Sporting goods retailer Big 5 requests NASDAQ for extension
16 Aug '05
5 min read
The Company also was unable to file its Quarterly Report on Form 10-Q for the second quarter of fiscal 2005 by the August 12, 2005 deadline and will file a Form 12b-25 with the Securities and Exchange Commission to report this.
The completion and review of this Quarterly Report has been delayed pending the completion and filing of the Company's Form 10-K for fiscal 2004 and its Form 10-Q for the first quarter of fiscal 2005. The Company will file the Quarterly Report on Form 10-Q for the second quarter of fiscal 2005 as soon as practicable following the filing of the Quarterly Report on Form 10-Q for the first quarter of fiscal 2005.
The late filing of the Company's Quarterly Report on Form 10-Q for the second quarter of fiscal 2005 constitutes an additional basis for the delisting of the Company's common stock from the Nasdaq National Market and the Company has notified Nasdaq's Listing Qualifications Staff of the late filing. The Company has also requested an extension of time to file this Form 10-Q.
As the Company announced on July 29, 2005, additional corrections to its prior financial statements will be required as part of the previously announced restatement of such financial statements.
The expected cumulative net impact on the Company's net income of all additional corrections that the Company is aware of at this time, as well as the adjustments relating to the previously announced lease accounting changes and sales return reserve, for fiscal years 2002 through 2004 remains less than 3% of aggregate net income as preliminarily reported on February 9, 2005 for such fiscal year periods, which reflected the preliminary adjustments to address the previously announced error in an account within accounts payable.
marketing@alchempro.com
