Big 5 Sporting Goods Corporation Provides Update on Status of Annual Report on Form 10-K
August 31 2005 - 7:30PM
PR Newswire (US)
EL SEGUNDO, Calif., Aug. 31 /PRNewswire-FirstCall/ -- Big 5
Sporting Goods Corporation (NASDAQ:BGFVE), a leading sporting goods
retailer, today announced that KPMG LLP, the Company's independent
registered public accounting firm, has informed the Company that
KPMG has not yet completed its final review and audit of the
Company's Annual Report on Form 10-K for fiscal 2004 (the "fiscal
2004 Form 10-K"). As a result, the Company will not be able to file
the fiscal 2004 Form 10-K with the Securities and Exchange
Commission by the August 31, 2005 extended deadline provided by the
Nasdaq Listing Qualifications Panel (the "Panel"). KPMG is
completing its final review and audit of the Form 10-K. Based on
discussions with KPMG, the Company had expected that this review
and audit would be completed in order to permit the filing of the
Form 10-K by August 31, 2005. The Company has now been advised by
KPMG that it still needs an additional few days for all work
associated with the audit to be completed. The Company's previous
announcements regarding the expected impact of all known
restatement items remain unchanged. The Company previously
announced that the Panel had granted the Company an additional
extension to August 31, 2005 to file the fiscal 2004 Form 10-K. The
Company also announced that as part of its decision, the Panel
advised the Company that no further requests for an extension to
file the fiscal 2004 Form 10-K would be considered. Today, the
Company and KPMG advised the Nasdaq Listing Qualifications Hearings
Department of the status of the Company's fiscal 2004 Form 10-K and
the Company requested that the Panel grant an additional brief
extension of time to allow KPMG to conclude its work and to enable
the Company to file its Form 10-K. The Company has not received any
decision from the Panel in response to its request, and there can
be no assurance that the Company's request will be granted. In the
event that the request is not granted, the Company's shares may be
delisted from the Nasdaq National Market. In such event, the
Company expects that its shares would trade in the over-the-counter
market and the Company would apply for relisting of its shares on
the Nasdaq National Market as soon as its SEC filings were current.
The Company also has obtained from the lenders under its financing
agreement an extension to September 9, 2005 to deliver its audited
financial statements for fiscal 2004 as required by its financing
agreement. While the Company expects to be able to deliver such
audited financial statements by then, if the Company is not able to
do so, it intends to seek another extension, although there is no
assurance that one will be granted. The Company is in compliance
with all of the covenants contained in its financing agreement.
About Big 5 Sporting Goods Corporation Big 5 is a leading sporting
goods retailer in the United States, operating 311 stores in 10
states under the "Big 5 Sporting Goods" name. Big 5 provides a
full-line product offering in a traditional sporting goods store
format that averages 11,000 square feet. Big 5's product mix
includes athletic shoes, apparel and accessories, as well as a
broad selection of outdoor and athletic equipment for team sports,
fitness, camping, hunting, fishing, tennis, golf, snowboarding and
in-line skating. Except for historical information contained
herein, the statements in this release are forward-looking and made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements involve
known and unknown risks and uncertainties, which may cause Big 5's
actual results in future periods to differ materially from
forecasted results. Those risks and uncertainties include, among
other things, the competitive environment in the sporting goods
industry in general and in Big 5's specific market areas,
inflation, product availability and growth opportunities, seasonal
fluctuations, weather conditions, changes in costs of goods,
changes in interest rates and economic conditions in general. Those
and other risks are more fully described in Big 5's filings with
the Securities and Exchange Commission, including its Annual Report
on Form 10-K/A filed on October 25, 2004 and its Quarterly Report
on Form 10-Q for the quarter ended September 26, 2004. Big 5
disclaims any obligation to update any such factors or to publicly
announce results of any revisions to any of the forward-looking
statements contained herein to reflect future events or
developments. DATASOURCE: Big 5 Sporting Goods Corporation CONTACT:
John Mills of Integrated Corporate Relations, Inc.,
+1-310-395-2215, for Big 5 Sporting Goods Corporation Web site:
http://www.big5sportinggoods.com/
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