ABILENE, Kan., April 9, 2007 (PRIME NEWSWIRE) -- Duckwall-ALCO Stores, Inc. (Nasdaq:DUCK), today announced it will be delaying its previously scheduled conference call to report operating results for the fourth quarter and year ending January 28, 2007.
The Company is required to adopt the provisions of SAB 108: "The Effects of Prior-Year Errors in Quantifying Misstatements in the Current Year's Financial Statements" ("SAB 108") as part of its fourth quarter. As part of this adoption, the Company is correcting its prior treatment of LIFO inventory reserves and cash discounts. While consistent in its application, the Company has utilized a methodology which is not acceptable under SAB 108. The affect on periods previously disclosed is immaterial to the historical results of operations. The adoption of SAB 108 has delayed the closing process and the Company's auditing firm, KPMG LLP, is still completing its audit.
This call had been scheduled for 10:00 a.m. central daylight time on April 13, 2007. The call will be rescheduled as the completion date of the audit is confirmed.
About Duckwall-ALCO Stores, Inc.
Duckwall-ALCO Stores, Inc. is a regional retailer that specializes in meeting the needs of smaller, underserved communities throughout the central United States. The Company offers an exceptional selection of fashionable merchandise, quality products and recognized brand names at reasonable prices. Our specialty is delivering those products with the friendly, personal service our customers have come to expect. With 256 stores across 21 states, we are proud to have continually provided excellent products at good value prices to our customers for 106 years. To learn more about Duckwall-ALCO Stores, Inc. visit our website at www.ALCOstores.com.
Forward-looking statements
This press release contains forward-looking statements, as referenced in the Private Securities Litigation Reform Act of 1995 ("the Act"). Any forward-looking statements are made by the Company in good faith, pursuant to the safe-harbor provisions of the Act. These forward-looking statements reflect management's current views and projections regarding economic conditions, retail industry environments and Company performance. Actual events or results may differ materially from those described in this press release due to a number of risks and uncertainties. Factors that could significantly change results include but are not limited to: sales performance, expense levels, competitive activity, interest rates, changes in the Company's financial condition and factors affecting the retail industry in general. Additional information regarding these and other factors that could cause actual results to differ materially from those contained in the forward-looking statements set forth in this press release are included in the Company's 10-K and 10-Q filings and other public documents, copies of which are available from the Company on request.