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WageWorks Provides Update on Business and Financial Reporting Matters
September 12, 2018
Initiates Full Year 2018 Guidance; Obtains extension for continued listing on the New York Stock Exchange SAN MATEO, Calif., Sept. 12, 2018 (GLOBE NEWSWIRE) -- WageWorks, Inc. (NYSE: WAGE), a leader in administering Consumer-Directed Benefits, announced that as previously disclosed, the Company’s review of the necessary adjustments to the Company’s financial statements for fiscal year 2016 is expected to result in an estimated aggregate decrease in revenue (which was previously reported as $364.7 million) in the approximate range of $6.5 million to $9.5 million, an estimated aggregate decrease in net income (which was previously reported as $20.2 million) in the approximate range of $3.5 million to $5.5 million, and an estimated aggregate decrease in the non-GAAP financial measure adjusted EBITDA (which was previously reported as $108.0 million) in the approximate range of $6.0 million to $9.0 million. Although the Company’s review of 2017 is ongoing, to date, the Company has not identified any adjustments to its financial statements that would be expected to cause revenue for fiscal year 2017 to differ materially from the Company’s previous guidance.
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WageWorks Announces Changes to the Board of Directors
September 12, 2018
SAN MATEO, Calif., Sept. 12, 2018 (GLOBE NEWSWIRE) -- WageWorks, Inc. (NYSE: WAGE), a leader in administering Consumer-Directed Benefits, today announced the appointment of Stuart C. Harvey Jr. as Executive Chairman of the Board of Directors. He replaces Joseph L. Jackson, who resigned as Executive Chairman of the Company and Class III director on September 6, 2018. John Larson, WageWorks’ Lead Independent Director, stated, “On behalf of the entire Board and the Company, we wish to thank Joe for his leadership as our Chief Executive Officer and as our Executive Chairman. Joe helped build WageWorks to be a leading provider of administering Consumer-Directed Benefits. During his tenure as our Chief Executive Officer, Joe successfully guided us through our IPO and beyond. Through his executive leadership, Joe was integral to the Company’s significant expansion and growth. We thank Joe for his support and dedication, and valuable contributions over the past years. We wish him success in his future endeavors.” “I would also like to thank Joe for all of his contributions in establishing our company as a market leader over the past 11 years and for supporting me during this transition,” said Mr. Edgar Montes, WageWorks’ President and Chief Executive Officer.
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