Steamboat Springs American Skiing Co. officials are optimistic shares of their stock will resume trading on the Over the Counter Bulletin Board within a few days of the company bringing its earnings reports up to date.
ASC announced Tuesday shares of its common stock are no longer being quoted on the bulletin board (OTCBB) under the symbol AESKE. Instead, the company's shares are currently being quoted in the "pink sheets" under the symbol AESK.
ASC's shares were dropped from the bulletin board because of long-overdue earnings reports that it has yet to issue to shareholders.
The stock fell to 9 cents a share on Wednesday but rebounded to 15 cents a share on Thursday.
ASC Director of Corporate Communications Erik Preusse said he continues to hope the company will issue earnings reports for fiscal 2002 in less than a week.
"It's disappointing not to be listed on the bulletin board, but as soon as we're current, it should be just a matter of a few days" before the company regains its trading status with the bulletin board, Preusse said.
Preusse said the company's board of directors met in Park City, Utah, this week.
ASC has yet to release year-end earnings reports for fiscal 2002, which concluded at the end of July 2002. Also due are first- and second-quarter reports for 2003.
ASC has consistently said the delays are because of a re-audit of its financial statements for fiscal 2001 and 2000 necessitated by a new interpretation of auditing rules by a regulatory agency.
On Jan. 31, the company announced its OTCBB ticker symbol, AESK, would be appended with an "E" for a period of 30 days because the company was not current with filings required by the Securities and Exchange Commission. This week, the OTCBB stopped providing quotes for the company's common shares.
Quotations and trading information on the company's stock can still be accessed through www.pinksheets.com, www.smallcapcenter.com or through a securities broker.
Like the bulletin board, the pink sheets are a trading exchange for securities selling "over the counter." The pink sheets formed in 1904 to streamline the exchange of information among competing over-the-counter markets. It transformed itself in 1999 by offering electronic quotes and added a Web portal in 2000.