Piper Hydro Delays Its 10-K

An undisclosed “potentially significant event” has caused Piper Hydro Inc., an Irvine maker of gas and solar heating systems, to delay filing its required annual financial statement with the Securities and Exchange Commission, the company announced Wednesday.

Piper’s vice president of finance, D. Dean McCormick III, declined comment on what the event might be or when it might occur. He said the company plans to disclose the information when it does file its financial report.

The annual financial statement, called a 10-K, was due April 15. Piper now has until May 24 to file the statement.

Meanwhile, the National Assn. of Securities Dealers, which regulates over-the-counter stocks, has granted Piper permission to continue trading as long as it meets certain conditions that McCormick refused to discuss.

The company’s stock has been selling for 16 cents to 22 cents a share. For the first nine months of 1984, the company reported a net loss of $506,595 on revenues of $884,230, compared with a net loss of $556,681 on revenues of $122,095 in the first nine months of 1983. The company makes space and water heating systems for multiunit residential projects.