13.05.2005 02:01:00
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Concord Camera Corp. Issues Announcement
Business Editors/Technology Editors
HOLLYWOOD, Fla.--(BUSINESS WIRE)--May 12, 2005--Concord Camera Corp. ("Concord" or "Company") (Nasdaq: LENS) today announced a delay in the issuance of its results for the third quarter of Fiscal 2005, which ended April 2, 2005 ("Third Quarter").
During the first quarter of Fiscal 2005 ("First Quarter"), the Company implemented its fully integrated Enterprise Resource Planning System ("ERP System") in part to improve the overall effectiveness and timeliness of the Company's internal controls and disclosure controls, including the financial statement closing process. Additional implementation of the ERP System was completed in the third quarter of Fiscal 2005 ("Third Quarter Fiscal 2005") with the migration of operations from the Jenimage Europe GmbH ("Jenimage") business, which was acquired by the Company during the fourth quarter of Fiscal 2004.
As previously disclosed, the planning and implementation of the new ERP System resulted in a material weakness in the Company's internal controls over financial reporting and inefficiencies and delays in providing information necessary to complete the Company's Quarterly Reports on Form 10-Q for the First Quarter and the Second Quarter of Fiscal 2005. The Company believes it has made progress in operating the new ERP System, but continues to experience material weaknesses with regard to the ERP System and the financial statement closing process generally, which problems were exacerbated by the migration of the Jenimage operations onto the ERP system during the Third Quarter. The Company plans to file its Third Quarter 10-Q as soon as practicable, but does not currently expect that it will be filed on or before the fifth calendar day following the required filing date, as prescribed in Rule 12b-25(b).
About Concord Camera Corp.
Concord Camera Corp., through its subsidiaries, is a global producer of popularly priced, digital, 35mm traditional and single use cameras. Concord markets its cameras under the trademarks POLAROID, CONCORD, CONCORD EYE Q and JENOPTIK. Concord sells and markets its camera products worldwide through direct sales offices in the United States, Canada, Germany, Hong Kong, the Peoples Republic of China, the United Kingdom, Japan and France and through independent sales agents. The Polaroid trademark is owned by Polaroid Corporation and is used by Concord under license from Polaroid. CONCORD and CONCORD EYE Q are trademarks and/or registered trademarks of Concord Camera Corp. in the United States and/or other countries. The JENOPTIK trademark is owned by Jenoptik AG and is used by Concord under license from Jenoptik AG. Learn more about Concord Camera Corp. at www.concord-camera.com.
Except for the historical matters contained herein, statements in this press release are forward-looking and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that forward-looking statements, including the expected filing date of our Third Quarter Form 10-Q, our ability to maintain compliance with Nasdaq listing standards, our ability to meet customer demands and fulfill customer service obligations, anticipated or expected results of the implementation of our strategic plan, including the restructuring plan, additional cost-reductions initiatives and anticipated financial benefits of significantly reducing our reliance on internally designed and manufactured digital cameras and increasing the design, co-development and purchase of digital cameras from contract manufacturers, involve risks and uncertainties which may affect the Company's business and prospects, including the risks discussed under "Risk Factors" and disclosures in the Company's Annual Report on Form 10-K for the fiscal year ended July 3, 2004 and subsequently filed reports. Any forward-looking statements contained in this press release represent our estimates only as of the date hereof, or as of such earlier dates as are indicated, and should not be relied upon as representing our estimates as of any subsequent date. While we may elect to update forward-looking statements at some point in the future, we specifically disclaim any obligation to do so, even if our estimates change.
--30--ML/ny*
CONTACT: Concord Camera Corp. Harlan Press, 954-331-4200 or Lens' Investor Relations Counsel: The Equity Group Inc. Robert Goldstein, 212-371-8660 Devin Sullivan, 212-836-9608
KEYWORD: FLORIDA INDUSTRY KEYWORD: COMPUTERS/ELECTRONICS RETAIL SOURCE: Concord Camera Corp.
Copyright Business Wire 2005
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