Cable Link, Inc. -- Reports First Quarter Results for 1999.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 11, 1999-- Cable Link, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:CBLK CBLK Current Block ) announces its first quarter 1999 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. 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 Company (Cable Link, Inc, and PC & Parts, Inc. dba Auro Computer Systems) for the first quarter ending March 31, 1999 were $5,934,651 compared to $2,712,166 for the first quarter ending March 31, 1998. This represents an increase of $3,222,485 or 118.8% over the previous year for the same period. The increase in sales is primarily attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to the inclusion of sales of the Subsidiary. Net losses for the first quarter of 1999 for the Company were ($200,899) or ($0.11) 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 $161,949 or $.08 fully diluted earnings per share for the first quarter of 1998. Cable Link, Inc, is showing a continued profit stream from its 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. division. The loss has been due to the company's repositioning repositioning Laparoscopic surgery The changing of a Pt's position during a procedure to improve access or visualization of the operative field, which may be linked to complications, as it changes anatomic planes of operation. Cf Laparoscopic surgery. of its PC & Parts, Inc. dba Auro Computer Systems division from primarily a hardware supplier to a services provider. Bob Binsky, Chief Executive Officer of Cable Link, also announces that Carla Cole has been brought on board at Auro Computer Systems as President. Carla, a former executive with Sarcom (a computer hardware and services provider), brings with her a wealth of experience in the computer services Data processing (timesharing, batch processing), software development and consulting services. See service bureau, SaaS and ASP. industry. Due to the fact that the repositioning to a service company at PC & Parts will be an ongoing process during 1999, the Company expects that its second quarter may still report a loss. Mr. Binsky stated that the Company is pleased to see the progress it is making in accomplishing the CATV goals and that he is confident that the computer acquisition will prove to be a benefit for the Company as the positioning takes place. Cable Link sells new, used and refurbished cable TV equipment in addition to repairing equipment for cable companies within 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 various international markets. The Company operates both its administrative and manufacturing operations Manufacturing operations concern the operation of a facility, as opposed to maintenance, supply and distribution, health, and safety, emergency response, human resources, security, information technology and other infrastructural support organizations. from a single leased facility in Columbus, Ohio Columbus is the capital and the largest city of the American state of Ohio. Named for explorer Christopher Columbus, the city was founded in 1812 at the confluence of the Scioto and Olentangy rivers, and assumed the functions of state capital in 1816. . PC & Parts, Inc, dba Auro Computer Systems, a wholly-owned subsidiary, located in Westerville, Ohio Westerville is a city in Franklin and Delaware Counties in the U.S. state of Ohio. It is a suburb of Columbus. The population was 35,318 at the 2000 census. Geography Westerville is located at (40.123496, -82. , assembles computer hardware components into personal computers for a number of customers located in Ohio. The Subsidiary also sells its products and provides computer and network services throughout central Ohio. Cable Link is a public company and trades over the counter on the bulletin board (OTCBB OTCBB See OTC 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. SOURCE Cable Link, Inc. 05/11/99 CONTACT: Marla Goins Hipsher of Cable Link, Inc., 614/221-3131 or 800/399-1371 WEB SITE: http://www.cable-link.com (CBLK) -0-
CABLE LINK, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
3 Months Ending March 31
1999 1998
----------- -----------
Net Sales $ 5,934,651 $ 2,712,166
Cost of goods sold 4,635,705 1,828,937
Operating expenses 1,387,822 678,510
----------- -----------
Total expenses 6,023,527 2,507,447
Income (loss) from operations (88,876) 204,719
Interest expense (63,019) (8,846)
Other income(expenses) (4,606) 327
Income (loss) before taxes (156,501) 196,200
Provision for taxes 2,152 34,251
----------- -----------
Net Income (loss) before cumulative
effect of change in accounting
principle (158,653) 161,949
Cumulative effect of change in accounting
Principle, net (42,246) -
Net income (loss) $ (200,899) $ 161,949
----------- -----------
----------- -----------
Basic earnings (loss) per share for
net income (loss) after cumulative
effect of change in accounting
principle $ (0,12) $ 0.10
Weighted average shares outstanding 1,694,275 1,673,889
Diluted earnings (loss) per share for
net income (loss) after cumulative
effect of change in accounting
principle $ (0.11) $ 0.08
Weighted average shares outstanding 1,827,383 2,008,605
CABLE LINK, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
1999 1998
March 31 December 31
Assets (Unaudited) (Audited)
----------- -----------
Current Assets
Cash $ 104,099 $ 61,418
Accounts receivable, net 2,887,166 3,228,285
Income tax receivable 128,676 389,023
Inventories 1,718,947 2,368,694
Prepaid expenses 61,576 84,044
Deferred income taxes 198,000 198,000
Covenant not to compete 136,873 182,498
----------- -----------
Total current assets $ 5,235,337 $ 6,511,962
----------- -----------
Property and Equipment
Property and equipment, at cost 1,914,350 2,043,867
Accumulated Depreciation (1,071,476) (1,108,912)
----------- -----------
Total Property and Equipment 842,874 934,955
----------- -----------
Other Assets
Covenants not to Compete 43,920 45,116
Goodwill 516,209 530,857
Deferred tax asset 55,000 55,000
Organization cost - 42,246
Deposits 43,123 44,123
----------- -----------
Total other assets 658,252 717,342
Total Assets $ 6,736,463 $ 8,164,259
----------- -----------
----------- -----------
Liabilities
Current Liabilities
Current portion long-term
obligation $ 28,743 $ 45,186
Bank revolving credit line 2,474,038 2,776,607
Accounts payable 1,376,868 2,180,117
Acquisition bonus 15,000 30,000
Accrued expenses 526,642 600,955
Accrued warranty 220,965 245,258
----------- -----------
Total current liabilities 4,642,256 5,878,123
----------- -----------
Long-term liabilities
Covenant not to compete 29,166 29,166
Acquisition bonus 120,000 120,000
Long-term obligations 27,062 27,063
----------- -----------
Total long-term liabilities 176,228 176,229
----------- -----------
Total Liabilities $ 4,818,484 $ 6,054,352
----------- -----------
Stockholders' Equity
Current Stockholders, Equity
Common stock 1,472,357 1,463,387
Additional paid-in capital 136,136 136,136
Retained earnings 309,486 510,384
----------- -----------
Total Stockholders' Equity 1,917,979 2,109,907
----------- -----------
Total Liabilities and Equity $6,736,463 $8,164,259
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