|In its announcement of results for the first quarter ended March 31, 2001 -Delta Financial Corporation (NYSE: DFC) said that the New York Stock Exchange announced that it decided to suspend, and ultimately delist, Delta Financial's Common Stock prior to the opening on Friday, May 4, 2001. Delta indicated the Exchange stated that it took this action because Delta was unable to meet the NYSE's continued listing standards of maintaining a minimum of $15 million in market capitalization and a minimum share price of $1 over a 30-day trading period.
Shares of Delta, which were trading at twenty-five cents near midday today (down ten cents), have only traded as high as $2.125 per share during the past 52 weeks. Shares had traded as low as eighteen cents today.
By Friday, May 4, 2001, Delta expects that its Common Stock will trade on the OTC Bulletin Board. In accordance with standard procedures, the company will receive its new ticker symbol just before it begins trading on the OTCBB.
The Woodbury, New York company reported a net loss of $33.8 million, or $2.12 per share (basic and diluted), for the quarter ended March 31, 2001.