Manufactured home and towable RV builder Kit Manufacturing Co. currently is in “negotiations with its lender to amend its existing credit agreement to increase the line of credit extended to the company,” it stated in a report to the Securities & Exchange Commission (SEC).
Consequently, Kit informed the SEC, in a document dated Jan. 29, that it would be unable to complete its financial statement for its fiscal year 2001, which ended last Oct. 31, prior to the SEC’s deadline.
Kit also reported that it was “exploring other possible credit sources to secure financing.”
Companies with securities traded on the public market have 90 days following the end of their fiscal year to issue their financial statements to the public. Kit’s 90-day period ended on Jan. 29.
In its report to the SEC, Kit stated that the results of the negotiations with its lender would impact its financial results for the year ended Oct. 31, so it could not satisfy the Jan. 29 deadline.
Kit, an American Stock Exchange-listed company, also told the SEC that it would issue its financial statement by Feb. 13, but that date also has passed.
On Tuesday (Feb. 19), Kit’s stock price declined 14 cents a share to close at $2.00, a new 52-week low. No Kit shares changed hands today (Feb. 20).
Kit lost $2.1 million during the nine months ended last July 31.