Cable Link, Inc. -- Reports First Quarter 2000 Results.Business Editors & High Tech Writers COLUMBUS Columbus. 1 City (1990 pop. 178,681), seat of Muscogee co., W Ga., at the head of navigation on the Chattahoochee River; settled and inc. 1828 on the site of a Creek village. , Ohio--(BUSINESS WIRE)--May 16, 2000 Cable Link, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CBLK CBLK Current Block ) announces its first quarter 2000 consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: financial results today. In February February: see month. 2000, the Company (Cable Link, Inc. and its wholly-owned subsidiary, PC & Parts, Inc. dba Auro Computer Services Data processing (timesharing, batch processing), software development and consulting services. See service bureau, SaaS and ASP. ) decided to close the Subsidiary and operations ceased on February 21, 2000. 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 for the Parent for the first quarter ending March 31, 2000 were $2,078,664 compared to $3,163,075 for the first quarter ending March 31, 1999. This represents a decrease of $1,084,411 or 34% over the previous year for the same period. Net income for the first quarter of 2000 for the Company was $267,344 or $0.14 fully diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of versus net loss of $(200,899) or $(0.11) fully diluted earnings per share for the first quarter of 1999. This amount includes income (loss) from operations of the 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: division. The early part and to some extent the first six months of 2000 will reflect the changeover (programming) changeover - The time when a new system has been tested successfully and replaces the old system. in the CATV (Community Antenna TV) The original name for cable TV. It used a single antenna at the highest location in the community in order to deliver a quality signal to homes in areas with hilly terrain or other interference. industry from analog to digital equipment, especially in the converter (1) A device that changes one set of codes, modes, sequences or frequencies to a different set. See A/D converter. (2) A device that changes current from 60Hz to 50Hz and vice versa. box area. At Cable Link, Inc. we are positioning ourselves to be able to switch much of our revenue stream historically received from converter box sales to amplification amplification /am·pli·fi·ca·tion/ (33000) (am?pli-fi-ka´shun) the process of making larger, such as the increase of an auditory stimulus, as a means of improving its perception. equipment, new equipment, foreign sales, inventory management programs, and business to business solutions that we believe will make a larger difference in our future starting with the second half of our fiscal year. Cable Link is a public company and trades over the counter on the bulletin board (OTCBB) under the symbol CBLK. This press release may include statements, which 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. made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provision 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. These statements are subject to risk and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors, which would cause or contribute to such differences include, but are not limited to, factors detailed in the Company's Securities and Exchange Commission Filings.
CABLE LINK, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
3 Months Ending March 31,
2000 1999
---------- ----------
Net Sales $2,078,664 $3,163,075
---------- ----------
Cost of Goods Sold 1,225,747 2,073,846
Operating Expenses 798,649 784,014
---------- ----------
Total Expenses 2,024,396 2,857,860
---------- ----------
Income from Operations 54,268 305,215
Interest Expense (13,019) (31,337)
Other Income (Expenses) 273 (10,211)
---------- ----------
Income Before Taxes 41,522 263,667
Provision for Taxes -- 60
---------- ----------
Income from Continuing operations 41,522 263,607
Discontinued operations
inc (loss) from operations of
discontinued division 225,822 (422,260)
---------- ----------
Net income (loss) before cumulative
effect of change in principle, net 267,344 (158,653)
---------- ----------
Cumulative effect of change
in accounting principle, net -- (42,246)
---------- ----------
Net income (loss) $ 267,344 $(200,899)
---------- ----------
---------- ----------
Basic Earnings Per Share:
Income from continuing operations $ 0.03 $ 0.16
Income (loss) on discontinued
operations 0.13 (0.25)
Cumulative effect of change in
accounting principle - (0.03)
---------- ----------
Net income (loss) $ 0.16 $ (0.12)
---------- ----------
---------- ----------
Weighted average shares
outstanding 1,696,924 1,694,275
Diluted Earnings Per Share:
Income from continuing operations $ 0.02 $ 0.14
Income (loss) on discontinued
operations 0.12 (0.23)
Cumulative effect of change in
accounting principle - (0.02)
---------- ----------
Net income (loss) $ 0.14 $ (0.11)
---------- ----------
---------- ----------
Weighted average shares
outstanding 1,927,847 1,827,383
CABLE LINK, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
2000 1999
March 31 December 31
(Unaudited) (Audited)
----------- -----------
Assets
Current Assets
Cash $ 132,144 $ 213,113
Accounts receivable, net 1,424,398 2,060,469
Income tax receivable 67,060 144,000
Inventories 1,419,456 1,557,257
Prepaid expenses 103,182 40,182
Deferred income taxes 517,000 517,000
Property & equipment available
for sale 49,325 50,000
Deposits 11,850 15,359
----------- -----------
Total current assets $ 3,724,415 $ 4,597,380
----------- -----------
Property and Equipment
Property and equipment, at cost 1,474,465 1,426,367
Accumulated depreciation (912,268) (865,466)
----------- -----------
Total Property and Equipment 562,197 560,901
----------- -----------
Other Assets
Deferred tax asset 94,000 94,000
Deposits 26,739 27,238
----------- -----------
Total other assets 120,739 121,238
----------- -----------
Total Assets $ 4,407,351 $ 5,279,519
----------- -----------
----------- -----------
CABLE LINK, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
2000 1999
March 31 December 31
(Unaudited) (Audited)
----------- -----------
Liabilities
Current Liabilities
Current portion long-term
obligations $ 9,117 $ 19,958
Note Payable - Bank 1,417,718 2,216,218
Accounts payable 1,483,435 1,251,975
Accrued expenses 242,865 497,231
Accrued loss on discontinued
operations 143,286 433,448
Covenants not to compete 11,664 29,164
----------- -----------
Total current liabilities 3,308,085 4,447,994
Long-term obligations 745 24,855
----------- -----------
Total Liabilities $ 3,308,830 $ 4,472,849
----------- -----------
Stockholders' Equity
Current Stockholders' Equity
Common stock 1,496,864 1,472,357
Additional paid-in capital 136,136 136,136
Retained deficit (534,479) (801,823)
----------- -----------
Total Stockholders' Equity 1,098,521 806,670
----------- -----------
Total Liabilities and
Stockholders' Equity $ 4,407,351 $ 5,279,519
----------- -----------
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