Tempe, Ariz. — Rockford Corp. reported it was notified this week that it did not comply with Nasdaq’s $10 million minimum equity requirement in its most recent quarter ended March 31.
Rockford disclosed it must provide Nasdaq by May 23 with a plan to comply with its global market listing requirements. Rockford said it will respond to the notice and may apply to transfer its listing to Nasdaq’s Capital Market, for which “it meets, and will continue to meet, the criteria for listing on the Nasdaq Capital Market,” a Rockford statement said.
For the first quarter, ended March 31, Rockford reported a sales decrease of 11.9 percent to $26.4 million, compared with $29.9 million in 2006. Operating loss for the quarter was $0.5 million, compared with a loss of $1.7 million for the period last year.
Rockford has reported sales declines and operating losses during many quarters since 2002. Sales for the first quarter in 2002 were $43.7 million.