Daily Journal Corporation Receives Second Notice Regarding Non-Compliance With NASDAQ Listing Rules

Los Angeles, California, UNITED STATES

LOS ANGELES, Feb. 13, 2014 (GLOBE NEWSWIRE) -- Daily Journal Corporation (Nasdaq:DJCO) announced today that, due to the delayed filing of its quarterly report on Form 10-Q for the fiscal quarter ended December 31, 2013, the Company received, as expected, a notification letter from The NASDAQ Stock Market stating that the Company is not in compliance with NASDAQ Stock Market Rule 5250(c)(1), which requires the timely filing of all required periodic financial reports with the Securities and Exchange Commission ("SEC"). The NASDAQ letter was issued in accordance with standard NASDAQ procedures. The Company previously received a notification letter from NASDAQ regarding the Company's non-compliance with Rule 5250(c)(1) following its failure to timely file its Form 10-K for the fiscal year ended September 30, 2013.

As previously announced in the Company's current report on Form 8-K filed with the SEC on February 11, 2014, Ernst & Young, LLP, the Company's registered independent public accounting firm, has not yet completed its audit of the Company's financial statements for fiscal 2013 or its audit of the Company's internal control over financial reporting. At this point, the Company is still awaiting the completion of the audits.

The Company has until March 17, 2014 to submit to NASDAQ a plan to regain compliance with the NASDAQ rule. The Company intends to submit a plan by that deadline. If NASDAQ accepts the Company's plan, NASDAQ may grant the Company up to 180 days from the prescribed due date for the filing of the fiscal 2013 10-K, or until June 30, 2014, to regain compliance. In any event, the Company intends to file the 10-K for fiscal 2013 and the 10-Q for the first quarter of fiscal 2014 with the SEC, and to regain compliance with the NASDAQ rule, as soon as possible after Ernst & Young, LLP completes the audits and its review of the first quarter results.

Daily Journal Corporation publishes newspapers and web sites covering California and Arizona, as well as the California Lawyer magazine, and produces several specialized information services. Sustain Technologies, Inc., New Dawn Technologies, Inc. and ISD Technologies, Inc. are wholly-owned subsidiaries and supply case management software systems and related products to courts and other justice agencies.

This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Certain statements contained in this press release are "forward-looking" statements that involve risks and uncertainties that may cause actual future events or results to differ materially from those described in the forward-looking statements. Words such as "expects," "intends," "anticipates," "should," "believes," "will," "plans," "estimates," "may," variations of such words and similar expressions are intended to identify such forward-looking statements. We disclaim any intention or obligation to revise any forward-looking statements whether as a result of new information, future developments, or otherwise. Although we believe that the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to have been correct. Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements is contained from time to time in documents we file with the SEC.




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