Torch
Offshore delays annual report
Posted: 30 March 2004
Torch Offshore files notification of delayed filing with
the Securities and Exchange Commission for its annual report on
form 10-K
Torch Offshore has filed notification of delayed filing with the
Securities and Exchange Commission on Form 12b-25 for its annual
report on Form 10-K for the year ended December 31, 2003 because
it is not able to complete its audited financial statements for
inclusion in the annual report on Form 10-K by the filing deadline
of March 30, 2004. The Company expects to file its annual report
on Form 10-K on or before April 14, 2004.
The Company is filing this Form 12b-25 because it needs additional
time to complete its financial statements. In particular, the resolution
of certain contractual claims and financing matters related to the
conversion of the Midnight Express will materially affect the Notes
to the financial statements and Management's Discussion and Analysis
of Financial Condition and Results of Operations, including the
Company's financial condition and liquidity, to be included in the
Company's Annual Report on Form 10-K for the fiscal year ending
December 31, 2003. Because the Company's financial statements have
not been completed to reflect the impact of these material events
in process, the examination by our independent auditors has not
been completed. The successful completion and deployment of the
Midnight Express into the Company's operational fleet is critical
to the Company's ability to successfully manage its liquidity needs
in the future. Further significant delays in the completion of the
conversion of the Midnight Express could have a material adverse
effect on demand for this vessel and the Company's future revenues
and cash flows.
The Company anticipates that these matters will be resolved before
the Company's Form 10-K must be filed pursuant to the extended filing
date afforded by Rule 12b-25 under the Securities Exchange Act of
1934, as amended, and the financial statements to be included in
the Company's 2003 Form 10-K are expected to include relevant disclosures
concerning the status of these matters including the expected impact
on the Company's future financial condition and liquidity. Due to
the additional time required to complete these financial statements,
the Company could not file its 2003 Form 10-K in a timely manner
without unreasonable effort or expense.
Although the Company originally anticipated that it would release
its December 31, 2003 financial results and conduct its quarterly
earnings conference call in late March 2004, the Company now expects
to release its December 31, 2003 financial results and conduct its
quarterly earnings conference call at a date following the filing
of its annual report on Form 10-K.
Established in 1978, Torch Offshore, Inc. is involved in offshore
pipeline installation and subsea construction for the oil and natural
gas industry. Torch Offshore, Inc. is expanding beyond its established
shallow water niche market in order to serve the industry's worldwide
growing needs in the deep waters.
For more information see http://www.torchinc.com/
Posted by Richard Price,
Editor Pipeline Magazine
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