DXP restates financials; material weakness in internal controls over financial reporting discovered

DXP ENTERPRISES INC

Expects to reduce trade accounts payable by $8M-$12M and increase retained earnings by corresponding amount net of tax.
Material weakness in internal control over financial reporting existed as of Dec 31, 2020; disclosure controls ineffective.
Prior evaluation of disclosure controls and Moss Adams audit report dated March 18, 2021 can no longer be relied upon.
Company revised purchase order three-way match process, added automation and clearance timetable for aged items.
Will amend 2020 10-K and Q1 2021 10-Q; intends to file Q2 2021 10-Q promptly.

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