As a result of the filing delay, the company will not be timely in providing its 2005 audited financial statements to the lenders under its senior secured credit facility. Consequently, the company is seeking a waiver from its senior secured lenders to extend the deadline for providing audited 2005 financial statements from March 31 to April 17, 2006. The terms of the company's other financing agreements do not require a waiver for this delay.
According to Dresser, the company's recent focus on completing prior-period reports and the extensive accounting effort associated with the November 2005 sale of two of its businesses necessitate the delay. The company believes it is in compliance with all other requirements of its credit facilities.
The company also noted that it continues to benefit from high energy prices and the resulting investments being made in energy infrastructure, and its backlog, bookings and cash flow remain strong.
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