Datastream Provides Preliminary Financial Results and Nasdaq Delisting Notification
July 07 2005 - 9:30AM
PR Newswire (US)
Datastream Provides Preliminary Financial Results and Nasdaq
Delisting Notification GREENVILLE, S.C., July 7
/PRNewswire-FirstCall/ -- Datastream Systems, Inc. (NASDAQ:DSTME)
released today preliminary financial results for the second quarter
of 2005. Based on preliminary information, the Company expects to
announce revenues for the second quarter of 2005 of approximately
$25 million, which would make it the highest quarterly revenue
announced since the first quarter of 2000. The Company also expects
to be profitable and report positive operating cash flow for the
quarter. The results are unaudited and preliminary, and the final
results could differ from the results described herein. The Company
also announced that the Nasdaq Listing and Hearing Review Council
(the "Listing Council") has reversed the prior decision of the
Nasdaq Listing Qualifications Panel (the "Panel") to grant the
Company additional time to file its Form 10-K for the fiscal year
ended December 31, 2004 and Form 10-Q for the quarter ended March
31, 2005. In reversing the Panel's prior decision, the Listing
Council has instructed the Panel to delist the Company's stock from
the Nasdaq National Market effective as of the opening of the
market on Thursday, July 7, 2005. "We are disappointed by the
Listing Council's election to reverse the Panel's decision," said
Larry Blackwell, chief executive officer of the Company. "However,
we are excited about the preliminary results for the second quarter
of 2005 and by the continued strong performance of Datastream 7i.
We are pleased to have the restatement completed, and we anticipate
completing our SEC filings and getting this process behind us." The
Company expects to file its 2004 10-K and Form 10-Qs for the first
and second quarters of 2005 in the third quarter of 2005. When the
Company is current with its filings, it intends to seek re-listing
with the Nasdaq National Market. There are currently no disputes
with the Company's independent auditors. The Company expects that
quotations for its common stock will appear in the National Daily
Quotations Journal, often referred to as the "Pink Sheets," where
subscribing dealers can submit bid and ask prices on a daily basis.
The Company's common stock is not currently eligible to trade on
the OTC Bulletin Board because, as described above, the Company is
not current in its reporting obligations under the Securities
Exchange Act of 1934, as amended (the "Exchange Act"). About
Datastream Systems, Inc. Datastream provides Asset Performance
Management software and services to enterprises worldwide,
including more than 65 percent of the Fortune 500. Datastream's
solutions combine world-class asset management functionality with
advanced analytics to deliver a powerful platform for optimizing
enterprise asset performance. By using Datastream's solutions,
customers can maintain and manage capital assets -- such as
manufacturing equipment, vehicle fleets and buildings -- and create
analyses and forecasts so they can take action to improve future
performance. Datastream's flagship product, Datastream 7i(TM),
delivers a complete Asset Performance Management infrastructure by
combining an Internet architecture with broad enterprise asset
management functionality, integrated procurement, advanced
analytics and multi-site capability. Datastream was founded in 1986
and has customers in more than 140 countries. For more information,
visit http://www.datastream.net/. This press release contains
forward-looking statements that involve a number of risks and
uncertainties. Factors that could cause actual results to differ
materially include, but are not limited to: there can be no
assurance that the Company's common stock will be eligible for
trading or quotation on the Pink Sheets, the OTC Bulletin Board or
any alternative exchange or market; unless and until the Company's
common stock is quoted on an alternative exchange, the Company's
common stock will be difficult to trade and its value may decline
substantially; the Company could experience further delays in
completing and filing its 2004 Form 10-K, Form 10-Q for the quarter
ended March 31, 2005 and Form 10-Q for the quarter ended June 30,
2005; even if the Company regains compliance with its filing
requirements under the Exchange Act, there can be no assurance that
the Company will satisfy the standards for listing on Nasdaq or
that Nasdaq will allow the Company's common stock to be relisted;
the financial results disclosed herein have not been audited or
reviewed by the Company's auditors and such results may change as a
result of the review; with respect to the Company's review of its
internal controls, the Company expects that it will have material
weaknesses at December 31, 2004 related to the control deficiencies
identified during the restatement period and the Company cannot be
certain that it or its independent registered public accounting
firm will be able to assess the Company's other internal controls
were otherwise working effectively at December 31, 2004; increasing
competition in the markets in which the Company competes; the
stability of the Company's strategic relationships with third party
suppliers and technologies; the ability of the Company to: sell
larger and more complex software solutions, successfully transition
to the development of further Internet- based products,
successfully manage its international operations, enhance its
current products and develop new products and services that address
technological and market developments; and other risk factors
listed from time to time in Datastream's SEC reports, including,
but not limited to the "Risk Factors" contained in Datastream's
Annual Report on Form 10-K for the fiscal year ended December 31,
2003, as amended, and in Datastream's Quarterly Report on Form 10-Q
for the quarter ended September 30, 2004. Datastream does not have,
and expressly disclaims, any obligation to release publicly any
updates or any changes in the Company's expectations or any changes
in events, conditions or circumstances on which any forward-looking
statement is based. DATASOURCE: Datastream Systems, Inc. CONTACT:
Andy Murphy for SparkSource, Inc., +1-781-274-6061, Web site:
http://www.datastream.net/
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