Petco Animal Supplies (NASDAQ:PETCE)
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PETCO Receives Notice of Potential Delisting From NASDAQ Due to
Late Filing of Form 10-K
SAN DIEGO, May 23 /PRNewswire-FirstCall/ -- PETCO Animal Supplies, Inc.
(NASDAQ:PETCE) today announced that on May 19, 2005, the Company received
notice from The Nasdaq Stock Market, Inc. Listing Qualifications Staff that the
Company's securities are subject to potential delisting as of May 31, 2005 due
to the Company's failure to file its annual report on Form 10-K for the fiscal
year ended January 29, 2005 (the "2004 Form 10-K") on a timely basis.
On April 29, 2005, the Company had previously announced a delay in the filing
of its 2004 Form 10-K pending the completion of its internal review, first
announced on April 15, 2005, into errors involving the under-accrual of
expenses in the Company's Distribution Operation. The Company expects to file
its 2004 Form 10-K within the next couple of weeks.
Because of this delay, the Company is not in compliance with NASDAQ Marketplace
Rule 4310(c)(14), which requires the timely filing with NASDAQ of all reports
and other documents filed or required to be filed with the SEC. Also, as a
result of the filing delinquency, NASDAQ changed the Company's trading symbol
for its securities from "PETC" to "PETCE" at the opening of business today, May
23, 2005.
The Company plans to request a hearing before a NASDAQ Listing Qualifications
Panel to review the Staff determination and request continued listing on NASDAQ
until the Company files its 2004 Form 10-K. In its notification letter, the
NASDAQ staff informed the Company that this request will result in a
postponement of the delisting pending the Panel's decision. However, the
Company can provide no assurance that the Panel will grant its request for
continued listing.
About PETCO Animal Supplies, Inc.
PETCO is a leading specialty retailer of premium pet food, supplies and
services. PETCO's vision is to best promote, through its people, the highest
level of well being for companion animals, and to support the human-animal
bond. PETCO generated net sales of more than $1.8 billion in fiscal 2004. It
operates over 740 stores in 47 states and the District of Columbia, as well as
a leading destination for on-line pet food and supplies at
http://www.petco.com/. Since its inception in 1999, The PETCO Foundation,
PETCO's non-profit organization, has raised more than $23 million in support of
more than 2,700 non-profit grassroots animal welfare organizations around the
nation.
Forward Looking Statements
Certain statements in this news release that are not historical fact constitute
"forward-looking statements" within the meaning of the Private Securities
Litigation Reform Act of 1995. Stockholders and other readers are cautioned
not to place undue reliance on these forward-looking statements. Such
forward-looking statements involve known and unknown risks, uncertainties and
other factors, including the possibility that, in finalizing year-end
processes, PETCO may determine that it had a significant deficiency or material
weakness in internal control over financial reporting for fiscal 2004, which
may cause the actual results of PETCO to be materially different from
historical results or from any results expressed or implied by such
forward-looking statements or that other facts may come to the Company's
attention which may result in a restatement of the Company's financial
statements. These and other factors, such as performance of new stores,
ability to execute expansion strategy and sustain growth, debt levels, reliance
on vendors and exclusive distribution arrangements, competition, integration of
operations as a result of acquisitions, compliance with various state and local
regulations and dependence on senior management, are discussed from time to
time in the reports filed by PETCO with the Securities and Exchange Commission,
including the Annual Report on Form 10-K for the fiscal year ended January 31,
2004.
DATASOURCE: PETCO Animal Supplies, Inc.
CONTACT: Rodney Carter, Senior Vice President and Chief Financial
Officer of PETCO Animal Supplies, Inc., +1-858-202-7848
Web site: http://www.petco.com/