TAITRON MOVING TO NEW EXCHANGE.Byline: Daily News VALENCIA - Taitron Components Inc. has been notified it could be dropped from the Nasdaq Stock Market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. because of declining market value of its shares and will list with a smaller exchange. The announcement came this week, with the company's second-quarter report showing dismal dis·mal adj. 1. Causing gloom or depression; dreary: dismal weather; took a dismal view of the economy. 2. earnings - sales fell about 35 percent from $3.6 million during the first half of 2002. Taitron, which distributes transistors, diodes and other discrete semiconductors, reported a net loss of $92,000 or 2 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. for the second quarter, which ended June 30. That compares with the 2002 second quarter net loss of $743,000, or 13 cents a unit. ``The second quarter net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight results were lower than expected, primarily from our higher average sales pricing as compared with our competitors and the continued overall weak dem,tand experienced in our industry,'' said Stewart Wang, president and chief executive officer. ``Our higher prices have been addressed with many of our key suppliers, receiving their support in efforts to start marketing and pricing our products more aggressively.'' Taitron continues to try to cut costs by reducing inventory levels, repaying outstanding debt and disposing of nonperforming assets Nonperforming asset An asset that is not effectively producing income, such as an overdue loan. nonperforming asset An asset that produces no income. , Wang said. Taitron could be delisted as early as Aug. 19 by the Nasdaq market because of its declining stock values. In response to the Nasdaq notification, Taitron announced Thursday that it plans to apply for listing on the Nasdaq SmallCap Market and retain its ticker symbol Ticker Symbol An arrangement of characters (usually letters) representing a particular security listed on an exchange or otherwise traded publicly. When a company issues securities to the public marketplace, it selects an available ticker symbol for its securities which investors of TAIT. Taitron distributes components used by equipment manufacturers and contract electronic manufacturers and other electronic distributors. |
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