Back Yard Burgers Completes Stock Option Review and Files Form 10-Q
30 Março 2007 - 6:00PM
Business Wire
Back Yard Burgers, Inc. (NASDAQ:BYBI) announced today that it has
filed its Quarterly Report on Form 10-Q for the quarter ended
September 30, 2006, which had been delayed since November 2006
pending completion of a review by the Audit Committee of the
Company�s Board of Directors of the Company�s historical stock
option grant practices. In the course of its investigation, the
Audit Committee did not find any evidence of fraudulent conduct on
the part of members of the Company�s Board of Directors,
Compensation Committee or senior management team in the granting of
stock options. However, the Audit Committee concluded that the
measurement dates previously used by the Company with respect to
certain stock option grants made during the 13-year period under
review differed from the appropriate measurement dates that should
have been used with respect to such awards. As a result, revised
measurement dates were applied to the affected option grants, and
the Company has recorded a total of $311,000 (net of a tax benefit
of $118,000) of cumulative additional stock-based compensation
expense relating to the years covered by the Audit Committee�s
review. As a result of this review, the Company�s Audit Committee
has also adopted certain remedial actions considered necessary to
strengthen the Company�s internal controls. A detailed explanation
of the review conducted by the Audit Committee and the findings of
that review are contained in the Company�s Quarterly Report on Form
10-Q for the quarter ended September 30, 2006, which the Company
filed with the Securities and Exchange Commission on March 30,
2007. The Company believes that by filing its Form 10-Q, it is now
in compliance with Nasdaq Marketplace Rules and that, as such, its
common stock is no longer subject to possible delisting from the
Nasdaq Stock Market. The Company also announced today that it has
filed Form 12b-25 with the Securities and Exchange Commission
indicating that it would not be able to complete and file its
Annual Report on Form 10-K with the SEC by March 30, 2007, due to
the time required to complete the Company�s stock option review,
record the appropriate financial statement adjustments and complete
its third quarter Form 10-Q. The Company expects to file its Form
10?K as soon as practicable and, in any event, within the 15
calendar days provided by Rule 12b-25 of the SEC�s Rules and
Regulations. Back Yard Burgers operates and franchises
quick-service restaurants in 20 states, primarily in markets
throughout the Southeast region of the United States. The
restaurants specialize in charbroiled, freshly prepared,
great-tasting food. As its name implies, Back Yard Burgers strives
to offer the same high-quality ingredients and special care
typified by outdoor grilling in the backyard. Its menu features
made-to-order gourmet Black Angus hamburgers and chicken sandwiches
- charbroiled over an open flame, fresh salads, chili and other
specialty items, including hand-dipped milkshakes, fresh-made
lemonade and fresh-baked cobblers. Forward-Looking Statements All
statements in this press release other than statements of
historical fact are forward?looking statements that are subject to
risks and uncertainties that could cause such statements to differ
materially from actual future events or results. Such
forward?looking statements are generally, but not necessarily,
accompanied by words such as �plan,� �if,� �estimate,� �expect,�
�believe,� �could,� �would,� �anticipate,� �may,� or other words
that convey uncertainty of future events or outcomes. Specific
examples of forward?looking statements in this release include, but
are not limited to, statements concerning the status of the
internal review, the timing of the filing of the Company�s Annual
Report on Form 10-K for the fiscal year ended December 30, 2006,
the effect of improvements on the Company�s stock option granting
practices and whether the filing of the Company�s Quarterly Report
on Form 10-Q for the quarter ended September 30, 2006 will result
in the Company coming into compliance with Nasdaq Marketplace
Rules. These forward?looking statements and other statements made
elsewhere in this release are made in reliance, in part, on the
Private Securities Litigation Reform Act of 1995. Factors which
could cause actual results to differ from anticipated results
include, but are not limited to, the impact of additional tax
liabilities that have not yet been estimated, future rule?making,
pronouncements or guidance by the SEC, PCAOB, NASDAQ or other
regulatory agencies. Any one of these factors may cause the
Company�s actual financial results to differ materially from its
projected results. The forward?looking statements in this release
speak only as of the date they are made. We undertake no obligation
to revise or update publicly any forward?looking statement for any
reason. Readers are referred to our Annual Report on Form 10?K,
subsequent Quarterly Reports on Form 10?Q, recent Current Reports
on Form 8?K, and other Securities and Exchange Commission filings
which discuss the foregoing factors as well as other important risk
factors that could affect our business, results of operations and
financial condition.
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