Trailer Bridge Inc. said it has received a Nasdaq "staff determination," which indicates that the company fails to comply with the requirements for continued listing and that its securities are subject to delisting.
According to Nasdaq, Trailer Bridge did not have the $4 million net tangible assets requirement under maintenance standard one and the $15 million market value of publicly held shares and the $3 bid price requirements under maintenance standard two through May 15.
Trailer Bridge has requested a hearing before a Nasdaq listing qualifications panel. The hearing date will be determined by Nasdaq, but the company said it anticipates a hearing in about 45 days.
The company's common stock will continue to be traded on Nasdaq pending the outcome of the hearing. If Trailer Bridge's appeal is denied, its common stock will be delisted.
Jacksonville, FL-based Trailer Bridge has been in fiscal trouble for some time. It lost $519,025 in the first quarter on revenues of $17.4 million, which is substantially better than the $4.5 million it lost in the same period of 2001. The company said that its revenues in the first quarter of 2002 were lower, too, by 15.3% when compared to the same period last year.
In the third quarter of 2001, revenues fell to $20 million and losses rose to $4.8 million. At the end of last year, Trailer Bridge said it had negative working capital of $16.1 million.