L.B. Foster non-reliance on Q1, Q2 2024 financials due to $3.477M misclassification; material weakness cited

FOSTER L B CO

Audit Committee concluded Q1 and Q2 2024 unaudited financials should no longer be relied upon due to $3.477M gain misclassification.
Gain on Magnolia, Texas facility sale incorrectly recorded in other income instead of operating income per ASC 360-10-45-5.
Material weakness in internal control over financial reporting existed as of December 31, 2023; EY's opinion on controls no longer reliable.
No impact on net sales, net income, EPS, adjusted EBITDA, management incentive compensation, or credit facility covenants.
Company plans to file amendments to Q1, Q2 2024 Forms 10-Q and 2023 Form 10-K to correct errors and remediate weaknesses.

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