SAN RAFAEL, Calif., April 10, 2007 /PRNewswire-FirstCall via COMTEX News Network/ -- Autodesk, Inc.
(Nasdaq: ADSK) -- On April 3, 2007, Autodesk filed a Form 12b-25 with the
Securities and Exchange Commission indicating that it would be unable to
timely file its Annual Report on Form 10-K for the fiscal year ended
January 31, 2007 (the "Form 10-K"). As expected, on April 4, 2007, Autodesk
received an additional notice of non-compliance from the Staff of The NASDAQ
Stock Market, in accordance with NASDAQ Marketplace Rule 4310(c)(14), due to
the delay in the filing of the Form 10-K. As previously announced, Autodesk
received notices of non-compliance from NASDAQ on September 13, 2006 and
December 13, 2006 due to delays in the filing of the Company's Quarterly
Reports on Form 10-Q for the quarters ended July 31, 2006 and October 31,
2006, respectively (collectively, the "Forms 10-Q"). The Forms 10-Q and Form
10-K filing delays are attributable to the fact that Autodesk is in the
process of restating its previously-issued financial statements for fiscal
years 2003 through 2006, to make adjustments related to accounting for
stock-based compensation expense as a result of a voluntary review by the
Audit Committee of the Board of Directors regarding timing of past stock
option grants and other related issues.
As previously disclosed, in response to the first notice of
non-compliance, Autodesk requested a hearing before a NASDAQ Listing
Qualifications Panel (the "Panel"). Following the hearing, the Panel granted
Autodesk's request for continued listing subject to requirements that Autodesk
provide certain information relating to the Audit Committee's investigation,
and that Autodesk file the Forms 10-Q and any necessary restatements prior to
prescribed regulatory time limits. Autodesk has submitted the requested
information to the Panel.
In addition to the Panel's decision, the NASDAQ Listing and Hearing Review
Council (the "Listing Council") has called Autodesk's matter for review. The
Listing Council has requested that Autodesk provide an update on its efforts
to file the delayed Form 10-K. Autodesk intends to comply with this request.
In addition, the Listing Council has stayed the Panel's decision that required
Autodesk to file the Forms 10-Q by the prescribed date. Autodesk will remain
listed during the Listing Council's review.
Autodesk is working diligently to complete all necessary filings and
thereby demonstrate compliance with all applicable requirements for continued
listing on the NASDAQ Global Select Market; however, there can be no assurance
that the Listing Council will determine to grant the Company a further
extension following its review of the forthcoming submission.
Autodesk's independent auditor, Ernst & Young LLP, has not yet completed
its work with regard to Autodesk's restated financial statements. In addition,
Autodesk is planning to seek the advice of the Office of Chief Accountant at
the Securities and Exchange Commission before filing its restated financial
statements. Autodesk intends to file its restated financial statements, as
well as its delinquent quarterly reports on Form 10-Q for the quarters ended
July 31, 2006 and October 31, 2006 and its annual report on Form 10-K for
fiscal year ended January 31, 2007, as soon as practicable.
Autodesk, Inc. is the world leader in 2D and 3D design software for the
manufacturing, building and construction, and media and entertainment markets.
Since its introduction of AutoCAD software in 1982, Autodesk has developed the
broadest portfolio of state-of-the-art digital prototyping solutions to help
customers experience their ideas before they are real. Fortune 1000 companies
rely on Autodesk for the tools to visualize, simulate and analyze real-world
performance early in the design process to save time and money, enhance
quality and foster innovation. For additional information about Autodesk,
visit www.autodesk.com .
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SOURCE Autodesk, Inc.