Navistar International has been listed on the New York Stock Exchange for 99 years, but the maker of trucks and diesel engines won’t see the odometer roll over to a round 100.
On Tuesday, the NYSE turned down an appeal by Navistar, which hoped to retain its listing even though it has yet to complete its restatement of its 2005 results. The company will be delisted at the end of trading on February 13 and quoted on the Pink Sheets as of the next business day.
The company plans to appeal. “We are committed to accurate financial statements, and we will continue to devote the necessary time and resources to achieve that goal,” said executive vice president and chief financial officer Bill Caton, in a statement. “We have made significant progress on completing the restatement of our financial statements while at the same time strengthening accounting processes throughout the company. Wherever we are listed, we are committed to continued communications with our shareholders.”
The NYSE had planned to delist Navistar on December 20, but the exchange agreed to the company’s request for the just-completed formal review. That month the Big Board did proceed to delist American Italian Pasta, which announced that it would not meet an extended deadline to file its annual report for the fiscal year ended September 30, 2005.
Also last December, Bausch & Lomb received an additional extension for continued listing and trading on the NYSE. The maker of eye-care products now has until March 1, 2007, to file its 2005 annual report. If the company misses this new filing date, the exchange could either grant one more extension or initiate suspension and delisting procedures, Bausch added at the time.