CLST.PK***Sector: Technology***Industry: Communications Equipment

[setravis]

Something is up.
Volume up big on Friday,with some price movement.
I will have my eye on this tomorrow morning.

[setravis]

BUSINESS SUMMARY   
CellStar Corporation operates as a distribution and value-added logistics services provider to the wireless communications industry in Asia-Pacific, North American, and Latin American regions. Its distribution services include purchasing, selling, warehousing, picking, packing, shipping, and delivery of wireless handsets and accessories. The company offers value-added services, such as inventory management, inventory purchasing, warehousing, shipping, custom packaging and kitting, programming, one-off fulfillment, channel management systems, reverse logistics and repair, Web-enabled systems solutions, and online ordering and reporting. In addition, the company provides private labeling services for handsets and accessories, and activation services for wireless carriers. CellStar markets its products directly, as well as through trade shows, advertising, and incentives to retail and wholesale customers. The company's customers include wholesale purchasers, such as retailers, exporters, and wireless carriers. The company was formed in 1993 and is headquartered in Carrollton, Texas.

[setravis]

Press Release Source: CellStar Corporation


CellStar Announces Results of Audit Committee Review
Monday August 1, 5:57 pm ET


CARROLLTON, Texas, Aug. 1 /PRNewswire-FirstCall/ -- CellStar Corporation (OTC Pink Sheets: CLST - News) announced today that the Audit Committee of the Company's Board of Directors has finished its review of accounts receivable and revenue issues in the Company's Asia-Pacific region. Independent counsel and independent forensic accountants assisted the Audit Committee in its review. The review by the Audit Committee reported the following:

     *  In the first quarter of 2004, there were efforts to aggressively
        promote sales in the Peoples Republic of China (PRC) in an effort to
        promote a then planned initial public offering for the PRC operations
        on the Hong Kong Exchange.
     *  During the second quarter of 2004, the Company's operations in the PRC
        booked sales of inventory that had not been sold.  Certain PRC
        employees took steps to conceal this fact from the Company's auditors.
     *  During the 2004 IPO period, the PRC operations may have sold products
        to its distributors at prices that were higher than market prices and
        deferred rebates to inflate revenues.  Prior practice had been to
        price products at the then-prevailing market price.
     *  The Company failed to properly accrue for rebates offered to its
        distributors in the People's Republic of China.  It was concluded that
        this failure was due to accounting errors and internal controls
        deficiencies.
     *  Some sales by the PRC operations since 2000 were made on extended
        credit terms with neither written agreements nor terms of payment
        defined.  As a result of this, sales were inappropriately recorded.

Management believes that substantially all the employees known to be involved with concealing information from the Company's auditors are no longer with the Company. The need for further personnel actions is being evaluated.

The Audit Committee's report identified weaknesses in internal controls related to corporate governance and oversight and also weaknesses related to revenue recognition, rebate claims, inventory, and accounts receivable in the PRC operations. The Audit Committee has asked that management remediate these weaknesses.

The Company previously announced that management believes that it will be required to restate its previously reported financial results for the fiscal years 2000 to 2003 and for the quarters ended February 29, May 31, and August 31, 2004 and that investors should not rely on the financial statements contained in the Company's Annual Reports on Form 10-K for the years ended November 30, 2001, 2002, and 2003, including the auditors' reports on those financial statements, and the Company's Quarterly Reports on Form 10-Q for the quarters ended in those periods and for the quarters ended February 29, May 31, and August 31, 2004.

The Company and its auditors are continuing to evaluate how the findings in the Audit Committee report will affect the restatement of the Company's financial results and financial statements. The financial information in the Company's news release issued May 5, 2005, will change, and the changes may be material.

[atalltexan]

Might want to see some of the background on the company from a few months back (Nasdaq delisting and delayed release of financials):



CellStar Announces Nasdaq Delisting Notification (06/08/2005)


FOR IMMEDIATE RELEASE 2005-23



CELLSTAR ANNOUNCES NASDAQ DELISTING NOTIFICATION


CARROLLTON, TEXAS, June 08, 2005 – CellStar (Nasdaq: CLSTE), a value-added wireless logistics services leader, today announced that the Company received notification from the Nasdaq Listing Qualifications Panel that its request for an extension to file its Form 10-K for fiscal 2004 and Form 10-Q for the first quarter of 2005 has been denied. Accordingly, the Company's common stock will be delisted from The Nasdaq Stock Market effective with the open of business on Friday, June 10, 2005.

