
Management also announced the existence of material weaknesses
in the Company's internal control over financial reporting as of
December 31, 2022, as it did not
design and maintain effective controls in response to the risks of
material misstatement, which contributed to material weaknesses
related to the processes for income taxes and leases.
"We have applied lower materiality thresholds and are reviewing
our worldwide accounting for income taxes and leases, and believe
that the resulting corrections do not change the Company's
financial outlook for 2023," said Mariela
Matute, CFO of Tupperware Brands. "We continue to work
diligently to finalize our year-end financial close process and
immediately start remediation of the identified material
weaknesses," she added.
Forward-Looking Statements
Statements contained in this release that are not historical
fact and use predictive words such as "estimates", "approximate",
"expects", "believe", "anticipate", "intend", "project",
"designed", "target", "plans", "may", "will", "endeavor", "are
confident", "should", "would", "could" and similar words are
forward-looking statements. These forward-looking statements and
related assumptions involve risks and uncertainties that could
cause actual results and outcomes to differ materially from any
forward-looking statements or views expressed herein. This press
release includes "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995, including
with respect to the timing of the restatement of the Company's
consolidated financial statements for the Relevant Periods and the
Company's ability to file the 2022 Form 10-K during the extension
period. Such forward-looking statements are based on assumptions
about many important factors, including the following, which could
cause actual results to differ materially from those in the
forward-looking statements: whether the Company will identify
additional errors in previously issued financial statements and
other risks identified in the Company's most recent filing on Form
10-K and other SEC filings, all of which are available on the
Company's website.
The Company updates each month the impact of changes in foreign
exchange rates versus the prior year, posting it on Tupperware
Brands Foreign Exchange Translation Impact Update. Other than
updating for changes in foreign currency exchange rates, the
Company does not intend to update forward-looking information
unless otherwise required by the federal securities laws.
About Tupperware Brands Corporation
Tupperware Brands Corporation (NYSE: TUP) is a leading global
consumer products company that designs innovative, functional and
environmentally responsible products that people love and trust.
Founded in 1946, Tupperware's signature container created the
modern food storage category that revolutionized the way the world
stores, serves and prepares food. Today, this iconic brand has more
than 8,500 functional design and utility patents for
solution-oriented kitchen and home products. With a purpose to
nurture a better future, Tupperware® products are an
alternative to single-use items. The company distributes its
products into nearly 70 countries, primarily through independent
representatives around the world. For more information, visit
Tupperwarebrands.com or follow Tupperware on Facebook, Instagram,
LinkedIn and Twitter.
Investors: Douglas M. Lane, CFA,
douglaslane@tupperware.com (321) 503-9640
Media: media@tupperware.com
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SOURCE Tupperware Brands Corporation
