said on Monday that it averted a delisting on the Nasdaq by filing its 2004 annual report today, after restating some results because of new lease accounting issues. The company said last week it would restate 2004 results and would delay the filing of its annual financial report with the Securities and Exchange Commission, prompting the Nasdaq to send it a notice of potential delisting Monday.
The Calabasas Hills-based restaurant operator previously said it would have to delay and possibly restate earnings as a result of an SEC clarification on how to account for the financial value of leases.
In its Form 10-Q filed today, the company said the restatement reduced net income by $1.2 million, $600,000 and $300,000 for fiscal years 2004, 2003 and 2002, respectively. As a result, diluted net income per share was reduced by 1 cent in fiscal 2004, but remained unchanged in fiscal 2003 and 2002.
The company said in a release today that by filing its annual report, it was now in compliance with listing requirements and its shares won't be delisted. Its shares settled down 0.6 percent to $34.77 on Monday.
& #8226; Northrop Grumman Corp. has been awarded a contract extension by Vought Aircraft Industries, Inc. to continue managing Vought's IT infrastructure. L.A.-based Northrop Grumman's Information Technology sector was awarded the $95 million contract extension through 2007.
& #8226; Inamed Corp. , a Santa Barbara-based medical-device maker, said regulators are seeking more information about one of its silicone-gel breast implants, which the company is seeking to return to the U.S. market after a 13-year ban. The Food and Drug Administration sent a letter about the company's application for its style 410 implants, Inamed said today in a release. The company already sells the style 410 implant outside of the U.S.
& #8226; National Lampoon Inc. signed a major marketing, production and programming agreement with Planet X Television, a unit of San Diego based Planet X Entertainment Group, to expand into the genre of action sports. The two companies will produce TV shows, DVDs, films and stage a national college tour combining National Lampoon's comedy with Planet X's coverage of extreme sports. Financial details of the deal were not disclosed. National Lampoon's stock soared 15.9 percent on the news Monday.
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