The Company has been unable to file its Form 10-K for fiscal 2004 and Form 10-Q for the first quarter of 2005 as a result of accounting issues related to certain accounts receivable and revenues in its Asia Pacific Region. As a result, the Company received a Nasdaq Staff Determination notice for each of the periods indicating that the Company had violated The Nasdaq Stock Market's continued listing requirement set forth in Marketplace Rule 4310(c)(14). The Company had requested that The Nasdaq Stock Market stay its delisting proceedings and grant the Company until May 31, 2005, to file its Form 10-K and as soon as possible thereafter, its Form 10-Q. On May 26, 2005, the Company announced that it would be unable to file its Form 10-K for fiscal 2004 by May 31, 2005. The Audit Committee of the Company's Board of Directors needs more time to complete its independent review of certain accounts receivable and revenue issues in the Asia Pacific Region.

The Company has the option to request that the Nasdaq Listing and Review Council review this decision. However, such request will not operate as a stay of the Panel's decision. The Company has not determined at this time whether to request further Nasdaq review.

As a result of the delisting, the Company's common stock may be quoted in the Pink Sheets, which provide electronic quotation information. However, the Company can give no assurance the common stock will be so quoted.

On June 1, 2005, the Company announced that it had obtained a waiver from its lenders under its domestic revolving credit facility to extend the date to file its Form 10-K for fiscal 2004 and its Quarterly Report on Form 10-Q for the first quarter of 2005 to July 15, 2005. The Company has also retained the services of Raymond James & Associates, Inc. to act as its investment banking advisor to assist the Company with the evaluation of its financial and strategic alternatives.

About CellStar Corporation
CellStar Corporation is a leading global provider of value-added logistics services to the wireless communications industry, with operations primarily in the North American, Latin American and Asia-Pacific regions. CellStar facilitates the effective and efficient distribution of handsets, related accessories and other wireless products from leading manufacturers to network operators, agents, resellers, dealers and retailers. CellStar also provides activation services in some of its markets that generate new subscribers for wireless carriers. Additional information about CellStar may be found on its Web site at www.cellstar.com.

This news release contains forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. A variety of risk factors, including the Company's ability to implement its business strategies, to maintain its channels of distribution, continue to secure an adequate supply of competitive products on a timely basis and on commercially reasonable terms, improve its operating margins, secure adequate financial resources, maintain an adequate system of internal control, comply with debt covenants, and continually turn its inventories and accounts receivable, as well as changes in foreign laws, regulations and tariffs, new technologies, system implementation difficulties, competition, handset shortages or overages, terrorist acts, a decline in consumer confidence and continued economic weakness in the U.S. and other countries in which the Company does business and other risk factors, are discussed in the Company's Annual Report on Form 10-K and most recent Quarterly Report on Form 10-Q. Any one, or a combination of these risk factors could cause CellStar's actual results to vary materially from anticipated results or other expectations expressed in the Company's forward-looking statements.

Contact: Sherrian Gunn
972-466-5031
[email protected]

[setravis]

They have been House Cleaning, So this may help the stock out.

*****************************************************************
Press Release Source: CellStar Corporation


CellStar Announces the Departure of Lawrence P. King
Monday July 25, 5:06 pm ET


CARROLLTON, Texas, July 25 /PRNewswire-FirstCall/ -- CellStar Corporation (OTC Pink Sheets: CLST - News), a value-added wireless logistics services leader, today announced that effective July 21, 2005, the Company has terminated the employment of Mr. Lawrence P. King. Mr. King was serving as President and Chief Operating Officer of the Asia-Pacific Region. At this time, the Company does not plan to fill the position.

*********************************************************************
bizjournals.com
CellStar fires chairman of Asia Pacific operations
Wednesday July 20, 1:31 pm ET


CellStar Corp. on Wednesday said it has fired the chairman of the holding company for its Asia Pacific operations.
Terry S. Parker's termination was effective July 14, said Carrollton-based CellStar.

The company said Parker's replacement would be announced at a later date.

CellStar (Pink Sheets: CLST - News), which distributes handsets, related accessories and other wireless products to the wireless communications industry, has had a host of troubles of late.

The company recently was delisted from the Nasdaq for failure to file some of its regulatory reports in a timely manner.

Earlier this month, Stanford Financial Group and its affiliates decided not to proceed with a deal to buy $25 million worth of CellStar's convertible debentures.

Web site: www.cellstar.com.

Published July 20, 2005 by the Dallas Business Journal
*******************************************************************
Press Release Source: CellStar Corporation


CellStar Announces the Departure of Terry S. Parker
Wednesday July 20, 9:30 am ET


CARROLLTON, Texas, July 20 /PRNewswire-FirstCall/ -- CellStar (OTC Pink Sheets: CLST - News), a value-added wireless logistics services leader, today announced that effective July 14, 2005, the Company has terminated the employment of Mr. Terry S. Parker. Mr. Parker was serving as Chairman of the Board of CellStar International Corporation/Asia, a Delaware subsidiary that acts as the holding company for the Asia Pacific operations. Mr. Parker's replacement on the Asia Board will be announced at a later date.

