EDEN PRAIRIE, MN, Jan. 24, 2017 /PRNewswire/ -- MTS Systems Corporation (Nasdaq: MTSC) (the "Company"), a leading global supplier of high-performance test systems and sensors, today announced that the lenders under its current credit agreement have waived any default that would have resulted from failure to provide the Company's audited financial statements for the fiscal year ended October 1, 2016 ("Fiscal 2016"). The lenders have consented to allow the Company to deliver the Company's audited financial statements for Fiscal 2016, and the Company's unaudited financial statements for the first quarter of the 2017 fiscal year, no later than April 24, 2017.
In addition, the Company reaffirms its preliminary financial results for Fiscal 2016 that were initially provided by the Company on November 29, 2016. The Company continues to expect preliminary full-year revenue for Fiscal 2016 to be in the range of $645 million to $650 million and preliminary GAAP EPS for Fiscal 2016 to be in the range of $1.65 to $1.70.
Dr. Jeffrey Graves, President and Chief Executive Officer of MTS, stated, "We are pleased to have received the consent from our lenders allowing us additional time to provide our financial results for our 2016 fiscal year and the first quarter of fiscal 2017. We believe this will allow us adequate time to complete our internal investigation into apparent code of conduct violations in our China operations and to provide our financial results to our lenders and investors. Also, based on the progress of the investigation, we feel comfortable reaffirming the previously disclosed preliminary financial results for our 2016 fiscal year."
About MTS Systems Corporation
MTS Systems Corporation's testing hardware, software and services solutions help customers accelerate and improve their design, development and manufacturing processes and are used to determine the mechanical behavior of materials, products and structures. MTS's high-performance sensors provide controls for a variety of applications measuring motion, pressure, position, force and sound. MTS had 2,400 employees as of October 3, 2015 and revenue of $564 million for the fiscal year ended October 3, 2015. Additional information on MTS can be found at www.mts.com.
Cautionary Information Regarding Forward-Looking Statements
This release contains "forward-looking statements" made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about the future of MTS's Test business. These statements are based on MTS's current expectations and beliefs and are subject to a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those described in the forward-looking statements. Risks, uncertainties and assumptions include, but are not limited to, those described in the "Risk Factors" section in MTS's most recent Form 10-K filed with the SEC and updated in any subsequent Quarterly Reports on Form 10-Q and other filings with the SEC, each of which is available on MTS's website at www.mts.com or the SEC's website at www.sec.gov as well as the risk of potential damage to our China operations and financial results resulting from the apparent violations of the Company's Code of Conduct and related remedial measures. Forward-looking statements speak only as of the date on which statements are made, and MTS undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made to reflect the occurrence of unanticipated events or circumstances.
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SOURCE MTS Systems Corporation