Exhibit 99.1
FOR FURTHER INFORMATION:
AT THE COMPANY: AT FINANCIAL RELATIONS BOARD
Will Kelly Alison Ziegler Susan Garland
Treasurer & Manager of Investor Relations (General info) (Analyst info)
(423) 743-9151 212-445-8432 212-445-8458
FOR IMMEDIATE RELEASE
December 3, 2003
NN, INC. RECEIVES NASDAQ NOTIFICATION RELATED
TO DELAYED 10-Q FILING
Johnson City, Tenn -December 3, 2003- NN, Inc. (Nasdaq: NNBR) today announced
that on November 21, 2003 the Company announced that it had delayed the filing
of its third quarter Form 10-Q due November 14, 2003 pending the resolution of
the accounting treatment related to two historical minority interest purchase
transactions.
NN announced today that it has received a notice from The Nasdaq Stock Market
that the Company is currently in violation of Marketplace Rule 4310(c)(14) due
to the Company's failure to file its quarterly report on Form 10-Q for the
period ended September 30, 2003. Accordingly, Nasdaq has changed the Company's
trading symbol from "NNBR" to "NNBRE" to reflect the Company's filing
delinquency and according to standard practice and has advised the Company that
its common stock is subject to delisting effective December 5, 2003, which will
be stayed pending a hearing with the Nasdaq Listing Qualifications Panel which
has been requested by the Company. Until the decision by the Hearing Panel, the
Company's common stock will continue to trade on the Nasdaq NMS without
interruption. The Company and its auditor continue to work together to conclude
the necessary research related to the accounting treatment of the indicated
purchase transactions in an effort to resolve the issue as quickly as possible.
NN, Inc. manufacturers and supplies high precision bearing components,
consisting of balls, rollers, seals and retainers, for leading bearing
manufacturers on a global basis and had sales of US $193 million in 2002.
