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BRIEF-Versar files for non-timely 10-k

Sept 30 Versar Inc :

* Files for non-timely 10-k - sec filing

* Currently in default under certain covenants of current credit facility and operating under forbearance agreement with Bank of America, N.A.

* Company is in negotiations with Bank of America, N.A. Regarding the resolution of defaults

* Company is also in discussions with other lenders regarding establishment of a new, replacement credit facility

* Expects to file the form 10-k with the commission upon resolution of financing issues

* Until co amends existing credit facility or obtains new adequate credit facility, there is substantial doubt relative to ability to continue as going concern

* Recognized gross revenues of about $166.5 million for FY 2016, increase of 4 percent from gross revenues of $159.9 million for FY 2015

* Net loss for fiscal 2016 was $16.4 million or $1.66 per share, compared with net income of $1.4 million or $0.14 per share, in fiscal 2015 Source text bit.ly/2dggpwM Further company coverage:

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