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PSC seeks to retain small-cap standing.

Byline: CHRISTIAN WIHTOL Register-Guard Business Editor

The Nasdaq Stock Market is looking to boot financially struggling laser-scanner maker PSC Inc. from the Nasdaq SmallCap Market.

PSC, which is based in Portland and has its main manufacturing operations with 650 employees in Eugene, said it is seeking a hearing before the Nasdaq Listing Qualifications Panel to appeal the delisting.

Nasdaq notified PSC that it would be delisted because it no longer met Nasdaq requirements for asset size or stockholders' equity value, PSC said.

Nasdaq early last year booted PSC from the main Nasdaq market onto the small-cap market because PSC's stock price had fallen below $5 a share.

Now, it's PSC's weak balance sheet that's the problem.

PSC's latest publicly released balance sheet, for March 29, lists assets of $135.7 million (including $32 million in accounts receivable and $69 million in intangible assets), and liabilities that include $120 million in debt plus $73 million in paid-in capital, leaving a stockholder deficit of $29 million.

Under Nasdaq small-cap rules, companies must have at least $2 million in net tangible assets or at least $2.5 million in stockholders equity, PSC said in a news release.

If PSC is ousted from the small-cap market, its stock could trade on the so-called "over-the-counter" market, a telephone and computer network of dealers that is overseen by the National Association of Securities Dealers.

Typically, though, a company likes to be traded on a formal market such as the Nasdaq or the New York Stock Exchange because that makes it easier for investors to buy and sell the company's stock.

PSC's stock on Thursday closed at 43 cents, down 8 cents, on a volume of 52,300 shares.
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Title Annotation:Business
Publication:The Register-Guard (Eugene, OR)
Geographic Code:1USA
Date:Jul 12, 2002
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