Broadway Financial Receives Nasdaq Deficiency Letter

Trade BYFC now with

5/25/2012 2:12 PM ET

Broadway Financial Corp. (BYFC: Quote), parent company of Broadway Federal Bank, f.s.b. , reported that it has received a letter, dated May 23, 2012, from the Nasdaq Listing Qualifications Department stating that the Company is not in compliance with Nasdaq Listing Rule 5250(c)(1) because the Company has not yet filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q for the first quarter of 2012.

The company said it is not able to complete its financial statements as of and for the quarter ended March 31, 2012, and therefore is not able to complete preparation of its first quarter 2012 Form 10-Q, because the Company has not obtained all information needed to comply with the new fair value disclosure requirements.

Under the Listing Rules of the Nasdaq Small-Cap Market, the Company must submit a plan to Nasdaq within 60 calendar days from the date of its receipt of the Nasdaq letter for coming into compliance with Listing Rule 5250(c)(1). If Nasdaq accepts the plan, the Listing Rules further provide that Nasdaq may grant an exception to the Company of up to 180 calendar days from the original due date of the Company's Form 10-Q, or until November 19, 2012, to regain compliance with Listing Rule 5250(c)(1). The Company expects to file its first quarter 2012 Form 10-Q by May 31, 2012.

To receive FREE breaking news email alerts for Broadway Financial Corp and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

<<Previous 72 Articles

Editors Pick

Modest Gain In Eurozone PMI Revives Recovery Hopes

An indicator of Eurozone's private sector activity improved more than expected in May, renewing hopes that the economy is inching towards a recovery. Nonetheless, the indicator remained in negative territory, signaling sharp deterioration in overall business activity. The composite output index rose to a three-month high of 47.7 in May from 46.9 in April.

China Manufacturing Contracts As New Orders Slump

China's manufacturing sector contracted for the first time in seven months in May amid poor demand, fueling concerns that the weakness in the economy may persist for some more time. The headline purchasing managers' index, an indicator of the health of the factory sector, fell to a seven-month low of 49.6 in May from 50.4 in April. Readings below 50 indicate contraction of the sector.

HP Profit Falls Yet Tops Estimates

Hewlett-Packard Co. said Wednesday after the markets closed that its second quarter profit fell 32% from last year, hurt by lower revenue and weaker margins amid a slump in PC sales. However, the company's quarterly earnings per share, excluding items, came in above analysts' expectations, but its quarterly revenue fell short of analysts' forecast.