Colonial Commercial Corp. Announces Discontinuance of Door Manufacturing Operations.Business Editors LEVITTOWN, N.Y.--(BUSINESS WIRE)--Jan. 12, 2001 Colonial Commercial Corp. ("Colonial") (Nasdaq: "CCOM CCOM Cheshil.com CCOM Conference Council on Ministries (United Methodist Church) CCOM Chicago College of Osteopathic Medicine CCOM Conseil Canadien des Organismes de Motoneige CCOM Call Center Operations Management CCOM Center of Coastal Ocean Mapping ", "CCOMP"), today announced that its subsidiary, Atlantic Hardware and Supply Corporation ("Atlantic") has discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. at its Well-Bilt Steel Products, Inc. subsidiary ("Well-Bilt"). Well-Bilt is a manufacturer of steel doors and frames. Although manufacturing performance in the last three months has improved, Well-Bilt continues to have operating losses. The funds required to bring Well-Bilt to profitable operational performance are not presently available. There will be a special charge of approximately $5,150,000, less any recoveries, to Colonial's Year 2000 consolidated earnings, as a result of the discontinuance of the Well-Bilt operations. Colonial's continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the , which include subsidiaries, Universal Supply Group, Inc. ("Universal") and Atlantic had operating earnings Operating Earnings Profits after subtracting expenses such as marketing, cost of goods sold, administration and general operating costs from revenue. Notes: Tax and interest expenses are not subtracted - operating earnings are synonymous with EBIT (earnings before in the Year 2000. Colonial, through its ownership of Atlantic and Universal, distributes a broad line of contract and architectural door hardware, doors and frames and climate control products and systems to customers located in the eastern United States. The Company is headquartered in Levittown, New York Levittown, a suburb of New York City, is a hamlet and unincorporated political subdivision of New York State located on Long Island in Nassau County, New York. As of the 2000 census, the community had a total population of 53,067. . This press release includes statements that may constitute "forward-looking" statements, usually containing the words "believe", "estimate", "project", "expect" or similar expressions. These statements are 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. provisions 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. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, contained acceptance of the Company's products in the marketplace, competitive factors, dependence upon third-party vendors, and other risks detailed in the Company's periodic report filings with the Securities and Exchange Commission. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release. |
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