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Conversion Services International to File Annual Report Late
EAST HANOVER, N.J., April 18, 2006 - Conversion Services International, Inc. (AMEX:CVN), a premier professional services firm focused on delivering the value in business intelligence, data warehousing and data management solutions to Global 2000 organizations and other businesses, announced today that it will be late in filing its Annual Report on Form 10-KSB for the fiscal year ended December 31, 2005. Management was unable to file the Form 10-KSB with the Securities and Exchange Commission because it was not able to complete the preparation of the consolidated financial statements and the additional work needed to complete the revised accounting treatment of embedded derivatives in certain promissory notes related to conversion features and other similar reset provisions therein, from the third quarter of 2004 to the present. For the year ended 2005, the company expects to report revenue growth of 15.5% to $27.6 million from $23.9 million in 2004. The company also expects to report a net loss of $4.5 million for the year ended 2005 as compared to a net loss of $35.3 million for the year ended 2004.
The company filed a Form 12b-25 (Notification of Late Filing) on March 31, 2006 for a 15-day extension to file its Form 10-KSB, which was due on April 17, 2006. The company and its auditors are working diligently to complete the filing and the company intends to announce its fourth quarter and full year 2005 financial results and file its Annual Report on Form 10-KSB with the SEC on or prior Friday, April 21, 2006.
About Conversion Services International, Inc.
A Note On Forward-Looking Statements
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