DALLAS, Feb. 21 /PRNewswire-FirstCall/ -- SOURCECORP, Incorporated
(Nasdaq: SRCPE) today announced that the NASDAQ Listing Qualification Panel
granted the Company's request to give the Company until March 16, 2005 to
bring current its public reporting obligations (including filing of Form 10-Q
for the quarter ended September 30, 2004 and Form 10-K for the year ended
December 31, 2004).
The Company previously announced that the Panel had granted the Company a
listing requirements exception that permitted the Company's common stock to
remain listed on the Nasdaq Stock Market despite the Company's having not
filed its Form 10-Q for the third quarter of 2004. As the Company disclosed,
the Panel's exception was subject to certain conditions, including that the
Company would file such Form 10-Q and certain prior period financial
information by February 15, 2005 and would file its 2004 Annual Report on
Form 10-K by March 16, 2005. However, as the Company previously announced, it
was unable to meet the February 15, 2005 deadline and requested from the Panel
a further modification to the exception to permit the Company until
March 16, 2005 to make all such filings (third quarter Form 10-Q, other prior
period financial information and 2004 Form 10-K). By letter dated
February 18, 2005, the Panel formally granted such requested further
modification.
While the Company believes that its previously reported internal
investigation into one of its operating subsidiaries, as overseen by its Audit
Committee, is nearing completion, until such investigation is complete, the
Company cannot predict with certainty whether it will be able to meet the
Panel's required filing deadline.
About SOURCECORP(R)
SOURCECORP, Incorporated provides business process outsourcing solutions
and specialized high value consulting services to clients throughout the
U.S. SOURCECORP focuses on business processes in information-intensive
industries including healthcare, legal, financial services, government and
transportation & logistics. Headquartered in Dallas, the Company serves
clients throughout the United States through a network of locations in the
U.S., Mexico and India. SOURCECORP is a component of both the S&P SmallCap
600 Index and the Russell 2000 Index.
For more information about SOURCECORP's solutions visit the SOURCECORP
website at http://www.srcp.com . The statements in this press release that
are not historical fact are forward-looking statements that involve risks and
uncertainties, which could cause actual results to differ materially from such
forward-looking statements. These forward-looking statements include, but are
not limited to, the statements relating to the anticipated impact of
adjustments to our restated financial statements and our ongoing
investigation, any financial estimates, projections, and estimates of future
contract values included in this press release. The aforementioned risks and
uncertainties include, without limitation, the uncertainty of completing our
investigation in a timely manner and the actual costs and results of such
investigation, the effect of our investigation and financial statement
restatement on the trading price of our stock, the risks of integrating our
operating companies, of the timing and magnitude of technological advances, of
the occurrences of a diminution in our existing customers' needs for our
services, of a change in the amount companies outsource business processes, of
the impact to margins resulting from a change in revenue mix as well as the
risks detailed in SOURCECORP's filings with the Securities and Exchange
Commission, including without limitation, those detailed under the heading
"Risk Factors" in the Company's most recent annual report on Form
10-K. SOURCECORP disclaims any intention or obligation to revise any forward-
looking statements, including financial estimates, whether as a result of new
information, future events, or otherwise, except as required by law.
SOURCE SOURCECORP
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Related links:
http://www.srcp.com
CONTACT:
Barry Edwards, EVP & Chief Financial Officer
of SOURCECORP, +1-214-740-6690
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