Stanley Black & Decker to Restate Previously Issued Financial Statements

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Jan 26, 2022, 17:22 ET

NEW BRITAIN, Conn., Jan. 26, 2022 /PRNewswire/ -- Stanley Black & Decker (NYSE: SWK) (the "Company") today announced that it plans to restate its previously issued consolidated financial statements to correct its accounting with respect to its Equity Units in response to comments received from the Securities and Exchange Commission (the "SEC").

After giving effect to this change, the Company's diluted GAAP earnings per share is reduced by $0.31, $0.24, and $0.14 for the fiscal years ended January 2, 2021, December 28, 2019 and December 29, 2018, respectively. Excluding acquisition-related and other charges, the Company's diluted earnings per share is reduced by $0.36, $0.31 and $0.27 for the fiscal years ended January 2, 2021, December 28, 2019 and December 29, 2018, respectively. This accounting correction was reflected on a prospective basis as previously discussed on Form 8-K and Form 10-Q as filed on November 12, 2021.

The changes will not impact the Company's historical net earnings and does not affect compliance with the financial covenants contained in the Company's outstanding debt instruments or compliance with any other agreement of the Company or its subsidiaries. The effects of these changes are detailed in a Current Report on Form 8-K that is also being filed with the SEC today.

This decision was approved by the Company's Audit Committee made in consultation with management and the Company's independent registered public accounting firm. The Company plans to restate the financial statements as of January 2, 2021 in an amendment to the 2020 Form 10-K and the unaudited interim financial statements as of April 3, 2021, July 3, 2021, and October 2, 2021 in an amendment to the Q3 2021 Form 10-Q, both to be filed with the SEC.

Investors should no longer rely upon the Company's previously released financial statements for the time periods cited above. Similarly, related press releases, earnings releases, and investor communications describing the Company's previously issued financial statements for these periods should no longer be relied upon.

About Stanley Black & Decker:

Stanley Black & Decker, an S&P 500 company, is a leading global diversified industrial with 56,000 employees in more than 60 countries who make the tools, products and solutions to deliver on its Purpose, For Those Who Make The World. The Company operates the world's largest tools and storage business; and is a global industrial leader of highly engineered solutions within its engineered fastening and infrastructure businesses. Learn more at www.stanleyblackanddecker.com.

Investor Contacts:

Dennis Lange
Vice President, Investor Relations
[email protected]
(860) 827-3833

Cort Kaufman
Director, Investor Relations
[email protected]
(860) 515-2741

Christina Francis
Director, Investor Relations
(860) 438-3470
[email protected]

Media Contacts:

Shannon Lapierre
Chief Communications Officer
[email protected]
(860) 259-7669

Debora Raymond
Vice President, Public Relations
[email protected]
(203) 640-8054

SOURCE Stanley Black & Decker