Back Yard Burgers Receives Nasdaq Notice Regarding Delayed Filing Of Form 10-q

By: Back Yard Burgers | 0 Shares 75 Reads

(Tuesday, November 21, 2006) - Back Yard Burgers, Inc. (NASDAQ:BYBI) announced today
that it received a Nasdaq Staff Determination notice yesterday stating that the Company is not in compliance with
Nasdaq Marketplace Rule 4310(c)(14) because it has not timely filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q for the period ended September 30, 2006. On November 1,
2006, Back Yard Burgers had previously announced that its board of directors had directed its audit committee to
review the Company's historical stock option practices and related accounting. On November 14, 2006, Back
Yard Burgers notified the Securities and Exchange Commission that, because of the ongoing review process, the
Company would not be able to timely file its Quarterly Report on Form 10-Q for the period ended September 30,
2006. Back Yard Burgers intends to file its Form 10-Q as soon as practicable after completion of the stock option
review.
The Nasdaq Staff Determination notice indicated that, due to this non-compliance, Back Yard Burgers' common
stock will be delisted from the Nasdaq Stock Market at the opening of business on November 29, 2006, unless the
Company requests a hearing before a Nasdaq Listing Qualifications Panel. Back Yard Burgers has requested a
hearing before a Nasdaq Listing Qualifications Panel to review the Nasdaq staff's determination. The hearing
request will stay the delisting of the Company's common stock pending the Panel's decision. However, there can
be no assurance that the Panel will grant the Company's request for continued listing after the hearing.
Back Yard Burgers operates and franchises quick-service restaurants in 20 states, primarily in markets throughout
the Southeast region of the United States. The restaurants specialize in charbroiled, freshly prepared, great-tasting
food. As its name implies, Back Yard Burgers strives to offer the same high-quality ingredients and special care
typified by outdoor grilling in the backyard. Its menu features made-to-order gourmet Black Angus hamburgers
and chicken sandwiches - charbroiled over an open flame, fresh salads, chili and other specialty items, including
hand-dipped milkshakes, fresh-made lemonade and fresh-baked cobblers.
Forward-Looking Statements
This press release contains forward-looking statements concerning Back Yard Burgers' plans to request a hearing
before a Nasdaq Listing Qualifications Panel as well as Back Yard Burgers' review of its historical option
practices. There can be no assurance concerning the outcomes of the hearing request and the review. Investors are
cautioned that all forward-looking statements in this release also involve risks discussed in the Company's Form
10-K filed with the Securities and Exchange Commission on March 31, 2006. Copies of Back Yard Burgers' SEC
filings are posted on the Company's web site and are available from the Company without charge. Forwardlooking
statements are made as of the date of this release, and, except as required by law, the Company does not
undertake an obligation to update its forward-looking statements to reflect future events or circumstances.