SOURCE: BUTLER INTERNATIONAL, INC.

August 16, 2005 17:28 ET

Butler Announces Compliance With NASDAQ Deadline for Filing of First Quarter 2005 10-Q and Files for Extension of the Date of the Submission of Second Quarter 2005 10-Q

MONTVALE, NJ -- (MARKET WIRE) -- August 16, 2005 -- Butler International, Inc. (NASDAQ: BUTLE) announced today that it has complied with the NASDAQ deadline for filing of its Form 10-Q for the quarter ended March 31, 2005. The Company also announced the filing of a Form 12b-25 for the extension of the date of the submission of its Form 10-Q for the quarter ended June 30, 2005, which is now required to be filed by August 22, 2005. The Company expects to release its second quarter financial results and file its Form 10-Q for the quarter ended June 30, 2005 shortly. By a letter from NASDAQ dated August 8, 2005, the Company had been granted an extension by the NASDAQ Listing Qualifications Panel to August 12, 2005 for the Company to file its Form 10-Q for the quarter ended March 31, 2005. By filing its Form 10-Q for the quarter ended March 31, 2005 on August 12, 2005, the Company has complied with the NASDAQ deadline for filing this report. However, because the Company has not yet filed its Form 10-Q for the quarter ended June 30, 2005, the Company is not yet fully compliant with all NASDAQ rules. If the Form 10-Q for the quarter ended June 30, 2005 is not filed by August 22, 2005, the Company expects to receive a further notification from NASDAQ that it is subject to de-listing.

As previously reported, for the quarter ended March 31, 2005, the Company had net income of $0.4 million, or $0.03 per share, compared to net income of $0.2 million or $0.01 per share for the first quarter in 2004. As further reported, first quarter 2005 sales were $64.1 million, a 10.7% increase over the $57.9 million reported for the first quarter of 2004.

Pending determination of compliance with NASDAQ's filing requirements and compliance with all other requirements for continued listing on NASDAQ, the fifth character "E" will remain appended to the Company's trading symbol. Except as noted above, the Company is currently compliant with all other applicable NASDAQ rules.

About Butler International

Butler International, Inc. is a leading provider of TechOutsourcing services, helping customers worldwide increase performance and savings. Butler's global services model provides clients with onsite, offsite, or offshore service delivery options customized appropriately to their unique objectives. During its 59-year history of providing services, Butler has served many prestigious companies in industries including aircraft, aerospace, defense, telecommunications, financial services, heavy equipment, manufacturing, and more. If you would like to find out more about Butler's value-added global services, visit us on the web at http://www.butler.com.

Information contained in this press release, other than historical information, may be considered forward-looking in nature as such it is based upon certain assumptions and is subject to various risks and uncertainties, which may not be controllable by the Company. To the extent that these assumptions prove to be incorrect, or should any of these risks or uncertainties materialize, the actual results may vary materially from those that were anticipated.

Contact Information

  • CONTACT:
    Thomas J. Considine, Jr.
    (201) 476-5404

    Mindpower for a Changing World(SM)

    World Headquarters
    New River Center, 200 E. Las Olas Blvd.
    Ft. Lauderdale, FL 33315
    www.butler.com