USA: Worldtex Currently Below NYSE Continued Listing Standards
Worldtex, Inc (NYSE: WTX) announced today that it has been notified by the New York Stock Exchange ("NYSE") that it does not currently meet the newly effective NYSE continued listing standards. These standards require, among other things, that listed companies have a total market capitalization of not less than $50 million and total stockholders' equity of not less than $50 million.As required by the NYSE, Worldtex, Inc has presented a plan to the NYSE's Listings and Compliance Committee outlining how the company plans to comply with the continued listing standards. After reviewing the plan, the Committee will either accept it (following which the Company will be subject to quarterly monitoring for compliance with the plan), or not (in which event the Company will be subject to NYSE trading suspension and delisting.Worldtex has been adversely affected by a decline in demand for ladies hosiery that utilizes covered elastic yarn, softness in the European textile market and strengthening of the US dollar, a sales shift toward lower margin narrow elastic fabrics and the bankruptcy filing of its largest customer, Fruit of the Loom. However, Barry D. Setzer, chairman and chief executive officer, said: "Our experienced management team is working diligently to improve Worldtex's financial results, notwithstanding these challenging times for the textile industry. Worldtex is proud to have been listed on the New York Stock Exchange since 1992, and we are optimistic that the Exchange will continue our listing."With current annual revenues of nearly $300 million, Worldtex is a market leader in the covered elastic yarn and narrow elastic fabric markets throughout the Americas and Europe. Worldtex supplies a broad range of component products to the apparel, textile, medical and specialty end-use markets.
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