Cable Link, Inc. -- Reports Second 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)--Aug. 10, 1999-- Cable Link, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:CBLK CBLK Current Block ) announces its second 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 its subsidiary, PC & Parts, Inc. dba Auro Computer Systems) for the second quarter ending June June: see month. 30, 1999 were $6,198,988 compared to $4,331,464 for the second quarter ending June 30, 1998. This represents an increase of $1,867,524 or 43.1% 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 second quarter of 1999 for the Company was ($203,805) or ($.12) 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 income of $198,051 or $.10 fully diluted earnings per share for the second quarter of 1998. Cable Link continues to show a profit in 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; although, its second quarter sales and profit were below that of the first quarter sales for the period ending March 31, 1999. The consolidated loss continues to be the result of 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 subsidiary. The repositioning of Auro in the second quarter has resulted in less of a loss than the first quarter on 1999 for comparable sales. Auro continues to push forward with new products on the service side of the business and continues to add experienced people in its sales and service areas. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Bob Binsky, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , "We are disappointed with the results in our second quarter. We believe we can do much better. We are entering the second half of our fiscal year with every intention of getting our company to be in a positive earning position." 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. , sells its products and provides computer and network services throughout central Ohio. The Subsidiary also assembles computer hardware components into personal computers for a number of customers located in 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. -0-
CABLE LINK, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
3 Months Ending June 30 6 Months Ending June 30
1999 1998 1999 1998
---------- ----------- ----------- -----------
Net Sales $ 6,198,988 $ 4,331,464 $12,133,639 $ 7,043,631
Cost of goods sold 4,952,468 3,268,808 9,588,173 5,097,745
Operating expenses 1,401,405 797,738 2,789,227 1,476,248
---------- ----------- ----------- -----------
Total expenses 6,353,873 4,066,546 12,377,400 6,573,993
---------- ----------- ----------- -----------
Income (loss)
from operations (154,885) 264,918 (243,761) 469,638
Interest expense (50,300) (13,626) (113,319) (22,472)
Other income 4,802 1,010 196 1,337
---------- ----------- ----------- -----------
Income (loss)
before taxes (200,383) 252,302 (356,884) 448,503
Provision for taxes 3,422 54,251 5,574 88,502
---------- ----------- ----------- -----------
Net Income (loss)
before cumulative
effect of change in
accounting principle (203,805) 198,051 (362,458) 360,001
Cumulative effect
of change in
accounting principle,
net - - (42,246) -
---------- ----------- ----------- -----------
Net income (loss) $ (203,805) $ 198,051 $ (404,704) $ 360,001
---------- ----------- ----------- -----------
---------- ----------- ----------- -----------
Basic earnings (loss)
per share for net
income (loss) after
cumulative effect of
change in accounting
principle $ (0.12) $ 0.12 $ (0.24) $ 0.21
Weighted average
shares outstanding 1,695,076 1,675,386 1,694,680 1,674,647
Diluted earnings
(loss) per share
for net income(loss) $ (0.12) $ 0.10 $ (0.24) $ 0.18
Weighted average
shares outstanding 1,695,076 1,987,038 1,694,680 2,006,090
CABLE LINK, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
June 30 December 31
(Unaudited) (Audited)
---------- -----------
Current Assets
Cash $ 69,838 $ 61,418
Accounts receivable, net 3,244,443 3,228,285
Income tax receivable 126,417 389,023
Inventories 1,801,290 2,368,694
Prepaid expenses 111,080 84,044
Deferred income taxes 198,000 198,000
Covenant not to compete 91,248 182,498
---------- -----------
Total current assets $ 5,642,316 $ 6,511,962
---------- -----------
Property and Equipment
Property and equipment, at cost 1,948,584 2,043,867
Accumulated Depreciation (1,140,199) (1,108,912)
---------- -----------
Total Property and Equipment $ 808,385 $ 934,955
---------- -----------
Other Assets
Covenants not to Compete 42,724 45,116
Goodwill 501,560 530,857
Deferred tax asset 55,000 55,000
Organization cost - 42,246
Deposits 39,599 44,123
---------- -----------
Total other assets 638,883 717,342
Total Assets $ 7,089,584 $ 8,164,259
---------- -----------
---------- -----------
Liabilities
Current Liabilities
Current portion long-term
obligation $ 12,813 $ 45,186
Bank revolving credit line 1,740,912 2,776,607
Accounts payable 2,377,685 2,180,117
Acquisition bonus -- 30,000
Accrued expenses 421,029 448,457
Accrued warranty 197,230 245,258
Covenants not to compete 34,998 152,498
---------- -----------
Total current liabilities $ 4,784,667 $ 5,878,123
---------- -----------
Long-term liabilities
Covenant not to compete 29,166 29,166
Acquisition bonus 120,000 120,000
Note payable-bank 400,000 -
Long-term obligations 41,579 27,063
---------- -----------
Total long-term liabilities $ 590,745 $ 176,229
---------- -----------
Total Liabilities $ 5,375,412 $ 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 105,679 510,384
---------- -----------
Total Stockholders' Equity $ 1,714,172 $ 2,109,907
---------- -----------
Total Liabilities and
Equity $ 7,089,584 $ 8,164,259
---------- -----------
---------- -----------
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion