SOURCE: BUTLER INTERNATIONAL, INC.

July 26, 2005 16:51 ET

Butler Announces Filing of Form 10-K and Form 11-K

MONTVALE, NJ -- (MARKET WIRE) -- July 26, 2005 -- Butler International, Inc. (NASDAQ: BUTLE) announced today the filing of its Form 10-K and Form 11-K for the year ended December 31, 2004. The Company expects to release its first quarter financial results and file its Form 10-Q for the quarter ended March 31, 2005 shortly. As previously reported, the Company had been granted an extension by the NASDAQ Listing Qualifications Panel to July 29, 2005 for the Company to file its Form 10-K for the year ended December 31, 2004, and its Form 10-Q for the quarter ended March 31, 2005. If the Company fails to file the Form 10-Q on or before July 29, 2005, the Company expects to request an additional extension from NASDAQ for the time to file such document although no assurance can be given that NASDAQ will agree to such extension.

In connection with the audit of its 2004 consolidated financial statements, the Company has completed the review of its accounting treatment of Chief Executive Magazine, a related party, for the years ended December 31, 2004 and 2003. Based on the review the Company has included all of the accounts receivable and note receivable from Chief Executive Magazine as long-term assets for the year 2004 but did not make any change to its earnings.

As previously reported, for the year ended December 31, 2004, the Company had net income of $3.8 million, or $.29 per share. Sales for 2004 totaled $251.3 million, a 20% increase over the $209.0 million reported in 2003.

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. The Company is currently compliant with all other applicable NASDAQ rules.

About Butler International

Butler International 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 services 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 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 as set forth in the Company's filings with the Securities and Exchange Commission. Such risks and uncertainties 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.

Mindpower for a Changing World(SM)
World Headquarters
New River Center, 200 E. Las Olas Blvd., Ft. Lauderdale, FL 33315
www.butler.com

Contact Information

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