Excelligence Learning (NASDAQ:LRNSE)
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From Jun 2019 to Jun 2024
Excelligence Learning Corporation (Nasdaq:LRNSE)
announced today that it will be unable to file its quarterly report on
Form 10-Q for the three months ended September 30, 2005 by the
November 14, 2005 filing deadline. The completion and review of this
quarterly report and filing of the Company's quarterly report on Form
10-Q for the three months ended June 30, 2005 have been delayed
pending the completion of the Company's previously announced
restatement of its financial statements as of and for the year ended
December 31, 2004 and the quarter ended March 31, 2005.
The Company's independent registered public accounting firm is in
the process of completing its audit and review procedures for the
Company's restatements. The Company currently believes that the
processes underway that will lead to the restatement of its financial
statements for the year ended December 31, 2004 and for the quarter
ended March 31, 2005 are proceeding satisfactorily. The Company
continues to estimate that its previously-disclosed investigation will
not result in a reduction to its operating (pre-tax) income for fiscal
year 2004 of more than the previously announced estimate of
approximately $500,000 to $600,000. Furthermore, the Company continues
to expect that the majority of the reduction in 2004 will give rise to
corresponding increases in operating (pre-tax) income during fiscal
year 2005. The adjustments anticipated at present remain estimates
pending completion of audit procedures related to the restated
financial statements for the year ended December 31, 2004 and review
procedures related to the restated financial statements for the
quarter ended March 31, 2005, in each case by the Company's
independent registered public accounting firm, which procedures may
result in the identification of additional matters that could change
the Company's present estimates. The Company will file its restated
financial statements and its delayed quarterly reports on Forms 10-Q
for the periods ended June 30, 2005 and September 30, 2005 as soon as
practicable following completion of the restatements of the prior
periods.
In addition, the Company has submitted a request to the NASDAQ
Listing Qualifications Panel for an additional extension of the
deadline for the Company to file its quarterly report on Form 10-Q for
the three months ended June 30, 2005. The Company has also requested
an extension of time to file its quarterly report on Form 10-Q for the
three months ended September 30, 2005. The Company will announce the
Panel's decision promptly after a decision is received.
The Panel had previously agreed to continue the listing of the
Company's securities on The NASDAQ SmallCap Market provided that the
Company filed its quarterly report on Form 10-Q for the three months
ended June 30, 2005 on or before November 14, 2005. The Company has
notified the Panel that it will be unable to meet the November 14
deadline and has requested a further extension.
There can be no assurance that the Panel will grant the Company's
request for an additional extension of time, or, if such an extension
is granted, that the Company will be able to file its requisite
reports by such date. If the Company is not granted an extension of
time to file its reports, or fails to file its reports before any
additional deadline, the Company's securities could be delisted from
The NASDAQ SmallCap Market.
About Excelligence Learning Corporation
Excelligence Learning Corporation is a developer, manufacturer and
retailer of educational products which are sold to child care
programs, preschools, elementary schools and consumers. The Company
serves early childhood professionals, educators and parents by
providing quality educational products and programs for children from
infancy to 12 years of age. With its proprietary product offerings, a
multi-channel distribution strategy and extensive management
expertise, the Company aims to foster children's early childhood and
elementary education. The Company is composed of two business
segments, Early Childhood and Elementary School. Through its Early
Childhood segment, the Company develops, markets and sells educational
products through multiple distribution channels primarily to early
childhood professionals and, to a lesser extent, consumers. Through
its Elementary School segment, the Company sells school supplies and
other products specifically targeted for use by children in
kindergarten through sixth grade to elementary schools, teachers and
other education organizations. Those parties then resell the products
either as a fundraising device for the benefit of a particular school,
student program or other community organization, or as a service
project to the school. Excelligence Learning Corporation's
headquarters is in Monterey, California and its website is
www.excelligencelearning.com.
Safe Harbor Statement Under the Private Securities Litigation
Reform Act of 1995: This press release contains forward-looking
statements as defined in the Private Securities Litigation Reform Act
of 1995 about matters such as the status of the Company's restatement
process, including anticipated adjustments to the Company's financial
statements, the Company's request for an extension of time to file its
quarterly reports, the filing of the Company's quarterly reports for
the three months ended June 30, 2005 and September 30, 2005,
compliance with NASDAQ listing requirements and the potential
delisting of the Company's securities. These statements are based on
management's current expectations and actual results may differ
materially as a result of various risks and uncertainties, including
those set forth in the Company's prior press releases and periodic
public filings with the Securities and Exchange Commission, which are
available via Excelligence's website at www.excelligencelearning.com.
There can be no assurance that the restatements discussed in this
release or subsequent processes will be timely completed, that any
modifications or changes will be made or, if made, can be timely or
effectively implemented and there can be no assurance that the NASDAQ
Listing Qualifications Panel will grant the Company's request for an
additional extension of time to file its delinquent reports, or, if
such an extension is granted, that the Company's subsequent processes
such as the filing of its quarterly reports for the three months ended
June 30, 2005 and September 30, 2005 or compliance with additional
NASDAQ Listing Qualifications Panel requirements will be timely
completed by the Panel's deadlines or that the Company will avoid
delisting by The NASDAQ SmallCap Market. In addition, the Company's
financial results and stock price may suffer as a result of the
previously announced accounting review and any subsequent
determination from this review including any action by NASDAQ. The
forward-looking statements in this release are made as of November 14,
2005, and Excelligence Learning Corporation does not undertake to
revise or update these forward-looking statements, except to the
extent that it is required to do so under applicable law.