LCC International Announces Delay in Schedule for Refilings
31 Outubro 2005 - 11:27AM
Business Wire
LCC International, Inc., (NASDAQ:LCCIE), a global leader in
wireless voice and data turn-key technical consulting services,
announced today it will experience a delay in filing its amended
quarterly reports on Form 10-Q/A for the third quarter of 2004 and
first quarter of 2005 and its amended annual report on Form 10-K/A
for year ended December 31, 2004 (the "Amended Filings"). As a
result of the delay, the Company will be unable to file its
quarterly reports on Form 10-Q for the second and third quarters of
2005 (the "2005 Quarterly Reports") until the Amended Filings are
completed and filed with the Securities and Exchange Commission
(the "SEC"). On September 6, 2005, the Company had announced that
it expected to file the Amended Filings on or before October 31,
2005. The Company has now determined that it will not be able to
file the Amended Filings by that date and, as a result, the 2005
Quarterly Reports will also be delayed. The Company has filed a
request with the Nasdaq Listing Qualifications Panel for an
additional extension of time to become compliant with the filing
requirements of the SEC and Nasdaq Marketplace Rule 4310(c)(14)
until November 23, 2005, by which time the Company intends to file
the Amended Filings and the 2005 Quarterly Reports. Dean J.
Douglas, President and Chief Executive Officer, said: "It is
regrettable that we are not able to meet our original goal to file
on or before October 31. It is critical, however, that we continue
to work diligently to perform all work necessary to complete the
filings. This will allow us to put this experience behind us and to
move LCC forward in the growing and opportunity-rich wireless
telecommunications industry." Charles R. Waldron, Sr. Vice
President and Chief Financial Officer stated: "You will recall that
our restatement is the result of an error related to revenue
recognition with respect to a percentage-of-completion contract. In
reviewing the revenue recognition miscalculation, we have done
extensive retesting of all 2004 revenues and uncovered an error in
the accounting for a second agreement related to the same project.
I reiterate that we have found no evidence that any of the errors
arose as a result of fraudulent conduct. The analysis we conducted
as part of the correction of these matters led us to renegotiate
the terms of two of our largest US contracts. These negotiations
were concluded in the third quarter of 2005 and will positively
impact our results going forward. However, the extensive follow on
review by our internal and external auditors considerably slowed
down the restatement of results for the third and fourth quarters
and for the year 2004. This, in turn, delayed finalizing the
quarterly financial statements for 2005. We look forward to
completing our reviews and filings and re-establishing our
communications with you on a regular basis." Concurrent with the
issuance of this press release, the Company has filed with the SEC
a current report on Form 8-K with a more detailed description of
the circumstances requiring a delay in the filing of the Amended
Filings and the 2005 Quarterly Reports. A conference call to
discuss this matter will be held on Tuesday, November 1 at 8:30
a.m. Eastern. Details for all interested parties wishing to
participate in the conference call to discuss the re-filing with
management are as follows: Via Live Conference Call: U.S. callers
please dial 800/901-5218. Callers outside of the U.S. please dial
617/786-4511. Both numbers will require callers to enter
reservation number 29764437. There will be a question and answer
period during the call. Via Live Web Cast: To listen to a live
broadcast of the conference call via the Internet, please visit the
Investor Relations section of the Company's web site located at
www.lcc.com. In order to participate in the call via the Internet,
participants will need a computer with speakers and the Windows(R)
Media Player plug-in. Via Digital Replay: A replay of the call will
begin at approximately 1:00 p.m. Eastern on Tuesday, November 1 and
will continue until 12 midnight Eastern on Friday, November 4. To
access the replay, U.S. callers please dial 888/286-8010. For
callers outside of the U.S. please dial 617/801-6888. Both numbers
will require callers to enter reservation number 86891714 to be
connected to the recording of the Company call. Via Internet
Archive: Beginning Friday, November 4, LCC's conference call will
be available for review on the Company's web site. This function
sorts the call by section that enables parties to save time by only
listening to the segments in which they are most interested (i.e.
opening remarks, financial overview, questions and answer). To
access the November 1st call, go to the Audio Archives page that
can be found in the Investor Relations section on the LCC website:
www.lcc.com. About LCC LCC International, Inc. is a global leader
in voice and data design, deployment and management services to the
wireless telecommunications industry. Since 1983, LCC has performed
technical services for the largest wireless operators in North and
South America, Europe, The Middle East, Africa and Asia. The
Company has worked with all major access technologies and has
participated in the success of some of the largest and most
sophisticated wireless systems in the world. Through an integrated
set of technical business consulting, training, design, deployment,
operations and maintenance services, LCC is unique in its ability
to provide comprehensive turnkey services to wireless operators
around the world. News and additional information are available at
www.lcc.com. Cautionary Note regarding forward-looking statements
under the Private Securities Litigation Reform Act of 1995:
Information in this release regarding LCC's expectations, beliefs,
and intentions are forward-looking statements that involve risks
and uncertainties. These statements include statements about LCC's
expected compliance with filing deadlines. All forward-looking
statements included in this release are based upon information
available to LCC as of the date of this release, which may likely
change, and LCC assumes no obligation to update any such
forward-looking statement. These statements are not guarantees.
Factors that could cause or contribute to differences from such
expectations include, but are not limited to, delays in the
restatement process and/or the uncertainty of success of any Nasdaq
administrative hearing. Other factors that may affect our business
are discussed in LCC's filings with the Securities and Exchange
Commission, including our most recent annual report on Form 10-K
and our quarterly reports on Form 10-Q.
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