Audible Expects to Report $190,000 Adjustment to Fourth Quarter Expenses; Reiterates 2005 Guidance; Company Files Form 12b-25 Indicating Brief Delay in Filing Form 10-K.WAYNE, N.J. -- Audible Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : ADBL ADBL Agricultural Development Bank Limited (Nepal) ), the leading provider of digitally delivered spoken word audio, today filed a Form 12b-25 notification of late filing of its annual report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. . The Company expects the report to be filed within the next several business days. The Company's Form 10-K will contain an adjustment to its fourth quarter financial results. During the Company's year-end analysis conducted as part of the Sarbanes-Oxley review and audit process, management identified approximately $190,000 of additional expenses, primarily related to its retail customer incentive programs. As result, the Company's 2004 net income before preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. charges is approximately $2.0 million. Free cash flow* was not affected by this adjustment. The Company also plans to afford itself of the 45-day extension for filing the management report on internal controls and the related auditor's report Auditor's Report Recorded in the annual report, the auditor's report tests to see that a corporation's financial statements comply with GAAP. This is sometimes referred to as the clean opinion. Notes: Most auditor's reports consist of three paragraphs. . The annual report will also disclose the material weaknesses identified by management during the Sarbanes-Oxley review. "While all of our customers received their $100 rebates pursuant to our successful retail promotion in the fourth quarter, and every retail partner was properly compensated, the Sarbanes-Oxley review and audit processes conducted after our February 15, 2005 earnings announcement uncovered a control issue related to our use of email confirmations to track this expense," said Donald Katz, Audible's Chief Executive Officer. "We have fixed this problem and intend to issue an update on our efforts to tighten our internal control processes when we report our first quarter results. The upgrade of our internal control processes will in no way impede the consistent delivery of our audio services to our customers or of revenue streams to our many partners. We also reiterate that our guidance for 2005 remains unchanged." * Use of Non-GAAP Measures Management believes that free cash flow is a useful measure of liquidity because it includes cash provided by operating activities as well as the impact of cash used for investment in property and equipment. However, this non-GAAP measure should be considered in addition to, not as a substitute for, or superior to, net cash provided by (used in) operating activities, or other financial measures prepared in accordance with GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). . A reconciliation to the GAAP equivalents of this non-GAAP measure is contained in tabular form Same as table view with respect to printed output. on the attached unaudited financial statements. About Audible.com: Audible.com, recently named the best consumer Web service by CNet.com, and one of the "Best of Today's Web" by PC World, features daily audio editions of The Wall Street Journal and The New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Times -- available on a subscription basis in time for the morning drive to work each day -- as well as Forbes, Harvard Business Review Harvard Business Review is a general management magazine published since 1922 by Harvard Business School Publishing, owned by the Harvard Business School. A monthly research-based magazine written for business practitioners, it claims a high ranking business readership and , Scientific American Scientific American U.S. monthly magazine interpreting scientific developments to lay readers. It was founded in 1845 as a newspaper describing new inventions. By 1853 its circulation had reached 30,000 and it was reporting on various sciences, such as astronomy and , and Fast Company. The site offers a powerful collection of audiobook best sellers and classics by authors such as Tom Clancy For the member of the Irish folk band The Clancy Brothers, see Tom Clancy (singer) and for the American Celticist, see Thomas Owen Clancy. Thomas Leo Clancy Jr. (born April 12 1947), better known as Tom Clancy , Stephen King <noinclude></noinclude>
Stephen Edwin King (born September 21, 1947) is an American author of over 200 stories including over 50 bestselling horror and , John Grisham, Janet Evanovich, James Patterson, the Dalai Lama, David McCullough, Stephen Hawking, William Shakespeare, Emily Dickinson, and Jane Austen. There are also speeches, lectures, and on-demand radio programs including Marketplace, All Things Considered All Things Considered (ATC) is a news radio program in the United States, broadcast on the National Public Radio network. It was the first news program on the network, and is broadcast live worldwide through several outlets. , Car Talk, Fresh Air, and This American Life This American Life (TAL) is a weekly hour-long radio program produced by Chicago Public Radio. It is distributed by Public Radio International and is also available as a free weekly podcast. , and original shows such as RobinWilliams@audible.com. All of the programs at audible.com are available for computer-based playback, burning to audio CD, and on-the-go listening using numerous AudibleReady(R) portable digital audio players offered by leading consumer electronics and computer manufacturers. About Audible, Inc.: Audible(R) (www.audible.com(R)) is the Internet's leading premium spoken audio source. Content from Audible is downloaded and played back on personal computers, CDs, or AudibleReady(R) computer-based mobile devices. Audible has more than 70,000 hours of audio programs from more than 200 content partners that include leading audiobook publishers, broadcasters, entertainers, magazine and newspaper publishers, and business information providers. Audible.com is Amazon.com's and the Apple iTunes Music Store's pre-eminent provider of spoken word products for downloading or streaming via the Web. Additionally, the Company is strategically aligned with Random House, Inc. in the first-ever imprint to produce spoken word content specifically suited for digital distribution, Random House Audible. Among the Company's key business relationships are Apple Corp., Creative Labs, Hewlett-Packard Company, Microsoft Corporation, palmOne, Inc., PhatNoise Inc., Rio Audio, Sony Electronics, Texas Instruments Inc., and VoiceAge Corporation. Audible, www.audible.com, AudibleListener, and AudibleReady are registered trademarks of Audible, Inc. and all are part of the family of Audible, Inc. trademarks. Other product or service names mentioned herein are the trademarks of their respective owners. This press release contains information about Audible, Inc. that is not historical fact and may be deemed to contain forward-looking statements about the company. Actual results may differ materially from those anticipated in any forward-looking statements as a result of certain risks and uncertainties, including, without limitation, Audible's limited operating history, history of losses, uncertain market for its services, and its inability to license or produce compelling audio content and other risks and uncertainties detailed in the company's Securities and Exchange Commission filings. |
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