Pomeroy IT (NASDAQ:PMRYE)
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Pomeroy IT Solutions, Inc. (NASDAQ:PMRYE), today
announced that it received a decision letter from Nasdaq informing
Pomeroy that the Nasdaq Listing Qualifications Hearings Panel (the
"Panel") granted the Company's request for an extension of time. The
decision letter dated February 28, 2006, grants the Company's request
for continued listing on The Nasdaq National Market provided that the
Company files the quarterly report on Form 10-Q for the period ended
October 5, 2005 (the "Third Quarter Form 10-Q"), and all required
restatements, by March 31, 2006.
The Company has previously disclosed that on November 23, 2005, it
received a Nasdaq Staff Determination notice from the Nasdaq Listing
Qualifications Department that the Company was not in compliance with
the continued listing requirements of NASD Marketplace Rule
4310(c)(14). The Company requested a hearing before the Panel to
review the Staff Determination, which was held on December 22, 2005.
As a result of that hearing, an initial extension was granted until
February 28, 2006. On February 17, 2006, the Company informed the
Panel that as a result of the Company's review of its fiscal 2005
services revenue and costs, an additional extension would be needed to
file amended financial statements for the first and second quarters of
fiscal 2005, and to file Form 10-Q for the period ended October 5,
2005.
The fifth character "E" will remain appended to the Company's
trading symbol pending a final determination by the Panel that the
Company is fully compliant with Nasdaq's filing requirement as well as
other Nasdaq listing standards. In order to fully comply with the
terms of this exception, the Company must provide prompt notification
to the Panel of any significant events that occur during the exception
period and demonstrate compliance with all requirements for continued
listing on The Nasdaq National Market. The Company can provide no
assurance that it will be able to satisfy the terms of the Panel's
decision. If the Company fails to satisfy the terms, its securities
may be delisted.
As a national solutions provider, Pomeroy provides services that
include: outsourcing, application development, systems integration and
other maintenance and support services. The Company maintains a
workforce of 3,000+ skilled, technical employees with the capabilities
to plan, design, implement and support all categories of its
consulting, infrastructure and lifecycle solutions offerings. Pomeroy
helps clients leverage IT as an enabler to increase productivity,
reduce costs and improve profitability. Pomeroy has clientele across a
broad spectrum of industries, governments and educational
organizations. The Company reported revenues of $742 million for the
year ended January 5, 2005.
Certain of the statements in the preceding paragraphs regarding
reporting financial results constitute "forward-looking statements"
for purposes of the Securities Act of 1933 and the Securities Exchange
Act of 1934, as amended, and as such they involve known and unknown
risks, uncertainties and other factors which may cause actual results
to be materially different from those projected. Factors which could
cause actual results to differ materially from current expectations
include, but are not limited to, the nature and extent of the errors
identified, the time required by us to compile information necessary
to complete our financial statements, and the time required by our
auditors to complete the review of our Form 10-Qs and any
restatements.