Nasdaq grants GTSI filing extension

Nasdaq has given GTSI another month to file the forms necessary to restate some previous financial statements, the company announced today.

The reseller, which is looking to update its filings dating back to 2003, would have faced removal from the stock listings if the Nasdaq board had not granted GTSI more time to finish the paperwork.

“We are pleased that Nasdaq has granted the extension,” Jim Leto, GTSI’s president and chief executive officer, said in a statement.

“Despite being incredibly close to completing this process, the company and its independent auditors need additional time to complete the necessary work,” he added. “We are eager to have this matter completed and thankful to our investors, customers and employees for their loyalty and support during this period.”

GTSI said it anticipates filing revisions to financial statements for fiscal 2003, 2004 and 2005 and the quarters that ended March 30, June 30 and Sept. 30.

GTSI also said it had filed a Form 8-K with the Securities and Exchange Commission to announce that its syndicate of creditors has amended and revised several provisions of the credit agreement to allow GTSI to better meet principal financial covenants. The company did not disclose details about that agreement.