Children’s TV Show Producer Cinar Won’t Meet Fiscal Reporting Deadlines

MONTREAL — Cinar Corp., producer of the children’s TV program “Arthur,” said Thursday it had not prepared its year-end and first-quarter financial results in the required time, preventing its stock from trading again on Nasdaq and the Toronto Stock Exchange.

The Montreal-based children’s TV show production company, which is under investigation by Canadian police for tax-credit fraud and financial irregularities, said it had not met the April 18 regulatory deadline for reporting its 1999 results, and would not meet the April 29 deadline for reporting its first-quarter 2000 results.

“We are keenly aware that our shareholders are anxious to receive accurate financial information on the company,” Barrie Usher, president and chief executive of Cinar, said. “We have taken special measures to produce statements as quickly as possible.”

Cinar said the company’s objective is to file audited financial statements on or before June 30 and related continuous disclosure documents shortly thereafter.

As required Wednesday by the Quebec Security and Exchange Commission, Cinar said it will start sending a news release every two weeks to update investors on the progress it is making in revising its financial statements.