SOURCE: CPAC, Inc

June 30, 2005 11:54 ET

CPAC, Inc. Announces Delay in Filing of Form 10-K Annual Report

LEICESTER, NY -- (MARKET WIRE) -- June 30, 2005 -- CPAC, Inc. (NASDAQ: CPAK) announced today that it has filed for an extension of time to file its annual report on Form 10-K with the Securities and Exchange Commission. In connection with preparation of the Company's consolidated financial statements for the fiscal year ended March 31, 2005, certain items requiring adjustment to previously issued quarterly financial statements for that year were noted. The Company stated that more time is needed to assess the adjustment amounts by quarter and to finalize the consolidated financial statements.

The adjustments, which relate to inventory, should have been recorded in earlier quarterly periods within the same fiscal year. Based upon the work performed to date, the Company expects to restate its previously filed Forms 10-Q relating to FY '05. Management currently believes that no annual or quarterly financial statements for any period prior thereto require adjustment.

"On June 10, 2005 we reported our estimate of the financial results for the March 31, 2005 fiscal year end. At that time we reported an estimated loss for the full year in the range of ($.77) to ($.79) per share, or approximately ($3.7) to ($3.9) million," stated Thomas J. Weldgen, Chief Financial Officer. "The impact of these adjustments will not materially affect our previous estimate of full year financial results."

The Company expects to complete the Form 10-K filing by July 14, 2005, and will address the restatement of previously filed Forms 10-Q as quickly as possible thereafter.

About CPAC, Inc.

Established in 1969, CPAC, Inc. (www.cpac.com) manages holdings in two industries. The Fuller Brands segment manufactures commercial, industrial, and household cleaning products, as well as custom brushes and personal care lines. The CPAC Imaging segment develops and markets innovative Imaging chemicals, equipment, and supplies at six business units worldwide. Products are sold under more than 350 registered trademarks. Stock is traded under the symbol: CPAK.

Except for the historical matters contained herein, statements in this press release are forward-looking and are made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. Investors are cautioned that forward-looking statements involve risks and uncertainties, which may affect CPAC's business and prospects, including economic, competitive, governmental, technological, and other factors discussed in CPAC's filings with the Securities and Exchange Commission.

Contact Information

  • COMPANY CONTACTS:
    Wendy F. Clay, VP, Admin.
    Karen G. McCulley, Mgr. Corp. Comm.
    585-382-3223