Flow International Receives NASDAQ Notification Related to Late 10-Q Filing
27 Setembro 2004 - 2:57PM
PR Newswire (US)
Flow International Receives NASDAQ Notification Related to Late
10-Q Filing KENT, Wash., Sept. 27 /PRNewswire-FirstCall/ -- Flow
International Corporation (NASDAQ:FLOW), the world's leading
developer and manufacturer of ultrahigh-pressure waterjet
technology equipment used for cutting, cleaning (surface
preparation) and food safety applications, today announced that it
received a letter from the NASDAQ staff indicating that because the
Company has failed to timely file its Form 10-Q for the first
quarter of fiscal 2005 (the "10-Q"), it is not in compliance with
the NASDAQ listing rules and accordingly is potentially subject to
delisting. This delisting notification is standard procedure when a
NASDAQ listed company fails to complete a required Securities and
Exchange Commission filing in a timely manner. As a result of the
failure to timely file the 10-Q, the Company is currently not in
compliance with the filing requirements for continued listing on
NASDAQ as required by NASDAQ Marketplace Rule 4310(c)(14). The
Company plans to appeal the delisting notification to a NASDAQ
Listings Qualifications Panel (the "Panel"), however, there can be
no assurance that the Panel will grant the Company's request for
continued listing. FLOW's securities will remain listed pending a
decision in the appeals process, but its trading symbol as of
September 27, 2004, will be amended from "FLOW" to "FLOWE" to
reflect the Company's filing delinquency. Upon the filing of its
10-Q, the Company expects to be in compliance with the filing
requirements for continued listing on the NASDAQ and accordingly
expects the trading symbol to be changed back to "FLOW" As reported
in FLOW's September 21, 2004 press release, the delay in filing its
10-Q is related to a foreign exchange issue which centers around
whether certain gains and losses recorded directly to Other
Comprehensive Income in Shareholders' Equity should have been
recorded in the Statement of Operations as a component of Other
Income (Expense). It is expected that the Company will restate its
fiscal years ended April 30, 2004, 2003 and 2002 to include
non-cash positive and negative adjustments to net earnings related
to foreign exchange gains and losses on inter-company accounts. The
amounts of such adjustments have not yet been determined. In
addition, as also announced September 21, 2004, the Company has
determined it will restate its April 30, 2002 results to record an
additional charge to Cost of Goods Sold for $609,000 to reflect a
required adjustment noted during its reconciliation of historical
inter-company balances. About Flow International Flow International
Corporation is the world's leading developer and manufacturer of
ultrahigh-pressure (UHP) waterjet technology for cutting, cleaning,
and food-safety applications, as well as isostatic and flexform
presses. FLOW provides total system solutions for various
industries, including automotive, aerospace, paper, job shop,
surface preparation, and food production. For more information,
visit http://www.flowcorp.com/. This press release contains
forward-looking statements relating to future events or future
financial performance that involve risks and uncertainties. The
words "believe," "expect," "intend," "anticipate," variations of
such words and similar expressions identify forward-looking
statements but their absence does not mean that the statement is
not forward-looking. These statements are only predictions and
actual results could differ materially from those anticipated in
these statements based on a number of risk factors, including those
set forth in the April 30, 2004, Flow International Corporation
Form 10-K Report filed with the Securities and Exchange Commission.
Forward-looking statements in this press release include, without
limitation, statements regarding the Company's plans to appeal the
delisting notification to a NASDAQ Listings Qualifications Panel;
upon the filing of its 10-Q, the Company expects to be in
compliance with the filing requirements for continued listing on
the NASDAQ and accordingly expects the trading symbol to be changed
back to "FLOW"; the Company expects to restate its fiscal years
ended April 30, 2004, 2003 and 2002 to include non-cash positive
and negative adjustments to net earnings related to foreign
exchange gains and losses on inter-company accounts. Readers are
cautioned not to place undue reliance on these forward-looking
statements that speak only as of the date of this announcement.
CONTACT: John Leness, Secretary and General Counsel of Flow
International Corporation, +1-253-850-3500. DATASOURCE: Flow
International Corporation CONTACT: John Leness, Secretary and
General Counsel of Flow International Corporation, +1-253-850-3500
Web site: http://www.flowcorp.com/
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