For the second time in two months, Hanover Direct Inc. said it wouldn’t be able to file of its fiscal 2004 annual report and two quarterly reports for the same year because of a “further delay in completing the audit of the company’s 2004 fiscal year-end financial statements.”
In June, the cataloger said it could not issue its 2004 annual report and the reports for quarters ended Sept. 25 and March 26, 2004. At that moment, Hanover said was continuing to work closely with its accounting firm KPMG LLP to complete these reports and undergo its respective review and audit. (Direct Newsline, June 15).
Earlier in the year, Wayne P. Garten, CEO was appointed acting chief financial officer until the board of directors appoints a new CFO, following the resignation of Charles E. Blue the former CFO.
Blue’s resignation, effective March 8, came less than one month after Hanover’s Feb. 16 delisting from the American Stock Exchange for failure to file Form 10-Q for the period ending Sept. 24, 2004 and for incurring net losses for the fiscal years ending in December 1999 through 2003, according to the Securities and Exchange Commission.
The amount of net losses claimed by the SEC’s delisting order are as follows: $16.3 million for 1999; $80.8 million, 2000; $5.8 million, 2001; $9.1 million, 2002; and $15.3 million for the fiscal year ending December 2003.
