American Spectrum Realty Announces Resignation of EEPB, P.C. as Independent Auditors
Nov 14 14
American Spectrum Realty Inc. announced that the company was notified on November 11, 2014 by its independent registered accountants, EEPB, P.C. (‘EEPB’), that they are declining to stand for re-election after completion of their audit of the company's financial statements as of and for the year ended December 31, 2013. EEPB cited the company's risk profile and the limitations on their internal resources as the reasons for their decision. The company's audit committee has accepted EEPB's resignation.
American Spectrum Realty Receives Notice of Non-Compliance From NYSE MKT
Nov 14 14
American Spectrum Realty, Inc. announced that on November 10, 2014, the NYSE MKT LLC responded to the Company's filing of its 2013 Annual Report on Form 10-K and the plan of compliance which the Company submitted to the Exchange on September 18, 2014 to address deficiencies with respect to the Company's stockholders' equity and net losses. On September 15, 2014, the Company received correspondence from the Exchange noting that the Company had made a reasonable demonstration of its ability to regain compliance with Sections 134 and 1101 of the NYSE MKT Company Guide and the Exchange agreed to grant the Company an additional extension until October 31, 2014 for the filing of its Form 10-K. The Exchange further agreed that if the Company complied with the October 31, 2014 deadline for filing its Form 10-K, the Exchange would grant an extension to December 31, 2014 for the Company to file its Quarterly Reports on Form 10-Q for the fiscal quarters ended and ending March 31, June 30 and September 30, 2014. In its correspondence of November 10, 2014 the Exchange acknowledged that the Company had resolved the continued listing deficiency with respect to Company Guide Sections 134 and 1101 in that the Company had filed its Form 10-K by the extended due date of October 31, 2014. The Exchange also reiterated that the Company is still required to file its Forms 10-Q no later than December 31, 2014, and informed the Company that its failure to do so will likely result in the Exchange initiating delisting proceedings. In correspondence dated August 19, 2014, the Exchange noted that the Company was not in compliance with Sections 1003(a)(i), 1003(a)(ii) and 1003(a)(iii) of the Company Guide due to reported losses from continuing operations and net losses in each of the past five fiscal years. On September 18, 2014, the Company submitted a plan of compliance to the Exchange which outlined the Company's initiatives to bring the Company back into compliance with the requirements of Sections 1003(a)(i), 1003(a)(ii) and 1003(a)(iii) of the Company Guide. Although the Exchange's correspondence of November 10, 2014 reiterated the Company's non-compliance, the Exchange further indicated that they had reviewed the Company's plan of compliance and accepted the plan, granting a plan period through February 19, 2016 for the Company to regain compliance as outlined in its plan of compliance. The Exchange also stipulated that they be provided with quarterly updates concurrent with the Company's interim/annual SEC filings. Additionally, if the Company is not in compliance with the continued listing standards by February 19, 2016, or if the Company does not make progress consistent with its plan of compliance, the Exchange will initiate delisting proceedings as appropriate. The Exchange correspondence further acknowledged that the Company had resolved its deficiency referenced in the Exchange's letter of October 2, 2014 with respect to Company Guide Section 1003(f)(iv) since the Company had paid its outstanding listing fees. Although there can be no assurances, the Company expects to regain full compliance with the continued listing standards by February 19, 2016.
American Spectrum Realty Inc. Announces Unaudited Consolidated Earnings Results for the Year Ended December 31, 2013
Nov 6 14
American Spectrum Realty Inc. announced unaudited consolidated earnings results for the year ended December 31, 2013. For the year, the company reported revenue was $42.67 million against $42.23 million a year ago. Loss from continuing operations was $14.53 million against $8.28 million a year ago. Net loss attributable to American Spectrum Realty Inc. was $13.769 million against income of $1.414 million a year ago. Basic and diluted loss per share from continuing operations attributable to the company was $3.68 against $1.60 a year ago. Net loss attributable to American Spectrum Realty Inc. common stockholders was $3.88 against income of $0.33 a year ago. The $0.4 million increase from 2012 to 2013 is mainly the result of an increase in the average occupancy rates, average rent rates and the number of active third party management contracts.