Harvey Electronics in Non-Compliance with Nasdaq6 Nov, 2007 By: Erik Gruenwedel
Harvey Electronics Inc., a Lyndhurst, N.J.-based operator of home entertainment and consumer electronics retail stores, said it has received multiple delisting notices from the Nasdaq stock market.
Publicly held companies must maintain a minimum market (common stock) value of $1 million and common stock price of $1 for 30 days to remain listed on Nasdaq.
The retailer's stock closed Nov. 6, unchanged at 75 cents per share.
Strong declines in audio and video sales coupled with continued downward pricing pressure on flat-panel televisions resulted in Harvey posting a third quarter (ended July 28) loss of $2.2 million on revenue of $6.4 million.
Trade publication Audio Visual International named Harvey Electronics a top 10 retailer seven years consecutively.