LCC International Announces Filing of Restated Financials
23 Novembro 2005 - 7:52PM
Business Wire
LCC International, Inc., (NASDAQ:LCCIE), a global leader in
wireless voice and data turn-key technical consulting services,
announced today that it has filed 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 the year ended
December 31, 2004 (the "Amended Filings"). The Company also
announced today that it has requested from NASDAQ another extension
to file its quarterly reports on Form 10-Q for the second and third
quarters of 2005 (the "Quarterly Reports") on or before Monday,
December 5, 2005. Charles R. Waldron, Sr. Vice President and Chief
Financial Officer stated: "The finance staff at LCC has worked
diligently to complete the amended filings and the 10-Qs for the
second and third quarters of 2005. We are very happy that the
amended filings have been filed and that this restatement is behind
us. Although we are very close to completing the 10-Qs for the
second and third quarters of 2005, our first priority was to get
the amended filings completed. The complexity of the accounting
associated with the renegotiation of two key contracts at the end
of the third quarter impacted our ability to file the 10-Qs for the
second and third quarters with the amended filings today." The
restatements for the third quarter of 2004 caused revenues to
decrease by $6.3 million or 11.3%, cost of revenues to decrease by
$5.4 million or 11.8%, and net income to decrease by $0.6 million
or 47.7%. The restatements for the full year 2004 caused revenues
to decrease by $5.4 million or 2.7%, cost of revenues to decrease
by $4.1 million or 2.5%, and net loss to increase by $1.0 million
or 18.8%. The restatements for the first quarter of 2005 caused
revenues to increase by $2.9 million or 6.8%, cost of revenues to
increase by $3.7 million or 11.0%, and net loss to increase by $1.0
million or 35.5%. A conference call to discuss the Amended Filings
and the Quarterly Reports will be held promptly after the filing of
the Quarterly Reports. 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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