Big 5 Sporting Goods Corporation received a notice on May 25, 2005 of a determination by Nasdaq's Listing Qualifications Staff that it fails to comply with Nasdaq listing standards due to the delayed filing of its Quarterly Report on Form 10-Q for the fiscal quarter ended April 3, 2005 with the Securities and Exchange Commission 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 May 16, 2005 to report that it was unable to file its fiscal 2005 first quarter Quarterly Report on Form 10-Q by the May 13, 2005 deadline.
The Company had previously reported that it received a notice of a determination by Nasdaq's Listing Qualifications Staff that it fails to comply with Nasdaq listing standards due to the delayed filing of its Annual Report on Form 10-K for the fiscal year ended January 2, 2005 with the SEC and that its securities were therefore subject to delisting from the Nasdaq National Market. The Company appealed the determination to the NASDAQ Listing Qualifications Panel, thus staying the delisting action pending the issuance of the Panel's decision. On May 19, 2005, the Company attended a hearing before the Panel at which both the Annual Report on Form 10-K and Quarterly Report on Form 10-Q filing delinquencies were considered.
As previously announced, the Company is working diligently to complete the review process in connection with its previously-announced restatements so that the Company's fiscal 2004 financial statements and the associated audit by KPMG LLP, the Company's independent registered public accounting firm, may be completed in order to permit the filing of the Company's Annual Report on Form 10-K for fiscal 2004 as quickly as possible and the filing of its Quarterly Report on Form 10-Q for the fiscal 2005 first quarter promptly thereafter. The Company has requested that the Panel grant it an extension of time to finish such review and audit and to make the filings. There can be no assurance, however, that the Panel will grant the Company's request. The Company announced preliminary results for the fiscal 2005 first quarter on May 4, 2005.
The Company's common stock will remain listed on the NASDAQ National Market pending the Panel's decision under the symbol BGFVE. In the event that the Panel determines not to grant the Company's request for continued listing, the Company may be delisted from the NASDAQ National Market.
