Cable Link, Inc. Reports Year End Results for 1998.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)--March 16, 1999--Cable Link, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:CBLK CBLK Current Block ) announces its 1998 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. Consolidated sales for the twelve months ending December December: see month. 31, 1998 were $20,567,249 as compared to $10,094,178 an increase of 103.8% over the previous year. Bob Binsky, Chief Executive Officer of Cable Link, stated that this increase in sales was primarily attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to the acquisition of PC & Parts, Inc., dba Auro Computer Systems. The consolidated net income for 1998 was $207,029 or $.12 per share versus a net income of $867,327 or $.54 per share in 1997. Per share income on a diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. basis was $.11 in 1998 versus $.45 in 1997. Cable Link's results were negatively impacted by higher than expected start up expenses in acquiring its Auro Computer subsidiary. Following the acquisition we are concentrating more on service business as a percentage of total revenue. This necessitated hiring many outside resources to get this business started. While sales and profits for the first two months continue to be strong and profitable on the cable side, the computer side continues to incur To become subject to and liable for; to have liabilities imposed by act or operation of law. Expenses are incurred, for example, when the legal obligation to pay them arises. An individual incurs a liability when a money judgment is rendered against him or her by a court. losses. The first quarter of 1999 may not be profitable for Cable Link consolidated due to the fact that we will still require more time to develop the Auro subsidiary. It is our intention to continue to develop Auro's business and take it to profitability within the 1999 fiscal year. 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 Statement of Income
1998 1997
(Audited) (Audited)
Net Sales $20,567,249 $10,094,178
Cost of Goods Sold 15,944,600 6,277,709
Operating Expenses 4,125,499 2,746,073
Total Expenses $20,070,099 $ 9,023,782
Income from Operations $ 497,150 $ 1,070,396
Interest Expense (139,539) (60,541)
Reconciliation with Vendors 112,197
Other Income (Expenses) 3,572 2,824
Income Before Taxes $ 361,183 $ 1,124,876
Provision for Taxes 154,154 257,549
Net Income $ 207,029 $ 867,327
Basic earnings Per Share 0.12 0.54
Weighted average shares
outstanding 1,681,253 1,591,976
Diluted earnings Per Share 0.11 0.45
Weighted average shares
outstanding 1,932,790 1,913,958
Cable Link, Inc and Subsidiary
Consolidated Balance Sheets
1998 1997
December 31 December 31
Assets (Audited) (Audited)
Current Assets
Cash 61,418 204,990
Accounts Receivable 3,228,285 1,135,607
Income taxes receivable 389,023 0
Inventories 2,368,694 1,332,619
Prepaid Expenses 84,044 161,444
Deferred income taxes 198,000 36,500
Covenant not to compete 182,498 --
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Total Current Assets $ 6,511,962 $ 2,871,160
Property & Equipment
Cost 2,043,867 1,466,764
Accumulated Depreciation (1,108,912) (774,125)
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Total Property & Equipment $ 934,955 $ 692,639
Other Assets
Covenant not to compete 45,116 8,235
Deferred tax asset 55,000 --
Goodwill 530,857 --
Other assets 86,369 25,895
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Total other assets $ 717,342 $ 34,130
Total Assets $ 8,164,259 $ 3,597,929
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Liabilities
Current Liabilites
Accounts Payable Trade 2,180,117 765,269
Current portion of long term 45,186 82,354
Short-term obligations 2,776,607 290,957
Income taxes payable 0 138,742
Accrued Expenses 723,715 329,998
Covenant not to compete 152,498 --
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Total current liabilites $ 5,878,123 $ 1,607,320
Long Term Debt 56,229 53,412
Acqusistion bonus 120,000 --
Deferred Income Taxes 0 48,000
Total long-term liabilites $ 176,229 $ 101,412
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Total Liabilities $ 6,054,352 $ 1,708,732
Stockholder's Equity
Current Stockholder's Equity
Common Stock 1,599,523 1,585,842
Retained Earnings 510,384 303,355
Total Stockholders Equity $ 2,109,907 $ 1,889,197
Total Liabilities & Equity $ 8,164,259 $ 3,597,929
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