Truckload carrier Smithway Motor Xpress has reported that shares of its Class A common stock are now subject to de-listing from the Nasdaq stock market.
Nasdaq is considering de-listing the carrier because it said Smithway's stock value does not meet Nasdq's minimum requirements. Ft. Dodge, IA-based Smithway said it is appealing that decision.
Smithway shares were at $1.10 at 9:42 a.m. Wednesday. Its shares closed at $1.20 Tuesday.
Smithway has been struggling financially of late. It lost $1.2 million on revenue of $44.6 million in the second quarter, compared to losses of just $384,000 on revenues of $49.9 million in the same period last year.
For the first six months of 2002, Smithway lost $3.2 million on revenues of $85.6 million. That compares to losses of $1.7 million on revenues of $95.3million in the first half of 2001.
CEO William Smith said last month that a shortage of drivers combined with weak freight demand in the Midwest, particularly in steel and construction materials, were the main reasons for those losses. In August, the company said it had about 50 tractors idle.