North American Scientific, Inc. announced Friday that it received notice from the Nasdaq Stock Market stating that it's in danger of being delisted due to its failure to timely file its latest quarterly financial report.
The Chatsworth-based radiation therapy products company is subject to delisting on April 1 unless it requests a hearing with the Nasdaq Listing Qualifications Panel to appeal the matter, which the company stated in a press release that it intends to do. The request would delay any action by the market pending a decision by the panel.
North American Scientific also said it's quickly trying to complete and file its Form 10-Q for the first quarter ended Jan. 31 as soon as possible. On March 15, the company notified the SEC that it would be late filing results because of delays related to its third- and fourth-quarter results.
The company had previously delayed reporting fourth-quarter and full-year results for the period ended Oct. 31 as it worked through accounting issues related to its May 2004 acquisition of Nomos Corp. It also had restated third-quarter results for the period ended July 31 after it discovered a problem with internal controls related to the value of intangible assets of that acquisition. Those financial issues have now been addressed, the company has stated.
The results for the third and fourth quarters were eventually released on March 11. The company reported a fourth-quarter net loss of $7.5 million (48 cents per diluted share), compared with a loss of $3.2 million (31 cents) for the like period a year earlier. Revenue for the quarter rose to $9.8 million from $3.6 million in the comparable period of the prior year. The company attributed the increase in sales primarily to the Nomos acquisition.
Shares of North American Scientific rose 0.3 percent to close at $4 on Thursday. The markets were closed on Friday for the Good Friday holiday.
Starting Monday, and pending the outcome of the appeal, its shares will be traded under the ticker symbol "NASIE."
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