The Nasdaq Listing Qualifications Panel (the “Panel”) has granted Big 5 Sporting Goods' request to extend the deadline for the Company to file its Annual Report on Form 10-K for fiscal 2004 and its Quarterly Reports for the first quarter and second quarter of fiscal 2005 and to continue the listing of the Company's common stock on the Nasdaq National Market pending those filings. The Panel has granted the Company an extension until August 31, 2005 to file its fiscal 2004 Form 10-K and an extension until September 30, 2005 to file its first quarter and second quarter fiscal 2005 Forms 10-Q.
These dates are an additional extension from the August 12, 2005 extension date previously granted by the Panel for the Company to file its fiscal 2004 Form 10-K and its first quarter fiscal 2005 Form 10-Q. As previously announced, the Company is not in compliance with Nasdaq requirements for continued listing as a result of its failure to file with the Securities and Exchange Commission its fiscal 2004 Form 10-K and its first quarter and second quarter fiscal 2005 Forms 10-Q.
In granting this additional extension, the Panel advised the Company that in the event that the Company is unable to file its fiscal 2004 Form 10-K by August 31, 2005, no further requests for extension to file the Form 10-K would be considered. Work on the review and associated audit of the Company's fiscal 2004 Form 10-K has been substantially completed, and while no assurances can be given, the Company expects to be able to file its Form 10-K by August 31, 2005. The Company also expects that the review of its first quarter and second quarter fiscal 2005 Forms 10-Q will be completed, and that those reports will be filed, soon after the Form 10-K is filed.
The Company also received a notice on August 25, 2005 of a determination by Nasdaq's Listing Qualifications Staff that it fails to comply with Nasdaq listing standards set forth in Nasdaq Marketplace Rule 4310(c)(14) due to the delayed filing of its second quarter fiscal 2005 Form 10-Q with the SEC and that this deficiency is an additional basis for delisting its securities from the Nasdaq National Market. The Company filed a Form 12b-25 with the SEC on August 15, 2005 to report that it was unable to file its second quarter fiscal 2005 Form 10-Q by the August 12, 2005 deadline. The Company previously announced that it had notified Nasdaq of its inability to timely file the second quarter fiscal 2005 Form 10-Q and had requested an extension of time to file this Form 10-Q. As discussed above, the Panel considered this request and granted the Company an extension to September 30, 2005 to file its second quarter fiscal 2005 Form 10-Q.
In the event that the Company is unable to file its fiscal 2004 Form 10-K by August 31, 2005, or its first quarter and second quarter fiscal 2005 Forms 10-Q by September 30, 2005, the Company's shares may be delisted from the Nasdaq National Market.
