Lazare Kaplan International Announces Delay in Filing Form 10-Q
January 15 2010 - 5:10PM
PR Newswire (US)
NEW YORK, Jan. 15 /PRNewswire-FirstCall/ -- Lazare Kaplan
International Inc. (AMEX:LKI) (the "Company") announced today that
it has filed with the Securities and Exchange Commission a
Notification of Late Filing on Form 12b-25 pertaining to its
Quarterly Report on Form 10-Q (the "Q2 Form 10-Q") for the quarter
ended November 30, 2009 ("Q2 2010"). The Company continues its
efforts to resolve a material uncertainty concerning (a) the
collectability and recovery of certain assets, and (b) the
Company's potential obligations under certain lines of credit and a
guaranty (all of which, the "Material Uncertainties"). As the
Company is unable to assess the potential effect the ultimate
resolution of these matters will have on the financial position and
results of operations of the Company, the Company has been unable
to finalize its financial statements for Fiscal 2009 and subsequent
periods. The Company is working expeditiously to resolve the
Material Uncertainties and believes that once they are resolved, it
will be in a position to finalize its financial statements for
Fiscal 2009 and subsequent periods and meet its filing requirements
with the Securities and Exchange Commission. In light of current
adverse market conditions impacting the Company and the global
diamond and jewelry industry described further below, the Company
anticipates that its reported results of operations for Q2 2010
will reflect significant changes from the corresponding period of
the last fiscal year. However, the Company, at this time, can only
give a reasonable estimate of its anticipated net sales for Q2
2010, which is subject to normal year end audit adjustments and the
completion of the Company's audits for its fiscal year ended May
31, 2009 and fiscal year ending May 31, 2010. The Company
anticipates net sales of approximately $97.2 million and $23.0
million for the six and three months ended November 30, 2009 as
compared to net sales of $119.6 million and $41.3 million for the
comparative prior year periods. Lazare Kaplan International Inc.
sells its diamonds and jewelry products through a worldwide
distribution network. The Company is noted for its ideal cut
diamonds, which it markets internationally under the brand name,
Lazare Diamonds®. Except for historical information contained
herein, the statements in this release are forward-looking and made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements involve
known and unknown risks and uncertainties which may cause the
Company's actual results in future periods to differ materially
from forecasted results. Those risks include the ability to resolve
the Material Uncertainties, a softening of retailer or consumer
acceptance of, or demand for, the Company's products, pricing
pressures, adequate supply of rough diamonds, liquidity, and other
competitive factors. The information contained in this press
release is accurate only as of the date issued. Investors should
not assume that the statements made in these documents remain
operative at a later time. Lazare Kaplan International Inc.
undertakes no obligation to update any information contained in
this news release. DATASOURCE: Lazare Kaplan International Inc.
CONTACT: Edward Nebb of Comm-Counsellors, LLC for Lazare Kaplan
International Inc., +1-203-972-8350
Copyright