Default sequence values

I'm getting errors in pgsql when I try to run this create table statement
past...Could someone help me out here? I think it's the default value of
company_id that's erroring out. Any help is appreciated.

CREATE SEQUENCE company_id_seq;
CREATE TABLE company (
company_id int4 PRIMARY KEY DEFAULT nextval(company_id_seq),
parent_id int4 NULL,
name text NOT NULL,
address_1 text NULL,
address_2 text NULL,
fax text NULL,
city text NULL,
state_province text NULL,
zip text NULL,
country text NULL,
description text NULL,
stock_symbol text NULL
);
CREATE INDEX name_idx on company (name);