NN Files Form 10-Q
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NN, INC. FILES FORM 10-Q FOR ITS FISCAL THIRD QUARTER 2003;
ACHIEVES NASDAQ COMPLIANCE
Johnson City, Tenn –February 6, 2004– NN, Inc. (Nasdaq: NNBR) today announced that it filed its Form 10-Q for the fiscal third quarter ended September 30, 2003 on January 30, 2004 and is again in compliance with Nasdaq’s listing requirements. Accordingly, the Company’s trading symbol has been changed back to “NNBR” from “NNBRE” effective February 6, 2004.
As previously announced, the filing of the 2003 third quarter Form 10-Q was delayed in order to complete a review of the accounting treatment of two historical minority interest purchase transactions. As a result of this review, the Company has restated its previously filed December 31, 2002 report on Form 10-K, and its March 31, 2003 and June 30, 2003 reports on Form 10-Q and has filed amendments to those reports reflecting the restated financial information. The restatements pertain solely to the financial reporting of certain transactions related to the formation of NN Euroball ApS on July 31, 2000 and the subsequent purchases of the minority interests held by INA/FAG and SKF on December 20, 2002 and May 2, 2003, respectively.
These changes made to the financial statements had no material effect on the Company’s reported net sales, gross profit, income from operations or cash flows for the periods restated. More information is available in the restated and amended reports filed with the SEC on Forms 10-K/A and 10-Q/A.
NN, Inc. manufacturers and supplies high precision bearing components, consisting of balls, rollers, seals and retainers, for leading bearing manufacturers on a global basis and had sales of US $193 million in 2002.
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