LINCOLNSHIRE, IL--(BUSINESS WIRE)--Camping World Holdings, Inc. (NYSE:CWH) (the “Company,”) today announced that has filed a Form 12b-25 with the U.S. Securities and Exchange Commission providing the Company a 15-day extension to file its Annual Report on Form 10-K for the year ended December 31, 2018 (the “Form 10-K”). The Company expects to file its Form 10-K promptly and to schedule a conference call to discuss 2018 results in conjunction with the filing.
During its year-end 2018 financial statement review process, the Company identified the necessity to adjust the manner in which reserves related to the cancelation provisions of certain finance and insurance related offerings are calculated. The Company is evaluating the materiality of this adjustment both qualitatively and quantitatively in accordance with Staff Accounting Bulletin (“SAB”) No. 99, Materiality, and SAB No. 108 and expects the determination of the effect of the adjustments to the previously issued financial statements as of and for the years ended December 31, 2017 and 2016 to be immaterial, and the Company expects to make immaterial adjustments to the previous period financial statements in its Form 10-K to reflect the correction of these calculations. Given the additional time required to fully complete the Company’s assessment of the matter, the Company is unable to file its Form 10-K within the prescribed time period without unreasonable effort or expense.
In addition, the Company expects to disclose in its Form 10-K that, as part of its evaluation of its internal controls over financial reporting as required by Section 404 of the Sarbanes-Oxley Act of 2002, the Company identified a material weakness in its internal control that existed as of December 31, 2018, specifically related to the sufficiency of available technical resources at the Company.
The Company plans to release fourth quarter and full year 2018 earnings results and file its Form 10-K promptly within the extension period of 15 calendar days as provided under Rule 12b-25 under the Securities Exchange Act of 1934, as amended. The Company will make a further announcement in a subsequent press release to schedule the date and time of the earnings conference call.
About Camping World Holdings, Inc.
Camping World Holdings, headquartered in Lincolnshire, Illinois, is the leading outdoor and camping retailer, offering an extensive assortment of recreational vehicles for sale, RV and camping gear, RV maintenance and repair, other outdoor and active sports products, and the industry’s broadest and deepest range of services, protection plans, products and resources. Since the Company's founding in 1966, Camping World has grown to become one of the most well-known destinations for everything RV, with more than 225 locations in 36 states and a comprehensive e-commerce platform.
For more information, please visit www.CampingWorld.com.
Forward Looking Statements
This press release filing contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding our expected material weakness in internal control over financial reporting, the impact of the material weakness on our previously issued consolidated financial statements, any determination regarding the materiality of certain adjustments to the Company’s financial statements, and the Company’s expectations that it will file the Form 10-K within the time period prescribed by Rule 12b-25. These forward-looking statements are based on management’s current expectations.
These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the following: that the Company is not able to complete its Form 10-K in the time period that it currently expects, the risk that certain adjustments to the Company’s financial statements are deemed material, and the risk that the Company makes additional adjustments to its consolidated financial statements or discovers additional material weaknesses. These and other important factors discussed under the caption “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2017, and our other reports filed with the Securities and Exchange Commission could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management’s estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change, except as required under applicable law. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.