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Harte-Hanks receives noncompliance notice from NYSE

Harte-Hanks Inc. received a noncompliance notice from the New York Stock Exchange after the company failed to timely file its annual report on Form 10-K for the fiscal year ended Dec. 31, 2016.

The company said it was unable to timely file the 2016 Form 10-K mainly because it requires additional time to complete the preparation of its financial statements for the year ended Dec. 31, 2016. There was a delay in completing the closing of the company's accounting books for the stated period because of unexpected complications required to account for the sale and tax calculation of Harte-Hanks' Trillium Software business. The delays and complications in performing Harte-Hanks annual goodwill impairment analysis and additional review, testing and evaluation related to potential material weaknesses in internal controls also contributed to the delay.

Harte-Hanks fulfilled the requirement of the NYSE to issue a press release disclosing the delay in filing the 2016 Form 10-K. Under NYSE rules, the company now has six months from March 16 to file its 2016 Form 10-K with the SEC.

If the company fails to file the 2016 Form 10-K before the deadline, the NYSE may grant an extension of up to six additional months, depending on the specific circumstances. The NYSE may also start delisting proceedings at any time if it considers the circumstances so warrant.