World Air requests Nasdaq extension
Peachtree City, Ga.-based World Air Holdings Inc., parent company of World Airways and North American Airlines, has requested an extension to remain listed on the Nasdaq stock exchange.
Nasdaq had given World Air until Dec. 15 to file an amended quarterly report with the Securities and Exchange Commission or be delisted from the exchange.
“While the company believes that it will be able to satisfy these requirements, there can be no assurances that it will be able to do so,” World Air said in a statement.
“We have been working diligently to complete the required reviews of the second and third quarter financial statements, and we continue to keep Nasdaq informed of the status of our progress,” said Randy Martinez, World Air’s chief executive officer.
The fifth character “E” indicating that the company is not current in filing will remain appended to its symbol until the company becomes compliant with all requirements for continued listing on Nasdaq.
At the same time, World Air said it expects its fourth quarter revenues to be in the range of $205 million to $215 million and operating income from $12 million to $14 million. “Financially, 2005 has been a very good year for World Air Holdings. Based on results and guidance we have provided, we expect 2005 total operating income to be in the range of $59 million to $63 million, which is $19 million to $23 million higher than 2004, or approximately a 50 percent increase,” Martinez said.