[setravis]

This pink sheet kicked ass today.
Busted through the 50-day ema.

[3puttssuck]

set,

How do you find these movers?  Do you use a screening service?

TIA.

3ps

[setravis]

I don't use anything special.I don't use any screening service.
The one thing I do use(and use greatly)is the,Medved Quote Tracker.
I fire this sucker up first thing every morning while I have my coffee.
I have an obscene amount of stocks listed on this tracker,pre-market one can see
which is moving.Also has other great tools with it.I'm in the market from the time I get up,to time for bed.Long days Monday -Friday.But the rewards have been high.
Lot's of internet use, research.....just plain old hard work.
Plus there are a great number of traders here @ 3SOF that I have learned a great deal from.I feed off their knowledge.This site is something else,#1 on the net.I would not post any where else.

[gmarc66]

Hi Setravis,

Could you please explain which features on Medved Quote tracker u use? I also have it, along with a ton on symbols listed, but i really don't know how to use any of the features.
Is it the free version of medved or do u have to pay for special features?

Sorry for all the quesitons..but, if you ever have a spare moment (I know...you probably don't , I read u work around the clock)...could you let me know which features are best to help u track down some potential movers and what I should be looking for.

I noticed you do pick alot of stocks that tend to move very nicely...so, I could just watch and wait for your posts  , but, it would be got if I in return could learn and eventuallly...possibly..help out here in the future too.

thanks very much and have a great weekend.

Oh and another nice pick with CLST!!

julia

[3puttssuck]

Julia,

Well said.  That's where I was headed next.  I have lists of stocks in Yahoo under favorite places and they have to be refreshed throughout the day.  It seems like there is a better way.

Thanks setravis for the tip on Medved.  I move between OTC websites, AMEX and NASDAQ and that takes time.  By the time you get back where you started, some of these stocks have moved up nicely while I was "making the rounds."

3ps

[gmarc66]

Hi 3puttssuck,

medved quotetracker comes is free i believe..i automatically get it with my trading platform, but i believe the basic version is free to all(i could be wrong on this )and that is what i have...i think u have to pay for certain features.
But, it is a live feed, so there is no refreshing required and u can set up alerts for low prices, high prices, news etc. which is great.
So, not sure if you understood that, as u are saying you move between websites, amex, nasdaq etc....on medved you can list any stock from any exhchange.

So, not sure if thats what u understood or not...sorry, if i misinterrupted you .

I just don't know how to use the charts properly, and if there are any other features that i should be using (that i get free) with my medved to help me better locate and be alerted to any possible stocks looking to move up.

just in case you need it here is download  link for medved quote tracker:

http://www.quotetracker.com/index.asp

goodluck..and if u learn anything interesting on it...please share!!

thanks...happy trading

julia

[cumulina]

I also use the Medved.

I started out with the free version, but found the adverticement so annoying that I was happy to get rid of them by paying the small fee.

I use e*trade (Denmark) for trading, but unfortunately can't combine the realtime from there with the Quotetracker.

Other than that it seems like a fine and very flexible program, and Jerry Medved has been very helpful and quick to answer when I had some problems.

I still check in on yahoo a couple of times during the day, and even the message-boards - there are a few of them with good info...and one can always use the "ignore" on the most offensive contributors 

I'm also looking fwd. to hear from others and hints on how to use all the features.

Cheers.

[setravis]

I'll settle for this.
Just wish there would be some more volume.

******************************************************

CELLSTAR CORP (Other OTC:CLST.PK) Delayed quote data 

Last Trade: 0.95
Trade Time: 3:14PM ET
Change:  0.17 (21.79%)
Prev Close: 0.78
Open: 0.80
Bid: N/A
Ask: N/A
1y Target Est: N/A

  Day's Range: N/A - 0.95
52wk Range: N/A
Volume: 376,258
Avg Vol (3m): N/A
Market Cap: 19.35M
P/E (ttm): N/A
EPS (ttm): -0.20
Div Yield (ttm): N/A (N/A)

[3puttssuck]

set,

What do you make of this chart?  It looks like CLST fell down the stairs after the NASDAQ delisting in June.  Now it's right back where it was before the fall.  The only trend I can spot is down until the big 'stick on August 15.

I'm trying to add chart notes but I haven't figured out how to save the darn things.  Do you have to be a stockcharts subscriber???

I'm tempted to get in but frankly, I'M SCARED!

3ps

[setravis]

3puttssuck,I think you have to be a subscriber for what you are referring to on stockcharts.com

It was another nice day for this pup.
Break of the $1, and closed @ $1.10