Filing shows uncertain future for Lazare Kaplan-Industry News-Magazine-IRISPANCY FASHION ACCESSORIES & JEWELRY

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Magazine > Industry News > News Content

Filing shows uncertain future for Lazare Kaplan

9/5/2010 7:17:33 PM

New York—Diamond Trading Co. sightholder Lazare Kaplan International, delisted from the New York Stock Exchange Amex in June for its inability to file required financial statements, is uncertain about is ability to continue to operate, its latest filing with the Securities and Exchange Commission (SEC) states.

In a filing dated Aug. 31, the New York-based company states that although it is still working to finalize its financials for fiscal 2010, it anticipates net sales of about $152.4 million, down 20.8 percent from net sales of $192.4 million in fiscal 2009.

Lazare Kaplan notes that although economic conditions have improved in the diamond industry, the company still is impacted by continued economic weakness and its future remains uncertain.

"Diamond and jewelry purchases are ultimately dependant on the availability of consumer discretionary spending," the filing states. "Uncertainties regarding future economic prospects and a decline in consumer confidence during fiscal 2009 and fiscal 2010 translated into lower purchases and sales by diamond retailers, wholesalers and producers and adversely impacted the company's operations. In addition the inability of the company to timely resolve the material uncertainties has adversely impacted the company's ability to transact business in the ordinary course to the same extent and in the same manner it did previously. This includes, without limitation, the ability of the company to maintain and/or expand its operations."

In addition to fiscal 2010, Lazare Kaplan has been unable to file financial statements for fiscal 2009 (ended May 31, 2009), or the fiscal quarters ended Aug. 31, 2009, Nov. 30, 2009, and Feb. 28, 2010, because of uncertainties surrounding the collectability and recovery of certain assets and its potential obligations under certain lines of credit and a guaranty.

"The company is working expeditiously to resolve the material uncertainties and believe that once they are resolved, it will be in a position to file its financial statements for fiscal 2010 and all other periods described above and file its 2010 Form 10-K and all other corresponding reports, respectively, with the Securities and Exchange Commission," the filing states.

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