Verifone Holdings, Inc. (“Verifone”) (NYSE: PAY), the global leader in secure electronic payment solutions, announced today it has filed a Notification of Late Filing in accordance with Rule 12b-25 of the Securities Exchange Act of 1934, as amended, with the Securities and Exchange Commission (SEC) for its Annual Report on Form 10-K for the fiscal year ended October 31, 2008, which provides for a 15 calendar day extension for the filing of its Annual Report on Form 10-K until January 14, 2009.
The Company anticipates that it will be able to file its Annual Report on Form 10-K on or before January 14, 2009, which would be considered a timely filing for SEC compliance purposes.
In the fourth quarter of its fiscal year ended October 31, 2008, the Company experienced lower revenue expectations in light of current operating performance and future operating expectations due to the uncertainty and turmoil in the global economy. As a result, in the fourth quarter of fiscal 2008, the Company recorded an estimated pre-tax charge for impairment of goodwill and related write-down of intangible assets in its international segment. The Company is completing its impairment analysis of the affected goodwill, including the related tax impact, for fiscal 2008. Due to the complexity of this impairment analysis, including the events and changes impacting such analysis, the Company does not expect such impairment analysis to be completed within the prescribed time period for the filing of its Annual Report on Form 10-K. The Company is working diligently to complete the impairment analysis and anticipates such impairment analysis will be completed on or before January 14, 2009.
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
This press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations or beliefs and are subject to uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the forward-looking statements herein due to changes in economic, business, competitive, technological and/or regulatory factors, and other risks and uncertainties affecting the operation of the business of Verifone Holdings, Inc. These risks and uncertainties include: our ability to identify and complete acquisitions and strategic investments and successfully integrate them into our business, our ability to protect against fraud, the status of our relationship with and condition of third parties upon whom we rely in the conduct of our business, our dependence on a limited number of customers, uncertainties related to the conduct of our business internationally, our ability to effectively hedge our exposure to foreign currency exchange rate fluctuations, our dependence on a limited number of key employees, short product cycles, rapidly changing technologies and maintaining competitive leadership position with respect to our payment solution offerings. For a further list and description of such risks and uncertainties, see our filings with the Securities and Exchange Commission, including our annual report on Form 10-K and our quarterly reports on Form 10-Q. Verifone is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements, whether as a result of new information, future events, changes in assumptions or otherwise.
About Verifone Holdings, Inc. (www.verifone.com)
Verifone Holdings, Inc. (“Verifone”) (NYSE: PAY) is the global leader in secure electronic payment solutions. Verifone provides expertise, solutions and services that add value to the point of sale with merchant-operated, consumer-facing and self-service payment systems for the financial, retail, hospitality, petroleum, government and healthcare vertical markets. Verifone solutions are designed to meet the needs of merchants, processors and acquirers in developed and emerging economies worldwide.