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BRIEF-Weatherford International in June identified an immaterial error, with no cash flow impact, of nearly $28 mln, net - SEC Filing
June 26, 2017 / 11:45 AM / 6 months ago

BRIEF-Weatherford International in June identified an immaterial error, with no cash flow impact, of nearly $28 mln, net - SEC Filing

June 26 (Reuters) - Weatherford International Plc

* Weatherford International - In June 2017, company identified an immaterial error, with no cash flow impact, of approximately $28 million, net - SEC filing

* Weatherford - Identified error related to recognition of revenue with a customer, Petróleos De Venezuela, S.A.

* Weatherford International Plc - Impact of correction will reduce accounts receivable by approximately $28 million as of June 30, 2017

* Weatherford International says will correct immaterial error in quarterly report on form 10-Q for the three and six month periods ended June 30, 2017‍​

* Weatherford - Immaterial error resulted in overstatement of both accounts receivable & revenue of about $22 million & $23 million, respectively, as of and for 2016

* Weatherford says ‍beginning Q3 2016, time expected to collect revenue earned with pdvsa exceeds contractual payment terms, represents implied financing arrangement​

* Weatherford - Correction to reduce revenue, increase interest income by about $31 million and $3 million, respectively, for three and six months ended June 30‍​

* Weatherford - Error resulted in overstatement of both accounts receivable & revenue of about $6 million & $8 million, respectively, as of & for 3-mths ended March 31, 2017

* Weatherford - Impact of error would have no impact on previously reported compliance with covenants under senior revolving & term loan credit facilities‍​ Source text: [bit.ly/2tabAPf] Further company coverage:

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