If the notification relates to a portion of the filing checked above, identify the Item(s) to which the notification relates:
If the subject report could not be filed without unreasonable effort or expense and the registrant seeks relief pursuant to Rule 12b-25(b), the following should be completed. (Check box if appropriate)
State below in reasonable detail why Forms 10-K, 20-F, 11-K, 10-Q, 10-D, N-SAR, N-CSR, or the transition report or portion thereof, could not be filed within the prescribed time period.
As previously disclosed, a special committee of our Board of Directors, together with its independent legal counsel and forensic accountants, recently completed its investigation of our historical practices associated with the granting of stock options and restricted stock and our accounting for those awards. The special committee delivered its final report to the Board on April 23, 2007.
For additional information about this and related matters, see our current reports on Form 8-K filed on November 13, 2006, November 20, 2006, January 19, 2007, February 15, 2007, February 28, 2007, April 4, 2007, April 9, 2007 and April 27, 2007, our Quarterly Report on Form 10-Q for the quarter ended September 30, 2006 filed on May 14, 2007, and our Annual Report on Form 10-K for the year ended December 30, 2006 filed on May 14, 2007.
As a result of the special committee’s findings, we have restated certain of our historical financial statements to record additional non-cash charges for compensation expense related to previously issued, incorrectly dated stock option and non-vested stock awards. The effects of accounting errors in previously issued financial statements were included in our Annual Report on Form 10-K for the year ended December 30, 2006 and our Quarterly Report on Form 10-Q for the quarter ended September 30, 2006, and in amended Quarterly Reports on Form 10-Q/A for the quarters ended April 1 2006 and July 1, 2006, in accordance with accounting principles generally accepted in the United States of America and SEC rules, regulations and guidance.
As reported in our current reports on Form 8-K filed on February 28, 2007 and April 9, 2007, the Nasdaq Listing Qualifications Panel required that we file all delinquent SEC filings, including our Quarterly Report on Form 10-Q for the quarter ended September 30, 2006 and our Annual Report on Form 10-K for the year ended December 30, 2006, along with any required financial statement restatements, on or before May 14, 2007, in order to remain listed on the Nasdaq Global Market. On May 14, 2007, we filed both our Quarterly Report on Form 10-Q for the quarter ended September 30, 2006 and our Annual Report on Form 10-K for the year ended December 30, 2006, thus meeting the Panel’s deadline. On May 16, 2007, the Nasdaq Listing Qualifications Panel informed us that we have demonstrated compliance with all Nasdaq Marketplace Rules and the Panel determined to continue the listing of the Company’s securities on the Nasdaq Stock Market.
On May 16, 2007, we filed amended Quarterly Reports on Form 10-Q/A for the quarters ended April 1, 2006, and July 1, 2006. While these amended reports were not “required financial statement restatements,” we determined that they were the best means of conveying to the market accurate information regarding the impact of the additional non-cash share-based compensation expense (and related tax effects) on the first and second fiscal quarters of 2006.
Due to our efforts to file our Form 10-Q for the quarter ended September 30, 2006 and our Form 10-K for the year ended December 30, 2006 by the May 14, 2007 deadline established by the Nasdaq Listing Qualifications Panel and to file our restated Forms 10-Q/A for the first and second quarters of fiscal year of 2006, we were not in a position to file our Quarterly Report on Form 10-Q for the quarter ended March 31, 2007, by the May 15, 2007 due date without unreasonable effort or expense. While we hope to file the Form 10-Q within the 5 day extension period granted under Rule 12b-25, we cannot guarantee that we will be able to do so.
