CARMEL, Ind., March 21, 2014 /PRNewswire/ -- ITT Educational Services, Inc. (NYSE: ESI), a leading provider of technology-oriented postsecondary degree programs, announced that it did not file its Annual Report on Form 10-K for the fiscal year ended December 31, 2013 (the "2013 Form 10-K") on or before the extended due date of March 18, 2014. The company has received a notice from the New York Stock Exchange ("NYSE") that the company is subject to the NYSE's procedures under its timely filing criteria as a result of the company's failure to file the 2013 Form 10-K by March 18, 2014. The issuance of such a notice is considered routine practice in situations where there are late filings with the Securities and Exchange Commission ("SEC"). Under NYSE rules, the company has six months from March 18, 2014 to file the 2013 Form 10-K. Until the company files the 2013 Form 10-K, its common stock will remain listed on the NYSE under the symbol "ESI," but will be assigned a "LF" indicator to signify late filing status. The company can regain compliance with the NYSE listing standards during the six-month period once it files the 2013 Form 10-K with the SEC.
As previously disclosed, although the company's management has been working diligently to complete all of the required analyses and reviews, issues relating to the accounting treatment for the variable interest entity involved in the PEAKS Private Student Loan Program (the "PEAKS Program") have caused the delays associated with completing the company's financial statements, footnotes and related disclosures for the 2013 Form 10-K. The company submitted a preclearance request to the Office of the Chief Accountant of the SEC on March 18, 2014 relative to the accounting treatment for the variable interest entity involved in the PEAKS Program, and the company is also continuing to work to complete other items necessary to finalize the company's financial statements, footnotes and related disclosures.
The company is working diligently to complete the 2013 Form 10-K and file it as soon as practicable. Due to the uncertainty with respect to the timing of the completion of the necessary reviews and analyses, however, there can be no assurance that the company will be able to file the 2013 Form 10-K within the NYSE's six-month cure period. In the event the company fails to file its 2013 Form 10-K by the expiration of the six-month cure period, the NYSE may commence proceedings to delist the company's common stock, unless the NYSE grants, in its sole discretion, a further extension of up to six months. There can be no assurance that the NYSE would grant a further extension to the company.
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