Imperial Industries Volume Spikes After CFO Exit

Imperial Industries surged on above-average volume after announcing the departure of its CFO.
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POMPANO BEACH, Fla. (

TheStreet

) --

Imperial Industries

(IPII)

shares surged Wednesday on above-average volume after the building materials company announced the departure of its CFO.

Imperial Industries said Steven Healy has resigned as chief financial officer to pursue other endeavors. Healy had been the CFO of the company since Nov. 2005, the company said.

Shares of Imperial Industries were jumping by 26 cents, or 30%, to $1.12. Earlier in the session, the stock touched an intraday high of $1.50. More than 103,000 shares changed hands by 3 p.m. EST Wednesday, compared to the stock's 50-day average daily volume of 59,000, according to the

Nasdaq

.

Imperial Industries has a 2.3 million-share float with only 13,000 shares short as of Oct. 30, according to Yahoo! Finance. Insiders hold 9.44% of the company's shares with another 10% owned by institutions.

-- Written by Robert Holmes in New York

.

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