Hanover Direct Announces the Filing of a Form 12b-25 Notification of Late Filing With the Securities and Exchange Commission and
10 Novembre 2004 - 3:03PM
PR Newswire (US)
Hanover Direct Announces the Filing of a Form 12b-25 Notification
of Late Filing With the Securities and Exchange Commission and the
Restatement of Its Financial Statements EDGEWATER, N.J., Nov. 10
/PRNewswire-FirstCall/ -- Hanover Direct, Inc. today announced that
management and the Audit Committee of the Board of Directors
concluded that the Company's financial statements for the fiscal
years ended December 25, 1999, December 30, 2000, December 29,
2001, December 28, 2002 and December 27, 2003 and the fiscal
quarters ended March 29, 2003, June 28, 2003, September 27, 2003,
March 27, 2004 and June 26, 2004 should no longer be relied upon
and should be restated as a result of an error in the accounting
treatment of discount obligations due to members of certain of the
Company's buyer's club programs for three of its catalogs since
1998. The cumulative impact of this error as of September 25, 2004
is in the process of being estimated by the Company. However, it
did result in the overstatement of revenues and the omission of the
related liability for discount obligations for fiscal periods as
early as 1998. The final determination of the error is subject to
completion of the Company's currently ongoing review of the issue
and the completion by its independent registered public accountants
of their audit and review of the figures. The Company's decision to
restate previously issued financial statements was based on its
current assessment of the impact of the cumulative correction on
the Company's 2004 financial statements. The Company will file the
restated audited financial statements and related auditors' report
by amending its Annual Report on Form 10-K for the fiscal year
ended December 27, 2003 and its Quarterly Reports on Form 10-Q for
the fiscal quarters ended March 27, 2004 and June 26, 2004 as
promptly as practicable. The Company also announced that it has
filed a Form 12b-25 Notification of Late Filing with the Securities
and Exchange Commission seeking to extend the deadline for filing
its Quarterly Report on Form 10-Q for the fiscal quarter ended
September 25, 2004 up to five calendar days in order to calculate
accurately the precise impact of the discount obligations due to
members of certain of the Company's buyer's club programs on the
historical financial statements. The Company will file its Form
10-Q for the fiscal quarter ended September 25, 2004 as soon as it
is able. About Hanover Direct, Inc. Hanover Direct, Inc. (AMEX:HNV)
and its business units provide quality, branded merchandise through
a portfolio of catalogs and e-commerce platforms to consumers, as
well as a comprehensive range of Internet, e-commerce, and
fulfillment services to businesses. The Company's catalog and
Internet portfolio of home fashions, apparel and gift brands
include Domestications, The Company Store, Company Kids,
Silhouettes, International Male, Scandia Down, and Gump's By Mail.
The Company owns Gump's, a retail store based in San Francisco.
Each brand can be accessed on the Internet individually by name.
Keystone Internet Services, LLC (http://www.keystoneinternet.com/),
the Company's third party fulfillment operation, also provides the
logistical, IT and fulfillment needs of the Company's catalogs and
web sites. Information on Hanover Direct, including each of its
subsidiaries, can be accessed on the Internet at
http://www.hanoverdirect.com/. Forward Looking Statements Certain
statements included in this press release are intended as
"forward-looking statements." These statements include assumptions,
expectations, predictions, intentions or beliefs about future
events, particularly the statements concerning the anticipated
impact on revenues of the restatement and the timing of the
Company's restatement of its financial statements. The Company
cautions that actual future results may vary materially from those
expressed or implied in any forward-looking statements. More
information and the risks and uncertainties relating to these
forward-looking statements are found in the Company's SEC filings,
including its Annual Report on Form 10-K for the fiscal year ended
December 27, 2003 and its Quarterly Report on Form 1-Q for the
fiscal quarter ended June 25, 2004 which are available free of
charge on the SEC's web site at http://sec.gov/. The Company
expressly disclaims any obligation to update any forward-looking
statements contained in this news release to reflect events or
circumstances that may arise after the date of this release, except
as otherwise required by applicable law. DATASOURCE: Hanover
Direct, Inc. CONTACT: Charles E. Blue, S.V.P. & Chief Financial
Officer of Hanover Direct, Inc., +1-201-272-3389; or Rich Tauberman
of the MWW Group, +1-201-507-9500, for Hanover Direct Web site:
http://www.hanoverdirect.com/
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