Big 5 Sporting Goods announced that the Nasdaq Listing Qualifications Panel has granted the company an extension until August 12, 2005 to file its Annual Report on Form 10-K for the fiscal year ended January 2, 2005 and its Quarterly Report on Form 10-Q for the fiscal quarter ended April 3, 2005 and to continue the listing of the company's common stock on the Nasdaq National Market pending such filings.
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 SEC its Fiscal 2004 Form 10-K and its first quarter Fiscal 2005 Form 10-Q and its common stock is therefore subject to delisting from the Nasdaq National Market.
In connection with granting the company's request for an extension, the Panel is requiring that the company provide prompt notification to the Panel regarding any significant events that occur prior to the August 12, 2005 filing deadline as well as certain information relating to the company's review process, once completed, in connection with its previously-announced restatements. The company must also comply with all other continued listing requirements of the Nasdaq National Market to maintain its listing.
The company is working diligently to complete the review process in connection with its previously-announced restatements so that its fiscal 2004 financial statements and the associated audit by KPMG LLP may be completed in order to permit the filing of the company's Fiscal 2004 Form 10-K as quickly as possible and the filing of its first quarter Fiscal 2005 Form 10-Q promptly thereafter. If the company is unable to file those reports by the August 12, 2005 extension date, it will request a further extension, but such an extension may not be granted, in which case its common stock could be delisted from the Nasdaq National Market.
The company has also obtained from the lenders under its financing agreement an extension to July 1, 2005 to deliver its audited financial statements for fiscal 2004 as required by its financing agreement. If the company is not able to deliver such statements by then, it intends to seek another extension, although there is no assurance that one will be granted. The company is in compliance with all of the covenants contained in its financing agreement.
