Item 2.02 Results of Operations and Financial Condition.
Preliminary Financial Information
As previously disclosed, on
While the Company's systems recovery efforts are substantially complete, and the Company's operations are fully functional, the incident did result in a loss of revenue as well as incremental costs for the month of December, which are expected to adversely impact the Company's second quarter results for fiscal year 2022. In addition, following an extensive forensic investigation by a full team of cybersecurity experts, the Company confirms that some data extraction related to the Company's customers and employees occurred from the Company's servers before the Company took its systems offline. The Company is proactively engaging with those who may have been affected by these events.
Based on its current assessment, the Company currently estimates a modest impact
to its revenue primarily because of the Company's need to temporarily suspend
its electronic data interfaces with its customers. Additionally, the Company
incurred expenses related to this incident including, but not limited to,
consulting fees from third party forensic experts and other IT professional
expenses, legal fees, and incremental overtime and employee related expenses
that is currently estimated in the range of
The Company's management team will not be discussing its second quarter
financial performance, including the information discussed in this Current
Report, until its upcoming quarterly earnings call, which is scheduled for
The information in this Item 2.02 of this Current Report is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act), or otherwise subject to the liabilities of that Section. The information in this Item 2.02 of this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, or the Exchange Act.
Cautionary Note Regarding Forward Looking Statements
This current report on Form 8-K ("Current Report") contains "forward-looking
statements" within the meaning of the safe harbor provisions of the
Because forward looking statements relate to the future, they are subject to
inherent uncertainties, risks and changes in circumstances that are difficult to
predict and many of which are outside of the Company's control. The Company's
actual results and financial condition may differ materially from those
indicated in the forward-looking statements including as a result of the risks
related to the cyber-attack incident discussed above, such as the Company's
ability to assess, contain and remediate the incident, and the legal,
reputational and financial risk resulting from the incident. Additional risk
factors are contained Company's Annual Report on Form 10-K for the year ended
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