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Class A motorhome manufacturer Rexhall Industries Inc. has requested a hearing to explain why it should not be delisted from the Nasdaq National Market for failing to report its second quarter earnings on time.
The Lancaster, Calif.-based company received word last week from Nasdaq that it faces delisting for not filing its second quarter earnings report by the Aug. 15 deadline. Consequently, Rexhall’s ticker symbol has been changed to REXLE, to indicate non-compliance with stock market rules, from REXL.
Rexhall has requested a hearing before Nasdaq authorities to explain why it has not yet reported its second quarter results to the investing public.
Late last month, Rexhall told investors that it would be late disclosing its second quarter results because of problems with its accounting for raw materials inventory, which will require the company to restate its first quarter earnings.
Earlier, Rexhall reported that it earned $181,000 during the first three months of this year, but now the company believes it posted a first quarter loss. However, Rexhall Chairman, President and CEO Bill Rex believes the company was profitable enough during the second quarter to eventually report a “slightly profitable” first half of this year.
Rex fired the company’s CFO and materials manager as a result of the errors and reinstated Mike Bourne, a CPA who now is Rexhall’s executive vice president and COO, to his old job of CFO.