Thursday, March 20, 1997 | 11:59 a.m.
The parent company of the corporation that plans to build a domed stadium near downtown Las Vegas isn't offering any explanations about the suspension of the trading of its stock.
Dallas-based Polyphase Corp., a member of the American Stock Exchange, agreed to halt trading on Jan. 31. The company issued a press release Feb. 3 stating that trading was temporarily stopped pending the filing of a quarterly earnings report with the Securities and Exchange Commission.
The company said it planned to file its report upon resolving issues with a subordinated lender.
But since that release, company officials have been mum about the suspension or its stock.
Telephone calls to officials at the corporate headquarters and to its investor relations representative were not returned and a recording on one answering machine said there was "no new information on the delay in stock trading."
Polyphase, which is a holding company with interests in frozen food, forestry equipment and electronics, also oversees Ply Stadium Partners Inc., the company coordinating the effort to build a $750 million, 110,000-seat stadium on 61.5 acres west of downtown.
Calls to local Ply officials were not returned.
Bryan Ward, vice president and general manager of Ply Stadium Partners, said last month that an intensive marketing program highlighted by construction of an on-site luxury box similar to the ones that would be built in the arena would begin this month.
Analysts say suspension of stock trading is not necessarily indicative of the company's intention to build the stadium and that trading usually is halted when filing deadlines for reports to the SEC are not met.
While fourth-quarter financial information was not available from the company, the most recent report to the SEC indicates the company had revenues of $149.5 million for the 1996 fiscal year that ended Sept. 30 compared with $102.0 million for the same period a year earlier.
Net income was $2 million (13 cents per share) compared with $3.3 million (26 cents per share) the previous year.
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