EVANSTON, Ill. — The New York Stock Exchange de-listed Evanston, Ill.-based consolidator National Equipment Services. NES fell below listing standards for share price and other measurements.
The NYSE said NES fell below global market capitalization, total shareholder equity and share price standards for continued listing. For companies to remain listed on the NYSE, they must maintain a minimum of $50 million in total market capitalization and at least $50 million in stockholder's equity. A company's common stock must trade at a minimum average share price of $1 over a 30-day period.
NES' stock is now trading over the counter at www.pinksheets.com, using the symbol NEQS.
NES last month announced a $9.5 million loss for the third quarter ended Sept. 30, and a net loss of $154.6 million for the first nine months of 2002.
On the positive side, NES' total third quarter revenue was $171.5 million, up from $148 million for the same period last year. Its rental revenue for the third quarter was $122.2 million, up from $109.8 million in 3Q01. The increase in rental revenues was primarily the result of the operations acquired in NES' acquisition of Brambles U.S.A. and Brambles Canada at the end of 2001.
Although NES' stock has declined significantly, it believes its credit facility, together with funds generated by operations, will provide it with sufficient liquidity and capital resources in the near-term to finance its operations and pursue its business strategy.
Earlier this month, NES president and CEO Joseph Gullion announced that the company made the November 2002 $13.75 million interest payment on its bonds.
NES is No. 4 on the RER 100.
