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Danka Receives Revised FY2001 Independent Auditors Report

Tuesday, August 14, 2001

Press release from the issuing company

ST. PETERSBURG, Fla.--Aug. 13, 2001--Danka Business Systems PLC today announced that because of the successful conclusion of its three part financial restructuring plan on June 29, 2001, its independent auditors', KPMG Audit PLC, have revised their independent auditors' report for the Company's fiscal year ended March 31, 2001, as filed in the Company's Form 10-K with the Securities and Exchange Commission on June 27, 2001. The Company's independent auditors' report on its financial statements originally included an explanatory paragraph regarding the need to restructure indebtedness in order to meet obligations and pay such indebtedness when it matured, which raised substantial doubt about the Company's ability to continue as a going concern. Because the Company successfully completed its three part financial restructuring plan which included an amended and restated bank facility, the sale of Danka Services International, and the exchange of $184 million of the Company's convertible subordinated notes for new extended maturity notes and cash, KPMG Audit PLC has issued a new independent auditors' report which deletes the explanatory paragraph, including any reference to the Company's ability to continue as a going concern. The Company will file an amended Form 10-K to reflect these revisions. Danka's Chief Executive Officer, Lang Lowrey, commented, "We are delighted that our auditors have removed any doubt as to the Company's going concern status. We believe this revision will restore confidence from our customers, shareholders, employees, vendors, and lenders in the Company's financial stability.''

 

 

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