CorEnergy Infrastructure Trust, Inc.: auditor change — CorEnergy restates 2021-2022 financials, suspends dividends, Q4 revenue $36.3M

CorEnergy Infrastructure Trust, Inc.

Restates financials for 2021 and 2022 quarterly periods due to EPS and non-controlling interest allocation errors.
Q4 2022 total revenue $36.3M, net loss $553K, Adjusted EBITDA $9.4M.
Board suspends dividends on 7.375% Series A Preferred and Common Stock; preferred dividends accrue.
Filed tariff increases of 36% on SPB and 107% on KLM pipelines; 10% increase collected in March 2023.
2023 outlook: Adjusted EBITDA $33-35M, capex $10-11M; credit facility extended to May 2024.

item 2.02 item 4.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Auditor Changes SEC 8-K Item 4.01/4.02 confidence 0.9

CorEnergy Infrastructure Trust, Inc. reported that prior financial statements should not be relied upon.

Action: non reliance
Auditor: Ernst & Young LLP

Exact text from the filing

tember 30, 2021, March 31, 2022, June 30, 2022, and September 30, 2022 (collectively, the “Non-Reliance Periods”) included in the Company’s Quarterly Reports on Form 10-Q filed with the SEC for the Non-Reliance Periods, should no longer be relied upon. In addition to the restatement errors described above, the Company expects to correct certain items that were previously identified and concluded as immaterial, individually and in the aggregate, to the financial statements for the Non-Reliance Periods. Similarly, any previously issued or filed reports, press releases, earnings releases, and investor presentations or other communications describing the Company’s consolidated unaudited financial statements which report EPS or Net Income attributable to non-controlling interest, and other related financial information covering the Non-Reliance Periods should no longer be relied upon. The mis

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

CorEnergy Infrastructure Trust, Inc. reported the fourth quarter and year ended December 31, 2022 results: revenue $36.3 million.

Period: the fourth quarter and year ended December 31, 2022
Revenue: $36.3 million
Result: reported results

Exact text from the filing

the "Company") today announced financial results for the fourth quarter and year ended December 31, 2022. Fourth Quarter 2022 and Recent Developments • Reported Total Revenue of $36.3 million for the three months ended December 31, 2022. • Generated Net Loss of $553 thousand, and Adjusted EBITDA (a non-GAAP financial measure) of $9.4 million. • Transported an average

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Source: SEC EDGAR

accession 0001347652-23-000021

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