Northwest Pipe Receives Expected Nasdaq Notice Related to Late Filing of Form 10-K
March 23 2010 - 5:50PM
Marketwired
Northwest Pipe Company (NASDAQ: NWPX) today announced that it
received a letter from the Nasdaq Stock Market (the "Second
Letter") stating that the Company is not in compliance with Nasdaq
Listing Rule 5250(c)(1) because it did not timely file its Annual
Report on Form 10-K for the year ended December 31, 2009.
As previously disclosed, the Company received a letter from
Nasdaq on November 12, 2009 (the "First Letter"), stating that the
Company was no longer in compliance with the Listing Rules because
it did not timely file its Quarterly Report on Form 10-Q for the
quarter ended September 30, 2009. After the First Letter, the
Company submitted to Nasdaq a plan (the "Compliance Plan") to
regain compliance with the Listing Rules. Nasdaq subsequently
granted the Company an exception allowing the Company until May 10,
2010 to regain compliance.
The Second Letter stated that the Company is required to submit
an update to the Compliance Plan no later than April 1, 2010, and
that any additional exception allowing the Company to regain
compliance with the Listing Rules will be limited to a maximum of
180 calendar days from the due date of the delinquent Form 10-Q, or
May 10, 2010. The Company intends to submit to Nasdaq an update to
the Compliance Plan by April 1, 2010.
As previously disclosed, the Audit Committee of the Company's
Board of Directors, with the assistance of independent
professionals, is conducting an ongoing internal investigation of
certain accounting matters, including certain revenue recognition
practices. The Company plans to file its delinquent Form 10-Q and
delinquent Form 10-K as soon as practicable after the completion of
the Audit Committee's investigation, the completion of any
additional accounting work required as a result of the Audit
Committee's investigation, the completion of the Company's
consolidated financial statements for the quarter ended September
30, 2009 and for the year ended December 31, 2009 and the
completion of the quarterly review and annual audit, respectively,
of such consolidated financial statements by the Company's
independent registered public accountants.
About Northwest Pipe Company
Northwest Pipe Company manufactures welded steel pipe and other
products in two business groups. Its Water Transmission Group is
the leading supplier of large diameter, high-pressure steel pipe
products that are used primarily for water infrastructure in North
America. Its Tubular Products Group manufactures smaller diameter
steel pipe for a wide range of applications including construction,
agricultural, energy, traffic and other commercial and industrial
uses. The Company is headquartered in Vancouver, Washington and has
manufacturing operations in the United States, Mexico, and
Indonesia.
Forward-Looking Statements
This press release includes statements, including statements
regarding the Company's intention to submit an update to the
Compliance Plan to Nasdaq by April 1, 2010, and the Company's
intention to file its delinquent Form 10-Q and its delinquent Form
10-K, that are "forward-looking" statements within the meaning of
the Private Securities Litigation Reform Act of 1995. Words such as
expects, anticipates, intends, plans, believes, sees, estimates and
variations of such words and similar expressions are intended to
identify such forward-looking statements. Such statements reflect
management's current views and estimates of future economic and
market circumstances, industry conditions, Company performance and
financial results. Actual results could vary materially from the
description contained herein due to many factors, including the
completion of the Audit Committee's investigation, the completion
of any additional accounting work required as a result of the Audit
Committee's investigation, the completion of the Company's
consolidated financial statements for the quarter ended September
30, 2009 and for the year ended December 31, 2009, the completion
of the quarterly review and annual audit, respectively, of such
financial statements by the Company's independent registered public
accountants, the risks related to the continuation of the Company's
inability to file required reports with the Securities and Exchange
Commission, continued poor or further weakened domestic or
international economic conditions, risks related to project delays,
risks related to changes in bidding activity, market demand,
operating efficiencies, availability and price of raw materials,
availability and market acceptance of new products, product
pricing, competitive environment, and other risks described from
time to time in the Company's reports to the Securities and
Exchange Commission. The forward-looking statements we make today
speak only as of today and we do not undertake any obligation to
update any such statements to reflect events or circumstances
occurring after today.
CONTACT: Brian Dunham, Chief Executive Officer Stephanie Welty,
Chief Financial Officer 360-397-6323
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