Pomeroy Announces Nasdaq Panel Grants Extension to March 31, 2006
March 01 2006 - 2:23PM
Business Wire
Pomeroy IT Solutions, Inc. (NASDAQ:PMRYE), today announced that it
received a decision letter from Nasdaq informing Pomeroy that the
Nasdaq Listing Qualifications Hearings Panel (the "Panel") granted
the Company's request for an extension of time. The decision letter
dated February 28, 2006, grants the Company's request for continued
listing on The Nasdaq National Market provided that the Company
files the quarterly report on Form 10-Q for the period ended
October 5, 2005 (the "Third Quarter Form 10-Q"), and all required
restatements, by March 31, 2006. The Company has previously
disclosed that on November 23, 2005, it received a Nasdaq Staff
Determination notice from the Nasdaq Listing Qualifications
Department that the Company was not in compliance with the
continued listing requirements of NASD Marketplace Rule
4310(c)(14). The Company requested a hearing before the Panel to
review the Staff Determination, which was held on December 22,
2005. As a result of that hearing, an initial extension was granted
until February 28, 2006. On February 17, 2006, the Company informed
the Panel that as a result of the Company's review of its fiscal
2005 services revenue and costs, an additional extension would be
needed to file amended financial statements for the first and
second quarters of fiscal 2005, and to file Form 10-Q for the
period ended October 5, 2005. The fifth character "E" will remain
appended to the Company's trading symbol pending a final
determination by the Panel that the Company is fully compliant with
Nasdaq's filing requirement as well as other Nasdaq listing
standards. In order to fully comply with the terms of this
exception, the Company must provide prompt notification to the
Panel of any significant events that occur during the exception
period and demonstrate compliance with all requirements for
continued listing on The Nasdaq National Market. The Company can
provide no assurance that it will be able to satisfy the terms of
the Panel's decision. If the Company fails to satisfy the terms,
its securities may be delisted. As a national solutions provider,
Pomeroy provides services that include: outsourcing, application
development, systems integration and other maintenance and support
services. The Company maintains a workforce of 3,000+ skilled,
technical employees with the capabilities to plan, design,
implement and support all categories of its consulting,
infrastructure and lifecycle solutions offerings. Pomeroy helps
clients leverage IT as an enabler to increase productivity, reduce
costs and improve profitability. Pomeroy has clientele across a
broad spectrum of industries, governments and educational
organizations. The Company reported revenues of $742 million for
the year ended January 5, 2005. Certain of the statements in the
preceding paragraphs regarding reporting financial results
constitute "forward-looking statements" for purposes of the
Securities Act of 1933 and the Securities Exchange Act of 1934, as
amended, and as such they involve known and unknown risks,
uncertainties and other factors which may cause actual results to
be materially different from those projected. Factors which could
cause actual results to differ materially from current expectations
include, but are not limited to, the nature and extent of the
errors identified, the time required by us to compile information
necessary to complete our financial statements, and the time
required by our auditors to complete the review of our Form 10-Qs
and any restatements.
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