Lcc (NASDAQ:LCCIE)
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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.