Wednesday, July 28, 2004

NYSE warns Huffy it could be delisted

The Associated Press

MIAMISBURG, Ohio - Huffy Corp. has been told that its listing on the New York Stock Exchange is in jeopardy because the bicycle-maker's market value is too low.

The exchange requires that a company's market capitalization be at least $50 million over a 30-day period.

Market capitalization is the market price of a company, calculated by multiplying the number of shares outstanding by the price per share.

At the close of business Monday, Huffy's market capitalization was $17.48 million.

Huffy, located outside Dayton, said Monday it has 18 months to come up with a business plan that demonstrates compliance with listing standards. After that it can be delisted.

In March, Huffy sold part of its Toronto-based Gen-X sporting goods business, saying expenses for the business were too high.

Huffy later announced it had hired an investment bank for advice on financing and help in exploring strategic alternatives, including the possible sale of the company.

Huffy makes bicycles, skates, skateboards and hockey and golf equipment.

Shares of Huffy were closed at 99 cents, down 10 cents, in Tuesday trading.

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