Science & Technology
Science and Technology
Science and Technology
Fri, February 20, 2009
Thu, February 19, 2009 Sparton Corporation Confirms Submission of Draft Plan to NYSE
JACKSON, Mich.--([ BUSINESS WIRE ])--Sparton Corporation (NYSE:SPA) ("Sparton" or the "Company") today announced it submitted a draft plan with the New York Stock Exchange ("NYSE") to demonstrate compliance with the NYSE continued listing standards ("Draft Plan"); however, the plan is subject to significant amendment pending the completion of a comprehensive internal review of the Company's operations.
As noted in Sparton's January 27, 2009, press release, the Company is now in compliance with the minimum average market capitalization threshold of $15 million. On February 13, 2009, the Company confirmed the submission of the Draft Plan originally submitted in October 2008 for the NYSE's review. The NYSE has up to 45 days to either accept or reject the business plan. If rejected, the NYSE would commence suspension and delisting procedures. The Company continues to review its short and long-term strategy to determine the efficacy of providing the NYSE with additional materials regarding its business plan initiatives.
Since October 2008, several significant events have taken place which include: hiring a new CEO and senior management, conducting a reduction in force of approximately 6 percent of Sparton's workforce, and initiating a complete review of the Company's operations and facilities in order to identify potential additional cost savings in conjunction with the development of an all new short and long-term comprehensive strategy for the Company. There is no assurance that the plan, or any additional items sent subsequently, will be accepted by the NYSE or that Sparton will comply with the minimum market capitalization criteria before or after the temporary amendment expires.
About Sparton Corporation
Sparton Corporation (NYSE: SPA) now in its 109th year, is a broad-based provider of electronics to technology-driven companies in diverse markets. The Company provides its customers with sophisticated electronic and electromechanical products through prime contracts and through contract design and manufacturing services. Headquartered in Jackson, Michigan, Sparton has six manufacturing locations worldwide. The Company's Web site may be accessed at [ http://www.sparton.com ].
Safe Harbor and Fair Disclosure Statement
Safe Harbor statement under the Private Securities Litigation Reform Act of 1995: To the extent any statements made in this release contain information that is not historical, these statements are essentially forward-looking and are subject to risks and uncertainties, including the difficulty of predicting future results, the regulatory environment, fluctuations in operating results and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission (SEC). The matters discussed in this press release may also involve risks and uncertainties concerning Sparton's services described in Sparton's filings with the SEC. In particular, see the risk factors described in the Company's most recent Form 10K and Form 10Q. Sparton assumes no obligation to update the forward-looking information contained in this press release.
