N.Y. stock exchange delists Panavision after 40 years. (Media & Technology).THE news gets worse and worse for motion picture camera-maker Panavision Inc. The Woodland Hills company was delisted last week by the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. after it failed to meet minimum capitalization capitalization n. 1) the act of counting anticipated earnings and expenses as capital assets (property, equipment, fixtures) for accounting purposes. 2) the amount of anticipated net earnings which hypothetically can be used for conversion into capital assets. requirements set by the exchange. It had been listed on the NYSE NYSE See: New York Stock Exchange for more than 30 years. Adding to Panavision's woes were newly released second-quarter figures last week that show a 22-percent drop in revenue from the same quarter a year earlier. The company reported a $6.4 million loss on $43.3 million in revenue, compared to a $1.1 million loss on $55.2 million in revenue a year earlier. The double dose of bad news is not what Panavision needs as it continues to struggle with its mounting debt, said Milan Vukovic, an analyst for Infinity Financial. "Anytime you get delisted, it sends a red flag to investors and you're really going to have a hard time getting financing and restructuring your debt," he said. Panavision is now listed on the Over-the-Counter Bulletin Board under its new symbol PVIS PVIS Palos Verdes Intermediate School (Palos Verdes Estates, CA) PVIS Portable Vehicle Immobilization System (US Army) PVIS ProzessVISualisierung (Germany) . Its NYSE symbol had been PVI See Present Value Index. . The company's total debt is $533.4 million with assets listed at $605.6 million. Panavision has not posted an annual profit since 1997. |
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