Datamarine estimates $3 million loss for fiscal 2001
Although Datamarine International, Mountlake Terrace, WA, missed the Securities and Exchange Commission’s deadline for filing its year-end financial report for the period that ended Sept. 30, 2001, the company has estimated that it lost about $3 million during the fiscal year. Datamarine makes marine and land mobile communications products, including SEA-branded 220MHz equipment.
The company’s delinquency in submitting its report has led to its stock symbol to be changed from DMAR to DMARE. The stock trades on the Over-the-Counter Bulletin Board. Failure to cure the delinquency by the end of the month could lead to the stock being de-listed from OTCBB, at which time it probably will trade on the pink sheets under the symbol DMAR.
A company spokesman said that the audit for the past year has not begun because Datamarine has not yet paid for its fiscal 2000 audit. He said that the auditor is not allowed to start the 2001 audit until the bill for the previous year’s audit is paid. He explained that the company plans to sell some assets to raise cash and pay the auditor who is ready “on a moment’s notice” to begin the 2001 audit.