Cellstar (NASDAQ:CLSTE)
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CellStar Corporation Delays Filing Its Quarterly Report on Form
10-Q
CARROLLTON, Texas, April 11 /PRNewswire-FirstCall/ -- CellStar Corporation
(NASDAQ:CLSTE) today announced that it is extending by 5 days the filing of its
Quarterly Report on Form 10-Q for the quarter ended February 28, 2005, with the
Securities and Exchange Commission, while it continues to resolve accounting
issues related to certain accounts receivable and revenues in its Asia Pacific
Region. As previously announced, the Company has not yet filed its Annual
Report on Form 10-K for the year ended November 30, 2004, due also to the
continued review of its Asia Pacific Region.
Until the results of the review of the accounts receivable and revenues in the
Asia Pacific Region are known, the Company will be unable to complete its
consolidated financial statements, related information and disclosures and
management's report on internal control over financial reporting for inclusion
in the Form 10-K for fiscal 2004 and consolidated financial statements and
related information and disclosures for inclusion in the Form 10-Q for the
first quarter of 2005.
About CellStar Corporation
CellStar Corporation is a leading global provider of value added logistics and
distribution services to the wireless communications industry, with operations
in the Asia-Pacific, North American and Latin American Regions. CellStar
facilitates the effective and efficient distribution of handsets, related
accessories and other wireless products from leading manufacturers to network
operators, agents, resellers, dealers and retailers. CellStar also provides
activation services in some of its markets that generate new subscribers for
its wireless carriers. For the year ended November 30, 2003, the Company
reported revenues of $1.8 billion. Additional information about CellStar may
be found on its website at http://www.cellstar.com/ .
This news release contains forward-looking statements, as defined in the
Private Securities Litigation Reform Act of 1995. A variety of risk factors,
including the Company's ability to implement its business strategies, to
maintain its channels of distribution, continue to secure an adequate supply of
competitive products on a timely basis and on commercially reasonable terms,
improve its operating margins, secure adequate financial resources, maintain an
adequate system of internal control, comply with debt covenants, and
continually turn its inventories and accounts receivable, as well as changes in
foreign laws, regulations and tariffs, new technologies, system implementation
difficulties, competition, handset shortages or overages, terrorist acts, a
decline in consumer confidence and continued economic weakness in the U.S. and
other countries in which the Company does business and other risk factors, are
discussed in the Company's Annual Report on Form 10-K and most recent Quarterly
Report on Form 10-Q. Any one, or a combination of these risk factors could
cause CellStar's actual results to vary materially from anticipated results or
other expectations expressed in the Company's forward-looking statements.
DATASOURCE: CellStar Corporation
CONTACT: Sherrian Gunn of CellStar Corporation, +1-972-466-5031
Web site: http://www.cellstar.com/