Ultimate Electronics faces potential delisting

Tuesday, December 28th 2004, 9:45 am
By: News On 6

DENVER (Dow Jones/AP) _ Ultimate Electronics Inc., the chain of electronics stores, received a potential delisting notice from the Nasdaq Stock Market because it hasn't filed its latest quarterly report.

The Thornton, Colo., company said it hasn't filed its report for the quarter ended Oct. 31 because its auditors haven't completed their work on the financial statements.

The chain announced the delay two weeks ago, also saying there is doubt about its ability to continue as a going concern because of lower sales and potential defaults on its credit agreement.

In a news release Tuesday, the electronics retailing company said it requested a hearing with a Nasdaq panel that will stay the delisting.

The company's stock would've been delisted at the opening of business on Dec. 30 if it hadn't requested the hearing.

The chain operates stores in Arizona, Idaho, Illinois, Iowa, Kansas, Minnesota, Missouri, Nevada, New Mexico, Oklahoma, South Dakota, Texas, Utah and Colorado. It lost $16 million on sales of $712.9 million in the fiscal year that ended in January.