West Marine, Inc. filed an extension notification with the SEC for the company's Annual Report on Form 10-K which was due today, March 17, 2005. The company experienced a delay in the audit of its results of operations for the fiscal year ended January 1, 2005 because of changes in its accounting practices and policies with respect to leasing transactions which were precipitated by a letter issued by the SEC's chief accountant on February 7, 2005. West Marine fully anticipates completing its audit in the near term and filing its annual report on Form 10-K within the fifteen calendar day extension period.
The company does not anticipate that any negative or significant change in results of operations from the corresponding period from the prior fiscal year ended January 3, 2004 will be reflected in the consolidated statements of operations to be included in this year's annual report on Form 10-K. As previously reported in a press release dated March 3, 2005, the company expects to report net income (unaudited) for the year of $25.5 million, or $1.20 per share, compared to net income of $20.1 million, or 99 cnets per share, for the previous fiscal year. As of the date of this press release, West Marine has not identified any material weakness (as defined in Public Company Accounting Oversight Board Auditing Standard No. 2) in its internal controls over financial reporting.
