Key Developments For Craftmade International Inc
Craftmade International Inc (CRFT.O) (Consolidated Issue listed on NASDAQ Global Market)
Craftmade International, Inc. To Move Stock Listing To OTCQX
Craftmade International, Inc. announced that it has notified the NASDAQ Stock Market (Nasdaq) of its intent to voluntarily delist its common stock from the NASDAQ Global Market. The Company also intends to subsequently deregister its common stock with the SEC and suspend its reporting obligations under the Securities Exchange Act of 1934, as amended (Exchange Act). The Company expects that its shares will continue to trade under the 'CRFT' ticker symbol. The Company intends to move its common stock listing to OTCQX.
Craftmade International, Inc. Completes $40 Million Revolving Loan Agreement, Also Secures Term Loan for $3.5 Million
Craftmade International, Inc. announced that effective July 10, 2009, it completed a $40 million Loan and Security Agreement (the Revolving Loan Agreement) with Bank of America, N.A. (Bank of America). The three-year Revolving Loan Agreement is secured by substantially all of Craftmade's assets, excluding its current real estate holdings. Additionally, Craftmade maintained its long-term relationship with Frost National Bank (Frost) with a $3.5 million, three-year term loan secured by Woodard's manufacturing and distribution facility in Owosso, Michigan. The proceeds from these loans were used to pay off all amounts owed under Craftmade's previous line of credit with Frost and other lenders. The Revolving Loan Agreement has an interest rate of LIBOR plus 3% to 4% based on Craftmade's cash flow performance as measured by the Fixed Charge Coverage Ratio. Under the Revolving Loan Agreement, Craftmade is required to maintain a Fixed Charge Coverage Ratio starting at 0.85 and building to 1.0 by August, 2009. The terms allow for a deferral of the Fixed Charge Coverage Ratio test as long as $6 million of available credit under the borrowing base has been maintained for 60 days.
Craftmade International, Inc. Announces Appointment of C. Brett Burford As Chief Financial Officer
Craftmade International, Inc. announced that its Board of Directors has appointed C. Brett Burford, to serve as the Company's Chief Financial Officer, effective August 13, 2008. Mr. Burford will replace J. Marcus Scrudder, who was named Chief Executive Officer on July 1, 2008.
Craftmade International, Inc. Announces Suspending Its Quarterly Dividend
Craftmade International, Inc. announced that it will be suspending its quarterly dividend
Craftmade International, Inc. Declares Quarterly Cash Dividend
Craftmade International, Inc. announced that its Board of Directors has declared its third quarter cash dividend of $0.12 per share. The dividend is payable on April 15, 2008 to holders of record on March 31, 2008.
