DALLAS, April 1 /PRNewswire-FirstCall/ -- SOURCECORP, Incorporated
(Nasdaq: SRCPE) today announced that it has filed its annual report on Form
10-K for the year ended December 31, 2004, which the Company believes places
it back in compliance with Securities and Exchange Commission reporting
requirements and completes its financial restatement relating to its internal
investigation announced October 27, 2004 that focused on the financial results
of one of the Company's operating subsidiaries in the Information Management
Division of the Company's Information Management and Distribution reportable
segment.
The Company also announced that it has provided the NASDAQ Listing
Qualification Panel an update of the Securities and Exchange Commission's
ongoing investigation, which the Company believes was the final milestone to
the Company's modified NASDAQ listing exception. The Company is waiting to
receive formal confirmation from NASDAQ that the requirements of the exception
have been satisfied, following which the Company expects its trading symbol
will be returned to SRCP.
The Company also noted, as indicated in its annual report on Form 10-K,
that with the its recent Credit Agreement amendment, which was filed as an
exhibit to the Company's Current Report on From 8-K, filed March 24, 2005, the
Company is currently in compliance with all of its Credit Agreement covenants.
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 commercial, financial, government, healthcare, and legal.
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, including case-study
examples, visit the SOURCECORP website at http://www.sourcecorp.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, any
financial estimates, projections, and estimates of future contract values
included in this press release. The aforementioned risks and uncertainties
include, without limitation, the results of the Company's ongoing SEC
investigation, the potential customer impact of the results of our
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.sourcecorp.com
CONTACT:
Barry Edwards, EVP & Chief Financial Officer
of SOURCECORP, +1-214-740-6690
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