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AMEX Reviewing Its Listing of Anaheim-Based Statordyne : Stock market: Company reports $302,000 in capital, below $1 million minimum required by the American Stock Exchange.

October 28, 1994|DEBORA VRANA | TIMES STAFF WRITER

ANAHEIM — Statordyne Corp. said Thursday that the American Stock Exchange is reviewing whether to delist the company for not having sufficient capital.

The Anaheim-based company, which makes electrical power enhancement systems, reported only $302,000 in capital as of June 30, the end of its fiscal year. Because AMEX requires minimum capital of $1 million to list a company's stock, Statordyne could be dropped by the exchange.

Statordyne is one of several spinoffs of Conversion Industries of Pasadena, a company that AMEX recently delisted because of disclosure issues. Statordyne went public in June, 1993, with a $2.8-million securities offering priced at $3 a share. The stock has declined ever since, closing Thursday at $2.125 a share, down 37 cents.

On Sept. 30, the company reported that it lost $2.1 million, or 46 cents a share, for its fiscal year ended June 30. That compared to a loss of $698,510, or 21 cents a share, for the previous 12 months. Annual revenue totaled $405,328. The company did not report any revenue for fiscal 1993.

Separately, Statordyne said Thursday that it has received a $5.1-million order for its power systems, boosting its backlog to $7.8 million. Citing the new order, a company spokesman expressed confidence in Statordyne's future as a publicly traded company.

"We're going to show AMEX our business plan through 1995. We have a strong case to present," spokesman Lance Ignon said. "Look what happened today--we tripled our product backlog with one order. That's a tremendous endorsement. If we can show AMEX our future looks good, they aren't going to delist us."

Tom Mariam, a spokesman for the stock exchange, said he could not comment.

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