BEDFORD, Mass., Aug 28, 2003 (The Sun - Knight Ridder/Tribune Business News via COMTEX) -- Spire Corp., which through separate units serves the solar and biomedical industries, faces having its shares delisted from the Nasdaq National Market because of an incomplete audit of its second-quarter results.
Newly appointed Chief Financial Officer David Lipinski said on Wednesday that the company's independent auditor, KPMG LLP, wasn't able to complete its work in time for the release of Spire's second-quarter results on Aug. 19. He said Spire's May acquisition of Hudson, N.H.-based Bandwidth Semiconducto, LLC, made finances more complex for the period in question.
"There just wasn't sufficient time for the auditor," Lipinski said.
He added that work is continuing on the matter.
Another reason for the difficulty: Spire had been without a CFO for 18 months until announcing Lipinski's appointment on Wednesday. Company founder and CEO Roger Little said the company realized it needed somebody in that role as finances for the second quarter were being prepared, but added that Lipinski, a Spire board member, "was coming onboard anyway."
Last Friday, Spire filed an amended quarterly report, technically referred to as a Form 10-QSB, stating that the results hadn't been fully reviewed by its auditor. Nasdaq then sent a letter to the company stating that it was in violation.
Lipinski said the company is requesting a hearing with Nasdaq to contest the delisting. .
The extra "e" is in indication that there is some question to be resolved in terms of listing requirements, Lipinski said.
Spire has reported second-quarter earnings of just over $3 million, or 44 cents a share, on revenues of $3.76 million.
Shares of Spire closed Wednesday at $4.50, down 55 cents. They had attained a 52-week high of $6.10 earlier this month.
By Dan O'Brien To see more of The Sun, or to subscribe to the newspaper, go to http://www.lowellsun.com
sorry ,hab ich jetzt erst gesehen ecki |