Wednesday, January 28, 2004

Nasdaq dropping Crown Andersen over report delays

Nasdaq will discontinue its stock listing for Peachtree City-based Crown Andersen (CRAN) this week because of further delays in sumitting 2003 reports required by the Securities and Exchange Commission, the Atlanta Business Chronicle is reporting.

But the company was expected to request a hearing with Nasdaq over the delisting, which could delay the move.

In December, Crown-Anderson informed the SEC that it would file its annual report late for fiscal year 2003, which ended in September, because it was having to refile its performance report from 2002.

The company’s annual audit had uncovered errors in reporting the 2002 statements, which were amended and resubmitted to the SEC Jan. 7, according to the Chronicle.

In late December, the company informed the SEC of its intentions to refile the 2002 comprehensive and quarterly reports, and said the 2003 documents would be submitted within two weeks.

Crown Andersen said it is currently preparing its annual report and seeks to complete the process as quickly as possible. According to the Chronicle, it is the only required SEC filing submitted late by the company in the past 12 months.

Crown Andersen, at 306 Dividend Drive, designs, manufactures, sells and installs industrial air pollution control and air handling systems and employs about 60 people in Peachtree City. It had revenues of $22.10 million in 2002, a drop of 23 percent from 2001. The value of its stock fell 71 percent in 2002, according to Pricewaterhouse Coopers and Bloomberg News.

Due to the effort involved in the restatement, the company was not able to file its annual report on Form 10-KSB within the prescribed time period, reported Buisness Wire.

Crown Andersen is currently preparing its annual report and seeks to complete this process as quickly as possible. The company will file its annual report promptly upon its completion. While no assurance can be given, Crown Andersen currently expects to file its annual report with the SEC during the week of February 2, 2004, according to Business Wire.

In the meantime, the company will consider whether it desires to request a hearing with Nasdaq concerning Nasdaq’s notification.

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