CNE Group, Inc. Anticipates Regaining American Stock Exchange Compliance and Reports Third Quarter Results.Business Editors NEW YORK--(BUSINESS WIRE)--Nov. 17, 2003 CNE (Certified NetWare Engineer) See Novell certification. Group, Inc. (AMEX/PCX: CNE), today announced that it believes it has successfully addressed certain continuing listing requirements Listing requirements Requirements, including minimum shares outstanding, market value, and income, that are laid down by an exchange for any stock to be listed for trading. of the American Stock Exchange American Stock Exchange (AMEX) Stock exchange in the U.S. Originally known as “the Curb,” it began as an outdoor marketplace in New York City c. 1850. It moved indoors to its present location in the Wall Street area in 1921. - specifically, the Exchange's minimum continuing listing requirement relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc Stockholders' Equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. and the requirement for an Annual Meeting of Stockholders. It also announced its third quarter earnings. Pursuant to certain requirements of the American Stock Exchange the Company must (i) continuously maintain its Stockholders' Equity in excess of $6,000,000, and (ii) hold, annually, a meeting of its stockholders, to meet the Exchange's continuing listing requirements. At June June: see month. 30, 2003, the Company's Stockholders' Equity was $2,069,635; however, at September 30, 2003, the Company's Stockholders' Equity was $6,900,790 and, accordingly, the Company believes it is currently in compliance with this requirement. The Company's last annual meeting of its stockholders was June 1, 2000; however, pursuant to a Preliminary Proxy Statement Proxy Statement A document containing the information that a company is required by the SEC to provide to shareholders so they can make informed decisions about matters that will be brought up at an annual stockholder meeting. filed with the Securities and Exchange Commission on November 7, 2003, the Company anticipates its 2003 Annual Meeting of Stockholders will be held on December 18, 2003 so that it will also comply with this other requirement. During 2004, the Exchange will periodically review the Company to ensure the Company's continuing compliance with its requirements. In addition, the Company announced its third quarter earnings. The following table summarizes the Company's results for the three and nine month periods ended September 30, 2003 and the comparable 2002 periods.
Three Months Ended Nine Months Ended
September 30, September 30,
--------------------- ----------------------
2003 2002 2003 2002
---------- ---------- ---------- ----------
Total revenues $ 552,596 $ 58,702 $1,157,066 $ 191,118
========== ========== ========== ==========
Income (loss) from
continuing operations
before taxes $ 89,377 $ (256,100)$ (820,166)$ (855,807)
========== ========== ========== ==========
Income (loss) from
continuing operations $ 89,377 $ (256,100)$ (820,166)$ (861,057)
========== ========== ========== ==========
Income from discontinued
operations $ 533,634 $ ---- $ 533,634 $3,712,884
========== ========== ========== ==========
Net income (loss) $ 623,011 $ (256,100)$ (286,532)$2,851,827
========== ========== ========== ==========
Per common share:
Basic:
-------
Income (loss) from
continuing operations $ .01 $ (.05)$ (.12)$ (.15)
Income from discontinued
operations .07 -- .08 .66
---------- ---------- ---------- ----------
Net income (loss) $ .08 $ (.05)$ (.04)$ .51
========== ========== ========== ==========
Diluted:
---------
Income (loss) from
continuing operations $ .01 $ (.05)$ (.12)$ (.15)
Income from discontinued
operations .07 -- .08 .66
---------- ---------- ---------- ----------
Net income (loss) $ .08 $ (.05)$ (.04)$ .51
========== ========== ========== ==========
Weighted average number of
common shares outstanding:
Basic 7,674,253 5,590,944 6,585,372 5,584,278
========== ========== ========== ==========
Diluted 7,970,808 5,590,944 6,741,610 5,584,278
========== ========== ========== ==========
About CNE Group, Inc. CNE Group, Inc. is a holding company whose primary operating subsidiary An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. is SRC (SouRCe) Contrast with DST, which is an abbreviation of "destination." Technologies, Inc. SRC, also a holding company, is the parent of Connectivity, Inc., Econo-Comm, Inc. (d/b/a Mobile Communications) and U.S. Commlink, Ltd. Connectivity, U.S. Commlink and Mobile Communications market, manufacture, repair and maintain remote radio and cellular-based emergency response products to a variety of federal, state and local government institutions, and other vertical markets throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . SRC has intellectual property rights to certain key elements of these products - specifically, certain communication, data entry and telemetry telemetry Highly automated communications process by which data are collected from instruments located at remote or inaccessible points and transmitted to receiving equipment for measurement, monitoring, display, and recording. devices. The Company also generates revenue from its CareerEngine division that is engaged in the business of e-recruiting. The Company and CareerEngine are located at 200 West 57th West 57th can refer to:
New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , NY 10019 (212- 977-2200). SRC, Connectivity and Mobile Communications are located at 3733 NW 16th Street, Lauderhill, FL 33311 (954-587-1414). U.S. Commlink is located at 6244 Preston Avenue, Livermore, CA 94550 (925-960-0097). Certain statements in this press release constitute "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " relating to CNE Group, Inc. and its subsidiaries (the "Company") within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. All statements regarding future events, our financial performance and operating results, our business strategy and our financing plans are forward-looking statements. In some cases you can identify forward-looking statements by terminology, such as "may," "will," "would," "should," "could," "expect," "intend," "plan," "anticipate," "believe," "estimate," "predict," "potential" or "continue," the negative of such terms or other comparable terminology. These statements are only predictions. Known and unknown risks, uncertainties and other factors could cause actual results to differ materially from those contemplated by the statements. In evaluating these statements, you should specifically consider various factors that may cause our actual results to differ materially from any forward-looking statements. |
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