PETCO Receives Notice of Potential Delisting From NASDAQ Due to Late Filing of Form 10-K
May 23 2005 - 9:01PM
PR Newswire (US)
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/
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