Valley Media Delays Second-Quarter Earnings Report14 Nov, 2001 By: Joan Villa
Distributor Valley Media has delayed reporting second quarter earnings untilthis week, after filing an extension with the Securities and Exchange Commission Nov. 14.
Valley has defaulted under its credit agreement and isexperiencing "liquidity difficulties," but does not expect significant change in results of operations from the year-ago period,according to the filing.
The distributor says it is currently conducting negotiations with lenders and cannot complete its quarterly earnings without "unreasonableeffort and expense."
Valley's stock has been sliding in the past month,closing Nov. 14 at a low for the year of $.22 per share.