CONCORD CAMERA CORP. REPORTS FIRST QUARTER RESULTS.AVENEL Avenel may refer to:
For the three months ended September 30, 1994, net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight increased approximately 18% to $14.7 million compared to $12.5 million for the three months ended September 30, 1993. Net income for the three month period was $0.5 million, or $0.05 per share, based on 10.5 million weighted average number of shares outstanding as compared to net income of $1.0 million, or $0.11 per share, based on 9.5 million weighted average number of shares outstanding for the comparable period last year. The net sales increase of approximately 18% was a result of the continued acceptance of the Company's new single-use and slim-line 35 millimeter One thousandth of a meter, or 1/25th of an inch. See metric system. cameras and an increase in non-camera sales. Included in net sales were approximately $2.3 million of low margin, non-camera sales compared to approximately $0.9 million of such sales in the first quarter of the previous year. Non-camera sales were substantially discontinued dis·con·tin·ue v. dis·con·tin·ued, dis·con·tin·u·ing, dis·con·tin·ues v.tr. 1. To stop doing or providing (something); end or abandon: by the Company as of the end of the three month period ended September 30, 1994. The reduction in net income resulted from continuing margin pressure on camera sales and from expenses associated with opening new sales offices in France and Hungary Hungary, Hung. Magyarország, officially Republic of Hungary, republic (2005 est. pop. 10,007,000), 35,919 sq mi (93,030 sq km), central Europe. during the quarter. Other expenses in the quarter included approximately $200,000 of non-recurring legal expenses in connection with the SEC investigation of the Company which was settled during the first quarter and two continuing litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. matters. In addition, there were increased marketing expenses designed to foster the Company's image as a manufacturer of quality, low priced cameras and to open new markets for the Company's products. The Company's balance sheet at September 30, 1994 continued to show substantial improvement from its balance sheet at September 30, 1993: working capital increased from approximately $15.3 million to approximately $21.9 million; inventory was reduced from approximately $23.4 million to approximately $20.9 million and 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. increased from approximately $27.2 million to approximately $31.5 million. CONCORD CAMERA CORP. is principally engaged in the manufacture and sale of popularly- priced, easy to use, 35 millimeter, 110 cartridge (1) See phono cartridge. (2) A removable storage module that contains magnetic disks, optical discs, magnetic tape or memory chips. Cartridges are inserted into slots in the drive, printer or computer. and single-use cameras which it manufactures and assembles in the People's Republic People's Republic n. A political organization founded and controlled by a national Communist party. of China under the CONCORD, KEYSTONE key·stone n. 1. Architecture The central wedge-shaped stone of an arch that locks its parts together. Also called headstone. 2. The central supporting element of a whole. , LE CLIC CLIC Centre Local d'Information et de Coordination (French) CLiC Climate and Cryosphere (World Climate Research Programme project, Norway) CLIC Compact Linear Collider CLIC Connecticut Licensing Information Center and, for sales outside 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. and Mexico, ARGUS Argus (är`gəs) or Argos (är`gŏs, –gəs), in Greek mythology. 1 Many-eyed monster, also called Panoptes. He guarded Io after she had been changed into a heifer. trade names, as well as under private label. The Company sells and markets its camera products worldwide through direct sales offices in the U.S., Canada, Germany, Hungary, Hong Kong Hong Kong (hŏng kŏng), Mandarin Xianggang, special administrative region of China, formerly a British crown colony (2005 est. pop. 6,899,000), land area 422 sq mi (1,092 sq km), adjacent to Guangdong prov. , Japan, Panama, the U.K., France and though independent sales agents. -0-
CONCORD CAMERA CORP
Consolidated Statements Of Operations
(Unaudited)
Three months ended September 30,
1994 1993
Net sales $14,716,848 $12,484,866
Cost of products sold 9,997,954 7,338,534
Gross profit 4,718,894 5,146,332
Selling expenses 1,676,475 1,261,646
General & administrative
expense 2,129,358 2,188,531
Financial expenses 362,523 412,333
Other (income) expense,
net 57,472 212,202
Income from operations
before income taxes 493,066 1,071,620
Provision for income taxes 1,645 51,798
Net income $ 491,421 $ 1,019,822
Income per common and
common equivalent share $0.05 $0.11
Weighted average number of
common and common equivalent
shares outstanding 10,497,000 9,464,767
CONCORD CAMERA CORP.
Consolidated Balance Sheets
9/30/94 9/30/93
(Unaudited) (Unaudited)
Current Assets:
Cash $3,678,733 $1,675,874
Accounts receivable,
net 8,406,190 9,098,821
Inventories 20,897,695 23,391,906
Prepaid expenses and other
current assets 2,626,610 2,460,126
Total current assets 35,609,228 36,626,727
Plant and equipment,
net 10,126,574 10,463,122
Goodwill, net 1,693,798 1,852,722
Investments in joint
ventures 93,634 116,755
Other assets 2,237,662 2,469,829
Total assets $49,760,896 $51,529,155
Current Liabilities:
Short-term debt $3,509,514 $7,612,083
Current portion of
long-term debt 23,387 24,694
Current obligations
under capital leases 945,692 1,718,961
Accounts payable 6,797,718 8,577,631
Accrued expenses 1,893,218 2,445,271
Income taxes payable 253,323 466,000
Due to officer 100,000 405,170
Other current
liabilities 172,135 120,659
Total current
liabilities 13,694,987 21,370,469
Deferred income taxes 508,443 323,944
Long-term debt 3,281,377 532,756
Obligations under
capital leases 612,057 1,833,235
Other long-term
liabilities 117,386 237,452
Total liabilities $ 18,214,250 $ 24,297,856
Stockholders' equity:
Common stock, no par
value, 20,000,000
authorized; 10,490,526
and 9,464,767 issued
as of September 30,
1994 and 1993 36,935,174 31,146,675
Paid in capital 850,786 850,786
Deficit (5,786,395) (4,313,243)
Less: treasure stock, at cost, 31,999,565 27,684,218
63,553 shares (452,919) (452,919)
Total stockholders'
equity 31,546,646 27,231,299
Total liabilities and
stockholders' equity $49,760,896 $51,529,155
The information contained herein was obtained from the Management of CONCORD CAMERA CORP. and other sources deemed to be reliable. This does not constitute the solicitation solicitation In criminal law, the act of asking, inducing, or directing someone to commit a crime. The person soliciting another becomes an accomplice to the crime. The term also refers to the act of obtaining bribes, as well as to the crime of a prostitute who offers sexual of the purchase or sale of securities. Lippert/Heilshorn & Associates, Inc. is employed by the Company as its investor relations Investor relations The process by which the corporation communicates with its investors. firm and the firm or its officers may have a position in the securities of this client Company. CONTACT: Lippert/Heilshorn & Associates, Inc.
David Frank, 212/838-3777 ext. 128
or
Concord Camera Corp.
Gary Simon, Chief Financial Officer
908/849-8280
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