Hyannis, Mass.-based Infinium Software
, a provider of Web-integrated enterprise business solutions, yesterday announced that its common stock will continue to be listed on the Nasdaq SmallCap Market.
The Nasdaq Listing Qualifications Panel informed Infinium in a letter Wednesday:
“The Panel was of the opinion that the Company presented a definitive plan that will enable it to evidence compliance with all requirements for continued listing on the Nasdaq SmallCap Market within a reasonable period of time and to sustain compliance with those requirements over the long term.”
Requirements of the Panel’s continued listing of the Infinium’s securities on the Nasdaq SmallCap Market include Infinium’s full compliance with the Re$500,000 net income requirement for the quarter ended December 31, 2001, the six-month period ending March 31, 2002, the nine-month period ending June 30, 2002, and the fiscal year ended September 30, 2002.
The alternative is a market capitalization of at least $35,000,000 for a minimum of ten consecutive trading days during the exception period. At this time the Panel determine Infinium’s listing status.
As of January 4, 2002, the Infinium’s trading symbol will be changed from INFM to INFMC. The ‘C’ will be removed from the symbol when the Panel has confirmed full compliance with the terms.
“We are pleased that Nasdaq appropriately valued the results of our turnaround efforts,” said Jim McGowan, President and CEO of Infinium.
“We have just completed the quarter ended December 31, 2001, and despite the continuation of a challenging sales environment, we expect to report net income in excess of our previous guidance of $0.08 to $0.12 due to strong cost discipline and execution,” he explains.
Infinium is due to report the results of its first quarter of fiscal year 2002 ended December 3, later this month.
Founded in 1981, Infinium has over 1,800 customers and provides Web integrated services including human resources, payroll, financial management, customer relationship management, and materials management.