Holiday RV Superstores Inc., the dealership chain doing business as Recreation USA, has asked the Securities & Exchange Commission (SEC) for more time to release its financial report for its second fiscal quarter, which ended April 30.
Today (June 15) is the deadline for Recreation USA to file its financial statement for the February-through-April period.
Recreation USA anticipates releasing its financial report “within the next several days.”
The company requested more time because it needs “to accumulate documents related to the restructuring of sellers’ notes to equity.”
Recreation USA issued debt securities to the owners of formerly independent dealerships that it acquired during the last two years and the company now wants to convert the debt into Recreation USA stock owned by the former dealership principals.
“This process is expected to eliminate Recreation USA’s acquisition-related debt,” according to the company.
Recreation USA lost $2.7 million on sales of $33.2 million during its first fiscal quarter, which ended Jan. 31. The company’s interest expense amounted to $1.4 million during the November-through-January period.
Recreation USA also lost $3.2 million during its fiscal year 2000, which ended last Oct. 31, on sales of $152.4 million. Its interest expanse amounted to $5.1 million during its fiscal year 2000.