NEW YORK, April 14 /PRNewswire-FirstCall/ -- Lazare Kaplan
International Inc. (Amex: LKI) (the "Company") announced today that
it has filed with the Securities and Exchange Commission a
Notification of Late Filing on Form 12b-25 pertaining to its
Quarterly Report on Form 10-Q (the "Q3 Form 10-Q") for the quarter
ended February 28, 2010 ("Q3
2010").
The Company continues its efforts to resolve a material
uncertainty concerning (a) the collectability and recovery of
certain assets, and (b) the Company's potential obligations under
certain lines of credit and a guaranty (all of which, the "Material
Uncertainties"). As the Company is unable to assess the potential
effect the ultimate resolution of these matters will have on the
financial position and results of operations of the Company, the
Company has been unable to finalize its financial statements for
Fiscal 2009 and subsequent periods. The Company is working
expeditiously to resolve the Material Uncertainties and believes
that once they are resolved, it will be in a position to finalize
its financial statements for Fiscal 2009 and subsequent periods and
meet its filing requirements with the Securities and Exchange
Commission.
Although there are early signs of improving trends, current
adverse conditions continue to impact the Company and the global
diamond and jewelry industry. The Company anticipates that
its reported results of operations for Q3 2010 will reflect
significant changes from the corresponding period of the last
fiscal year. However, the Company, at this time, can only give a
reasonable estimate of its anticipated net sales for Q3 2010, which
is subject to normal year end audit adjustments and the completion
of the Company's audits for its fiscal year ended May 31, 2009 and fiscal year ending May 31, 2010.
The Company anticipates net sales of approximately $28.9 million and $126.1
million for the three and nine months ended February 28, 2010 as compared to net sales of
$42.2 million and $161.7 million for the comparative prior year
periods.
Lazare Kaplan International Inc. sells its diamonds and jewelry
products through a worldwide distribution network. The
Company is noted for its ideal cut diamonds, which it markets
internationally under the brand name, Lazare Diamonds®.
Except for historical information contained herein, the
statements in this release are forward-looking and made pursuant to
the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements involve known
and unknown risks and uncertainties which may cause the Company's
actual results in future periods to differ materially from
forecasted results. Those risks include the ability to
resolve the Material Uncertainties, a softening of retailer or
consumer acceptance of, or demand for, the Company's products,
pricing pressures, adequate supply of rough diamonds, liquidity,
and other competitive factors. The information contained in this
press release is accurate only as of the date issued. Investors
should not assume that the statements made in these documents
remain operative at a later time. Lazare Kaplan International Inc.
undertakes no obligation to update any information contained in
this news release.
SOURCE Lazare Kaplan International Inc.