ST. LOUIS, Oct. 18, 2011 /PRNewswire/ -- CPI Corp.
(NYSE: CPY) announced that it received notice from the New York
Stock Exchange ("NYSE") that, due to its average market
capitalization falling below $50
million over a consecutive 30 trading day period, the
Company is currently out of compliance with the NYSE's listing
standards.
Pursuant to applicable procedures, the Company has 45 days from
October 12, 2011, the NYSE notice
date, to submit a plan to restore compliance within 18 months.
The Company intends to submit its plan within the required
time frame. During this period, the Company's shares will continue
to be listed on the NYSE, subject to compliance with other NYSE
continued listing standards.
CPI Corp. provides portrait photography services at
approximately 3,000 locations in the
United States, Canada,
Mexico and Puerto Rico, principally in Walmart, Sears and
Toys "R" Us stores, and offers on location wedding photography and
videography services through an extensive network of contract
photographers and videographers.
The statements contained in this press release that are not
historical facts are forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995, and
involve risks and uncertainties. The Company identifies
forward-looking statements by using words such as "preliminary,"
"plan," "expect," "looking ahead," "anticipate," "estimate,"
"believe," "should," "intend" and other similar expressions.
Management wishes to caution the reader that these
forward-looking statements, such as the Company's outlook with
respect to the integration of the acquisition of the operating
assets and certain liabilities of the Bella Pictures business,
portrait studios, net income, future cash requirements, cost
savings, compliance with debt covenants, valuation allowances,
reserves for charges and impairments, capital expenditures and
other similar statements, are only predictions or expectations;
actual events or results may differ materially as a result of risks
facing the Company. Such risks include, but are not limited
to: the Company's dependence on Walmart, Sears and Toys "R" Us, the
approval of the Company's business practices and operations by
Walmart, Sears and Toys "R" Us, the termination, breach, limitation
or increase of the Company's expenses by Walmart under the lease
and license agreements and Sears and Toys "R" Us under the license
agreements, the integration of the Bella Pictures operations into
the Company and the continued development and operation of the
Bella Pictures business, customer demand for the Company's products
and services, the development and operation of the Kiddie Kandids
business, the economic recession and resulting decrease in consumer
spending, manufacturing interruptions, dependence on certain
suppliers, competition, dependence on key personnel, fluctuations
in operating results, a significant increase in piracy of the
Company's photographs, widespread equipment failure, compliance
with debt covenants, restrictions on the Company's business imposed
by agreements governing its debt, implementation of marketing and
operating strategies, outcome of litigation and other claims,
impact of declines in global equity markets to the pension plan,
impact of foreign currency translation and other risks as may be
described in the Company's filings with the Securities and Exchange
Commission, including its Form 10-K for the year ended February 5, 2011 and its Form 10-Q for the 24
weeks ended July 23, 2011. The
risks described above do not include events that the Company does
not currently anticipate or that it currently deems immaterial,
which may also affect its results of operations and financial
condition. The Company undertakes no obligation to update or
revise publicly any forward-looking statements, whether as a result
of new information, future events or otherwise.
SOURCE CPI Corp.