ScanSource Shares to Remain Listed Pending NASDAQ Review
16 5월 2007 - 5:15AM
Business Wire
ScanSource, Inc., (NASDAQ: SCSC), a leading international
value-added distributor of specialty technology products, announced
today that the Company received a written notification that the
NASDAQ Listing and Hearing Review Council had accepted the
Company�s request and called for review of the Company�s listing
status and that ScanSource common stock shall remain listed on The
NASDAQ Stock Market pending that review. The Company has until June
29, 2007 to provide additional information to the Listing Council.
The Company�s prior compliance due date was May 16, 2007 for the
filing with the SEC of its quarterly reports on Form 10-Q for the
quarters ended September 30, 2006 and December 31, 2006. This call
for review and stay also covers the additional NASDAQ Staff
Determination Letter received by the Company on May 15, 2007
indicating that the Company�s failure to file its quarterly report
on Form 10-Q for the quarter ended March 31, 2007, as required by
Marketplace Rule 4310(c)(14), serves as an additional basis for
delisting the Company�s common stock from The NASDAQ Stock Market.
In addition, the Company obtained additional waivers until June 30,
2007 under the Company�s Credit Agreement, with respect to the
delivery of certain quarterly information and documentation to its
lenders, to the extent impacted by the pending review of the
Special Committee of the Board of Directors of the Company�s stock
option grant practices and related accounting issues from the time
of its initial public offering in 1994 to the present. As
previously reported, the Company is in the process of preparing to
restate prior financial statements and believes the aggregate
non-cash compensation charges in such restatements will be in the
range of $5.9 million to $7.0 million for periods from 1994 to
2006. On May 14, 2007, the Board of Directors determined, in
consultation with the Company�s management and its independent
registered public accounting firm and based on guidance recently
issued by the Office of Chief Accountant of the SEC regarding
restatements relating to accounting for stock option grants, that
the restatement of its financial statements will be set forth in an
amendment to its Annual Report on Form 10-K for the year ended June
30, 2006 and will include a restatement of financial statements for
fiscal years 2004, 2005 and 2006 and restated quarterly financial
information for fiscal 2005 and 2006 quarters (in addition to the
other disclosures set forth in the referenced SEC guidance, as
applicable). Accordingly, such annual and quarterly financial
statements should no longer be relied upon. With respect to
financial statements for all earlier periods, the restatement will
affect financial statements for prior fiscal years and, based on
the referenced SEC guidance, the Company will reflect those
adjustments in selected financial data for fiscal years ended June
30, 2002 and 2003 with columns labeled �restated,� and as part of
the opening balances for the fiscal year ended June 30, 2004. The
Company intends to file with the SEC the amended 2006 Annual Report
and its Quarterly Reports on Form 10-Q for the quarters ended
September 30, 2006, December 31, 2006, and March 31, 2007, as soon
as practicable. Certain statements contained in this release are
forward-looking statements made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements address the Company�s plans,
activities or events which the Company expects will or may occur in
the future. Various risks, uncertainties and other factors could
cause actual results to differ materially from those expressed in
any forward-looking statements, including, but not limited to, the
timing and outcome of the review being conducted by the Special
Committee of the Company�s Board of Directors. Readers are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date of this release. The
Company does not undertake to publicly update or revise these
forward-looking statements even if experience or future changes
make it clear that projected results expressed or implied in such
statements will not be realized, except as may be required by law.
About ScanSource, Inc. ScanSource, Inc. {NASDAQ: SCSC} is a leading
international distributor of specialty technology products. The
Company markets specialty technologies through�five sales
units:�ScanSource [automatic identification and data capture�(AIDC)
and point-of-sale (POS) products];�Catalyst Telecom�(Avaya
communications products); Paracon�(communications�products);�T2
Supply (video conferencing and telephony products); and ScanSource
Security Distribution�(electronic security products). ScanSource
serves the North America marketplace and has an international
segment, which sells AIDC and POS products, in Latin America and
Europe. Founded in 1992, the company ranks #956 on the Fortune
1000. For more information, call the toll-free sales telephone
number at 800.944.2432 or visit www.scansource.com.
ScanSource (NASDAQ:SCSC)
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