Calumet Specialty Products Partners, L.P. last Monday announced it expects that its consolidated fourth quarter 2017 results will differ from the results presented in Calumet's earnings release issued on March 8, 2018. Calumet's revised financial statements will be included in the Form 10-K, which is expected to be filed by April 2, 2018. While the Partnership does not anticipate that the previously reported revenues and liquidity for the quarter will change materially, it does expect a decrease in its previously reported net income and Adjusted EBITDA for the fourth quarter 2017 with a commensurate decrease in those line items for the full year 2017.
West Griffin, Executive Vice President & Chief Financial Officer of Calumet, commented, "We are disappointed that the ongoing implementation and associated learning process related to our new enterprise resource planning system has led to this development. However, even with these expected changes, we believe, as previously communicated, that the Partnership will have demonstrated five consecutive quarters of trailing-twelve months Adjusted EBITDA improvement when we finalize our reporting and we remain well-positioned to continue our momentum and transformation in 2018."
Calumet continues to integrate its recently implemented enterprise resource planning ("ERP") system. Implementation issues have resulted in a delay in the financial statement closing process, as execution of certain financial statement controls, including timely account reconciliation, analysis, and review, have not operated as intended for all financial statement accounts. These matters have resulted in unanticipated delays in compiling financial reports and other data necessary to prepare and complete the financial statements required for the annual report on Form 10-K for the fiscal year ended December 31, 2017. Calumet has filed a notification of late filing with the Securities and Exchange Commission with respect to the filing of its Form 10-K.