BLUE BELL, Pa., Sept. 8 /PRNewswire-FirstCall/ -- C&D
Technologies, Inc. (NYSE: CHP) announced today that it has filed a
Notification of Late Filing, or Form 12b-25, with the Securities
and Exchange Commission with regard to its Form 10-Q report for the
Company's Second Quarter Fiscal 2011. This allows the Company an
additional five calendar days to file the Form 10-Q, which was
otherwise due on September 9,
2010.
The Company performs an annual goodwill impairment test in the
fourth quarter of its fiscal year for its one reporting unit.
However, the Company believed that the presence of impairment
indicators, such as its recent decrease in market capitalization
and continuing operating losses, necessitated testing for
impairment on an interim basis as of July
31, 2010. The Company will not be able to complete the
required analysis to determine the amount of the goodwill
impairment charge prior to the prescribed filing date without
unreasonable effort or expense. As such, the Company is
unable to file its second quarter report on Form 10-Q for the
period ended July 31, 2010 by
September 9, 2010. Therefore, the
previously scheduled September 9,
2010 conference call has been postponed.
The Company anticipates filing its Form 10-Q for the period
ended July 31, 2010 on or before
September 14, 2010, in full
compliance with SEC regulations.
About C&D Technologies:
C&D Technologies, Inc. provides solutions and services for
the switchgear and control (utility), telecommunications, and
uninterruptible power supply (UPS), as well as emerging markets
such as solar power. C&D Technologies' engineers, manufactures,
sells and services fully integrated reserve power systems for
regulating and monitoring power flow and providing backup power in
the event of primary power loss until the primary source can be
restored. C&D Technologies' unique ability to offer complete
systems, designed and produced to high technical standards, sets it
apart from its competition. C&D Technologies is headquartered
in Blue Bell, PA. For more
information about C&D Technologies, visit
http://www.cdtechno.com.
Forward-looking Statements:
This press release may contain forward-looking statements
(within the meaning of Section 27A of the Securities Act of 1933
and Section 21E of the Securities Exchange Act of 1934), which are
based on management's current expectations and are subject to
uncertainties and changes in circumstances. Words and expressions
reflecting something other than historical fact are intended to
identify forward-looking statements, but are not the exclusive
means of identifying such statements. The Company's actual results
could differ materially from those anticipated in forward-looking
statements as a result of a variety of factors, including those
discussed in "Risk Factors" included in the Company's Annual Report
on Form 10-K for the year ended January 31,
2010, which should be read in conjunction with the Company's
Quarterly Report on Form 10-Q for the quarter ended April 30, 2010, including the risk factors
contained therein. We caution you not to place undue reliance on
these forward-looking statements. Further, factors that could cause
actual results to differ materially from forward-looking statements
include, but are not limited to, the following general factors: the
Company's ability to finalize its assessment of the second step of
its goodwill analysis by the extension of the deadline; and the
possibility that the pre-tax impairment charge to be recognized as
a result of the goodwill impairment analysis differs from the
Company's current estimate.
SOURCE C&D Technologies, Inc.
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