Register.com Delay Endangers NASDAQ Relisting

Register.com says its quarterly SEC 10Q filing and earnings reports for the first quarter of 2005 will be delayed as it grapples with "certain material weaknesses in its internal control over financial reporting." The company said it will be out of compliance with NASDAQ marketplace rules as a result of the late filing.

The announcement comes as NASDAQ was ready to relist Register.com, which has received a delisting notice April 5 because of similar delays filing its annual report. The new delay is likely to postpone any relisting, the company said. Shares of Register.com were down slightly following the announcement.

In its year-end results, Register.com reported that revenues for the full year 2004 were $100.9 million, compared to $103.2 million for 2003, and attributed the decline to lower revenues from domain name registrations and a dip in advertising revenue, offset in part by higher revenue from value-added services.

Register.com registered, transferred and renewed approximately 468,000 domain names in the fourth quarter of 2004, compared to 495,000 in the prior quarter and 509,000 in the fourth quarter of 2003. Of the total registrations in the fourth quarter of 2004, 194,000 were new and transferred registrations, and 274,000 were renewals.

  Posted by RichM May 11, 2005 | Permalink | Newsletter

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Register.com Delay Endangers NASDAQ Relisting - May 11, 2005





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