DENVER, Dec. 28 /PRNewswire/ -- Ultimate Electronics, Inc. (Nasdaq: ULTEE)
today announced it has received a notification from the Listing Qualifications
Department at The Nasdaq Stock Market, Inc. (Nasdaq) that it is in material
noncompliance with Marketplace Rule 4310(c)(14) for continued listing on
Nasdaq.
Marketplace Rule 4310(c)(14) requires that a listed company file with
Nasdaq all reports and other documents filed or required to be filed with the
Securities and Exchange Commission. The Company was unable to file a fully
compliant Form 10-Q for the quarterly period ended October 31, 2004 with the
Commission, and Nasdaq in violation of Marketplace Rule 4310(c)(14), by the
extension deadline of December 15, 2004. As of the opening of business on
December 23, 2004, an "E" was appended to the Company's trading symbol "ULTE"
to reflect its noncompliance with Marketplace Rule 4310(c)(14).
The Company is unable to file a fully compliant Form 10-Q because the
Company's independent auditors have not completed their work with respect to
the Company's quarterly financial statements. The Company is cooperating
fully to ensure that the review of the Company's quarterly financial
statements by the Company's independent auditors is completed as quickly as
possible. After this matter is completed, the Company will file a compliant
Form 10-Q/A with both the Commission and Nasdaq as soon as possible.
The notification does not by itself result in immediate delisting of the
Company's securities, although Nasdaq stated in the notification that unless
the Company requests a hearing regarding the delisting, the Company's
securities will be delisted from Nasdaq at the opening of business on December
30, 2004. The Company submitted a request for a hearing before the Nasdaq
Listing Qualifications Panel on this matter on December 27, 2004 and the
request will stay the delisting of the Company's securities pending the
hearing and a determination by the Panel. There can be no assurance that the
Panel will grant the Company's request for continued listing.
Certain statements made in this news release are forward-looking
statements within the meaning of the Private Securities Litigation Reform Act
of 1995. Forward-looking statements are made based upon management's current
expectations and beliefs concerning future developments and their potential
effects upon the Company. These forward-looking statements include statements
regarding the completion of the review of its third quarter Form 10-Q, filing
a fully compliant Form 10-Q/A, the Company's request for a hearing and the
potential outcome of that hearing. Actual results may differ materially from
those included in the forward-looking statements due to a number of factors,
including, but not limited to, the assessment of the Company's independent
accountants regarding the Company's financial condition, and the outcome of
the hearing before the Nasdaq Listing Qualifications Panel; and other risk
factors identified in the Company's Annual Report on Form 10-K for the fiscal
year ended January 31, 2004, the Company's Quarterly Report on Form 10-Q for
the quarter ended October 31, 2004 and other filings with the Securities and
Exchange Commission. There can be no assurance that future developments
affecting the Company will be those anticipated by management. The Company
disclaims any obligation to update or revise any of the forward-looking
statements that are in this news release.
About Ultimate Electronics, Inc. (Nasdaq: ULTEE)
Ultimate Electronics is a leading specialty retailer of home entertainment
and consumer electronics products in 14 states. The Company operates
65 stores, including 54 stores in Arizona, Idaho, Illinois, Iowa, Kansas,
Minnesota, Missouri, Nevada, New Mexico, Oklahoma, South Dakota, Texas and
Utah under the trade name Ultimate Electronics(R) and 11 stores in Colorado
under the trade name SoundTrack(R). In addition, the Company operates Fast
Trak Inc., an independent electronics repair company and a wholly owned
subsidiary of Ultimate Electronics.
For further information, please contact: Investor Relations Department,
Ultimate Electronics, Inc. at 303-412-2500 (ext. 2640) or 1-800-260-2660
(ext. 2640) or e-mail shareholder@ulte.com.
SOURCE Ultimate Electronics, Inc.
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Company News On-Call:
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CONTACT:
Investor Relations Department of Ultimate
Electronics, Inc., +1-303-412-2500, ext. 2640, or
+1-800-260-2660, ext. 2640, shareholder@ulte.com
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