Calavo Growers, a consumer goods and farm products company, has announced a delay in the publication of its fiscal fourth quarter and full-year results. The delay comes as a result of an internal audit process that identified certain matters, particularly related to its operations in Mexico, which require enhanced evaluation, according to a statement released by the company on Tuesday.
"The company requires additional time to thoroughly investigate and prepare the necessary financial statements and disclosures for the Form 10-K," said Calavo Growers.
To accommodate the delay, Calavo Growers intends to inform the Securities and Exchange Commission and seek an automatic extension of 15 calendar days to file its annual report.
Despite the setback, Calavo Growers remains confident that the matters under investigation have no impact on previously issued financial statements. However, sales for the year ended October 31 are expected to decrease by approximately 18%, amounting to $972 million, compared to the projected sales of $1 billion forecasted by analysts polled by FactSet.
After the announcement, shares of Calavo Growers experienced a decline of 5.3%, settling at $27.50 in after-hours trading.