EMRISE Releases Unaudited 2009 Financial
Results; Will File Form 12B-25 for Extension of
Time to File 2009 Form 10-K
2009 Net Sales from Continuing Operations Increase 14% Year-over-Year, Gross Margins Improve, Significant
Reduction in Debt
March 31, 2010 01:13 PM Eastern Daylight Time
EATONTOWN, N.J.--(EON: Enhanced Online News)--EMRISE CORPORATION (NYSE Arca: ERI), a
multi-national manufacturer of defense, aerospace and industrial electronic devices and communications equipment,
today announced unaudited financial results for its fourth quarter and year ended December 31, 2009 and said that it
will conduct its conference call today as previously scheduled.
The Company also announced that it will file a Form 12b-25 with the Securities and Exchange Commission later
today f extension of time to file its 2009 Annual Report on Form 10-K. EMRISE expects to file its Form 10-K by
April 15, 2010, in compliance with Rule 12b-25.
EMRISE Chairman and Chief Executive Officer Carmine T. Oliva said that management has not had sufficient time
to complete the procedures associated with finalizing the Company’s consolidated financial statements and tax
positions due to the significant time commitment required of the Company’s executive officers and finance staff in
connection with the closing of the sale of substantially all the assets of its RO Associates subsidiary on March 22,
2010 and the efforts related to accounting and tax analyses resulting from the divestitures over the past 18 months,
discontinued operations and the Company’s international debt structure. At this time, the Company is analyzing
certain tax positions and it is uncertain as to whether this analysis will materially affect prior periods or not. As a
result, Oliva indicated that the Company was unable to complete the audit of its consolidated financial statements for
the year ended December 31, 2009 and file its annual report on Form 10-K by today’s deadline.
Oliva added, “Since our revenue results and our operating income/lo