Compass Minerals restates FY2023 and H1 FY2024 financials due to milestone liability errors

COMPASS MINERALS INTERNATIONAL INC

Audit committee determined Q3 FY2023, FY2023 annual, Q1 and Q2 FY2024 financials should no longer be relied upon.
Misstatements due to failure to factor option value of share settlement in Fortress milestone contingent consideration liability (up to $28M).
Preliminary adjustments include $8.0M goodwill reduction, $7.5M operating loss increase in FY2024 Q2, and $0.2M operating earnings increase in FY2023 Q4.
Non-GAAP Adjusted EBITDA understated by $1.1M in Q1 FY2024 and $9.0M in Q2 FY2024; material weaknesses expected.

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