Navistar to be delisted
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Navistar to be delisted
Navistar better get its act together. No excuse for these delays. Time for them to own up to their mess.
www.bloomberg.com/apps/news?pid=newsarchive&sid=a4p_sgwPjaEM
www.bloomberg.com/apps/news?pid=newsarchive&sid=a4p_sgwPjaEM
Thread Starter
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Elder User
Joined: Jul 2004
Posts: 811
Likes: 0
Hi wedell borror, As they stated: “Sales may decline as much as 28 percent for trucks and 10 percent for engine this fiscal year”.
That’s not so great and:
“Navistar hasn't reported financial results since September 2005 as it tries to untangle problems in accounting for warranties and product-development programs at suppliers.”
and:
“It's restating earnings from 2002 through most of 2005”
and:
“The Warrenville, Illinois-based company said it expects the stock will trade on the Pink Sheets over-the-counter system after the NYSE suspension.”
Being delisted is a very serious thing. Many people won’t buy the stock and some will sell immediately. If they don’t report, people lose confidence, the stock drops and worse their credit rating may be reduced. That isn’t good for a company with a fair amount of long-term debt, 3.98 debt to equity ratio.
“Engine shipments fell less than 1 percent to 519,700 units, as diesel engines for Ford Motor Co. declined by almost 40,000.”
Ok that last one says more about the 6.0 than anything. Maybe it’s because of the delayed introduction of the 6.4. I’m not saying they won’t recover. This filing delay isn’t as bad as having product problems, but in my book it’s not smart to miss an extended filing date. There is just no excuse for not filing for 2002-05 by now. At this point their management is affecting their corporate health.
Could they be hiding something? Possibly. Maybe irregularities tied to backdated option grants, something several other companies have been less than willing to own up to. Or are they just stupid? Either way it doesn’t take that long to add the ones and zeros. Private auditors check everything, management just has to sign off that numbers are correct. Pen out of ink guys? It’s past time for them to step up and give their lenders and shareholders an explanation.
That’s not so great and:
“Navistar hasn't reported financial results since September 2005 as it tries to untangle problems in accounting for warranties and product-development programs at suppliers.”
and:
“It's restating earnings from 2002 through most of 2005”
and:
“The Warrenville, Illinois-based company said it expects the stock will trade on the Pink Sheets over-the-counter system after the NYSE suspension.”
Being delisted is a very serious thing. Many people won’t buy the stock and some will sell immediately. If they don’t report, people lose confidence, the stock drops and worse their credit rating may be reduced. That isn’t good for a company with a fair amount of long-term debt, 3.98 debt to equity ratio.
“Engine shipments fell less than 1 percent to 519,700 units, as diesel engines for Ford Motor Co. declined by almost 40,000.”
Ok that last one says more about the 6.0 than anything. Maybe it’s because of the delayed introduction of the 6.4. I’m not saying they won’t recover. This filing delay isn’t as bad as having product problems, but in my book it’s not smart to miss an extended filing date. There is just no excuse for not filing for 2002-05 by now. At this point their management is affecting their corporate health.
Could they be hiding something? Possibly. Maybe irregularities tied to backdated option grants, something several other companies have been less than willing to own up to. Or are they just stupid? Either way it doesn’t take that long to add the ones and zeros. Private auditors check everything, management just has to sign off that numbers are correct. Pen out of ink guys? It’s past time for them to step up and give their lenders and shareholders an explanation.
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