Rural/Metro misses Nasdaq filing deadline
Rural/Metro Corp. (Nasdaq: RURL), a medical transportation company, announced before the opening bell that it missed the filing deadline for its fiscal 2007 report to correct accounting mistakes. The Scottsdale, Ariz.-based firm said it discovered discrepancies during a review of the filing.
Rural/Metro said it believes none of the changes will impact cash flows. The financial restatement should not affect its senior credit facility, the company said in a statement. Rural/Metro said it will seek waivers from its lenders, but acknowledged that a failure to obtain these waivers would have a negative impact on the firm’s financial liquidity.
The company said it notified the Nasdaq stock market that it will miss the filing deadline.
On a preliminary basis, the company estimates the total effect of the adjustments to be between $2 million and $4.5 million on an after-tax basis.
Rural/Metro shares are flat in pre-market trading.
