Dynatronics Corp. (NSDQ:DYNT) has another six months to prevent its stock from being de-listed from the NASDAQ stock market.
The exchange gave the Salt Lake City-based orthopedic device maker until June 13, 2011, to raise its share price above $1 in order to meet NASDAQ’s per share minimum bid rule.
Dynatronics is attempting improve its sales through recently signed vendor contracts and a new e-commerce-enabled website. The company is also working on developing new products, and has initiatives underway that it “expects to disclose in the coming weeks and months,” president Kelvyn Cullimore said in prepared remarks.
“This extra time will provide an opportunity for the market to better understand the potential of some important new developments that we expect to announce over the coming weeks and months,” he said.
During the three months ending Sept. 30 Dynatronics reported net income of just $17,012, less than 1 cent per diluted share, on revenue of $7.9 million during the quarter. That compares with net income of $68,625 million, or 1 cent per diluted share, on revenue of $8.2 million during the same period last year.
DYNT shares were going for 64 cents a piece in late day trading.