GTSI faces Nasdaq delisting

GTSI Corp. said it has received a letter from the Nasdaq Stock Market warning that its common stock is subject to delisting because it had not filed the required Form 10-Q with the Securities and Exchange Commission for the quarter that ended Sept. 30, 2006.

The company has received an extension until Nov. 30 to file the third-quarter Form 10-Q and all previously announced restatements of its financial statements included in its Forms 10-K for 2003, 2004, 2005 and Form 10-Q for the quarter that ended March 31, 2006, according to a statement.

“We have, of course, continued to provide Nasdaq with updates regarding our previously announced restatements and Nasdaq recently granted us until Nov. 30, 2006, to complete our work,” said Jim Leto, president and chief executive officer of GTSI, in the statement. “In the meantime, GTSI has been working to complete the restated financial restatements for 2003, 2004 and 2005, as well as for the quarter [that] ended March 31, 2006.”

Leto added that GTSI’s finance team and independent auditors have made significant progress toward completing the restatement and are preparing to file the new financials as soon as possible.

Nasdaq warned the company of a similar delisting for failing to file its Form10-Q quarterly report for the period ending June 30.