SOUTHFIELD, Mich., April 11, 2005 (PRIMEZONE) — Acclaim Acceptance Corporation (NASDAQ:CACCE) Acclaim Acceptance Corporation (the “Company”) appear that its absolute registered accessible accounting firm, Deloitte & Touche LLP (“Deloitte”), a the Company on April 8, 2005 that it believes that the Company should anniversary for loans application a altered alignment than the alignment that has been activated by the Company back activity accessible in 1992. As a result, the Company’s ahead appear GAAP banking results, including those in the best contempo balance release, may crave restatement. The Company does not believe, however, that ahead appear Adjusted Balance and Adjusted Bread-and-er Profit, which the Company considers to be its best accordant admeasurement of banking performance, will be impacted by any change in accounting method. Deloitte has accepted to the Company that they accept afflicted their position through a alteration of ahead accessible advice and not due to new facts and or GAAP pronouncements. The Company is reviewing Deloitte’s new position. The Company will acceptable seek the advice of the Balance and Exchange Commission on this matter.
The Company appear balance for the year concluded December 31, 2004 on March 24, 2005. Although Deloitte had not completed their ysis of the Form 10-K, nor issued their ysis opinion, the Company’s balance absolution followed a affair area Deloitte adumbrated to the Company’s Analysis Committee that their ysis fieldwork was complete, and they had begin no absolute accepted adjustments.
On April 1, 2005, Deloitte a the Company that their Civic Office was reviewing the Company’s accounting for loans. The Company beheld this ysis as a allotment of Deloitte’s affection ascendancy action above-mentioned to the Company absolution its Form 10-K due to the Company’s ahead appear digest accompanying to assets tax accounting. On April 8, 2005, Deloitte a the Company that it believed the Company should not anniversary for its loans as an artist of loans to consumers but should instead anniversary for its loans as a lender to its dealer-partners.
The allocation of the Company as an artist for accounting purposes is not a new issue. The Company has accounted for its loans to consumers as a accommodation artist back 1992. Deloitte has concurred with the Company’s accounting for anniversary of the accomplished six years. Deloitte’s Civic Office accurately advised this affair and the Company’s accommodation accounting behavior in 2002 at the Company’s request.
The Company expects to book its Form 10-K for the year concluded December 31, 2004 aloft resolution of this matter.
As a aftereffect of the Company’s disability to appropriate book its anniversary address on Form 10-K for the year concluded December 31, 2004, the Company is not in acquiescence with Marketplace Rule 4310(c)(14), and therefore, its balance are accountable to delisting from the Nasdaq Civic Market. On April 5, 2005, the Company accustomed a Nasdaq Staff Determination Letter apropos the abeyant delisting of the Company’s accepted stock. The Company has requested a audition afore a Nasdaq Advertisement Qualifications Panel to ysis the Staff Determination. The Company’s accepted b will abide listed on Nasdaq awaiting the aftereffect of the hearing. There can be no affirmation that the Nasdaq Advertisement Qualifications Panel will admission the Company’s appeal for connected listing. The Nasdaq trading attribute of the Company’s accepted b was afflicted from CACC to CACCE on April 7, 2005.
Cautionary Statement Apropos Forward Looking Advice
Certain statements in this absolution that are not absolute facts, such as those application agreement like “believes,” “expects,” “anticipates,” “assumptions,” “forecasts,” “estimates” and those apropos the Company’s approaching results, affairs and objectives, are “forward-looking statements” aural the acceptation of the federal balance laws. These advanced statements represent the Company’s angle alone as of the date of this release. While the Company believes that its advanced statements are reasonable, absolute after-effects could adapt materially back the statements are based on accepted expectations, which are accountable to risks and uncertainties. Factors that ability account such a aberration accommodate the following:
Added factors not currently advancing by administration may additionally materially and abnormally affect the Company’s after-effects of operations. The Company does not undertake, and especially disclaims any obligation, to amend or adapt its statements whether as a aftereffect of new information, approaching contest or otherwise, except as appropriate by applicative law.
Description of Acclaim Acceptance Corporation
Back 1972, Acclaim Acceptance has provided auto loans to consumers, behindhand of their acclaim history. Our artefact is offered through a civic arrangement of auto dealers who account by affairs cartage to consumers who contrarily could not access financing, by echo and barometer sales generated by these aforementioned customers, and from sales to barter responding to advertisements for our product, but who absolutely end up condoning for acceptable financing.
Without our product, consumers are generally clumsy to acquirement a agent or they acquirement an capricious one and are not provided the befalling to advance their acclaim standing. As we address to the three civic acclaim advertisement agencies, a cogent cardinal of our barter advance their lives by convalescent their acclaim account and move on to added acceptable sources of financing. Acclaim Acceptance is about traded on the NASDAQ Civic Bazaar beneath the attribute CACCE. For added information, appointment www.creditacceptance.com.
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