Stock Exchange De-listings
SIRVA, Inc. is Delisted from the New York Stock Exchange
New York, November 30, 2007 -- The Securities and Exchange Commission (SEC) delisted the stock of SIRVA, Inc. (SIR), a publicly-traded trucking and relocation services company headquartered in Westmont, Illinois. The New York Stock Exchange suspended trading in the stock 11 days earlier.
According to a news release from the NYSE on November 19, 2007, the decision to suspend and move to delist SIRVA's stock was reached "in view of the fact that it had fallen below the NYSE's continued listing standards for average global market capitalization over a consecutive 30 trading day period of not less than $75 million and $1.00 average closing price over a consecutive 30 trading day period," the press release stated.
SIRVA, which reported $3.8 billion in revenue for the period ending December 31, 2006, has not earned a profit since 2003, according to its public filings, with losses of 1.4%, 7.2% and 2.1% for the years 2006, 2005 and 2004 respectively. Operating cash as a percent of total revenue was a negative 2.8% in 2006.
The NYSE reported that SIRVA's market capitalization on November 16, 2007 was approximately $24.3 million. The company's market capitalization on June 30, 2006 was approximately $241.8 million, according to its annual report.
On March 19, 2007, the NYSE received a notice from SIRVA that it would be unable to file its 10K for fiscal year ended 2006 in a timely manner. SIRVA filed its 2006 10K on June 29, 2007. However, the warning signs involving SIRVA were well known to both creditors and investors for at least the past year as SIRVA failed to file its 10K for FYE 2005 in a timely manner as well. In fact, SIRVA did not file its 10K for FYE December 31, 2005 until January 31, 2007, some 10 months after the normal filing period.
SIRVA, Inc. was ranked No. 1,343 out of 1,375 companies in the 2003 Credit Standards Index (CSI) with a score of 4.40 out of a worst possible score of 4.80. 1.20 was the best possible score for credit standards in the 2003 CSI. The company was not ranked in the 2005 CSI due to the late filing of its 2005 10K.
The NYSE press release stated that SIRVA has a right to a reveiw of the decision to suspend the company's stock by a Committee of the Board of Directors of NYSE Regulation.
