US/CAN: Leading Brands receives Nasdaq warning
Canadian energy drinks producer Leading Brands has received a Nasdaq Staff Deficiency Letter, warning that the bid price of its common shares had closed below $1.00 per share, a minimum requirement for continued listing under Nasdaq rules, for the past consecutive 30 days.
According to Nasdaq regulations, there is provision for an additional compliance period and an appeal in the event of the company receiving notification of delisting of its securities.
Earlier this month, Leading Brands posted a slip in sales and a rise in net losses for its latest fiscal year.
The US-based soft drinks company, which operates primarily in North America, said that net sales for the 12 months to the end of February dipped to US$31.1m from $45.8m in fiscal year 2007. Net losses subsequently grew, to $5.4m from $3.5m.
The company blamed the loss of distribution for Hansen energy drink in April last year, the elimination of third-party distribution revenue related to the exit, and lower co-pack revenue following the consolidation of its two bottling plants into its Edmonton facility for the fall in sales.
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