Dealership chain Holiday RV Superstores Inc. will not be able to file its fiscal year 2002 financial report for another 30 to 45 days, so the company assumes it will be delisted by the Nasdaq SmallCap Market.
The company’s fiscal 2002 ended Oct. 31, so it had until Jan. 31 to submit its report, but it requested an extension until Monday (Feb. 17). However, the company announced after the stock market closed Thursday (Feb. 13) it will be unable to meet the new deadline.
Earlier this month, Holiday RV revealed that it expects to post a net loss of $15.7 million on sales of around $78.3 million for the 12 months ended Oct. 31.
During the 12 months ended Oct. 31, 2001, Holiday RV incurred a net loss of $18 million on $134.1 million in sales.
For the August-through-October portion of last year, the fourth quarter of its 2002 fiscal year, the company expects to report a net loss of $1.8 million on sales of around $17.1 million.
For the fourth quarter of fiscal 2001, Holiday RV had a net loss of $10.3 million in sales of around $23.4 million.
If it is delisted by Nasdaq, Holiday RV believes its stock, now priced at 35 cents a share, will be quoted on the pink sheets by the National Quotations Bureau. However, stock broker/dealers face strict requirements when handling stocks listed on the pink sheets, which means it could be more difficult for current Holiday RV stockholders to find buyers for their shares, according to the company.