Outdoor financials: Outdoor Channel faces de-listing from Nasdaq, plus Wolverine, Oakley, Amer Sports
Outdoor Channel faces de-listing from Nasdaq, Wolverine upgraded Nollenberger, Amer Sports exercises 2002 warrants, and Oakley to buy protective eyewear company.
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Outdoor Channel faces de-listing from Nasdaq
The Nasdaq has sent Outdoor Channel Holdings (Nasdaq: OUTD) a warning letter, threatening to de-list it from the exchange because it has failed to file its third-quarter financial results.
The company previously said it had to write down the value of impaired assets related to the 2004 purchase of The Outdoor Channel. The corrected value of such intangible assets — originally valued at $10.6 million — has not yet been determined and is delaying the most recent filing.
A hearing with Nasdaq will be requested. The stock will continue to be traded pending a decision from that hearing.
Wolverine upgraded Nollenberger
On Nov. 22, Wolverine World Wide (NYSE: WWW) was upgraded by research firm Nollenberger Capital from “neutral” to “buy.” It closed the day’s trading at $28.67, up $0.62 from the day before.
Amer Sports exercises 2002 warrants
Amer Sports said 20,700 company shares have been subscribed for as a result of an exercise of its 2002 warrants. The corresponding increase in the company’s share capital amounting to Euro 82,800 (USD $108,477) was registered on Nov. 24. As a result of this increase, Amer Sports’ share capital now totals Euro 286.5 million (USD $375.4 million) and the total number of shares in issue is 71,646,960. The new shares will be listed on the Helsinki Exchanges on Nov. 27. The subscription period of its 2002 warrant scheme will end on Dec. 31, 2007.
Oakley to buy protective eyewear company
Oakley (NYSE: OO) has signed a definitive agreement to buy Eye Safety Systems Inc., a supplier of military, law enforcement and firefighting protective eyewear, for $110 million.
Oakley anticipates that the deal will close in the first half of 2007 and estimates a partial year earnings contribution of about $0.05 per share with added sales of roughly $30 million next year.
John Dondero, founder and president of Eye Safety Systems, will continue as the company’s president, and lead the development and expansion of the business.
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