Colonial Commercial Corp. Announces First Quarter Operating Results.LEVITTOWN, N.Y.--(BUSINESS WIRE)--May 11, 1999-- Revenues Increase 18% -- Operating Income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. Up Tenfold tenfold Adjective 1. having ten times as many or as much 2. composed of ten parts Adverb by ten times as many or as much Adj. 1. Colonial Commercial Corp. (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 ) (Nasdaq:CCOMP), which distributes contract and architectural door hardware, doors and frames, through its ownership of Atlantic Hardware and Supply Corporation, today announced operating results for the first quarter of its 1999 year. For the three months ended March 31, 1999, the Company reported revenues of approximately $6.0 million, which represented an increase of 18% when compared with revenues of approximately $5.1 million in the first quarter of the previous year. The Company reported net income of $151,165, or $0.05 per 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. share, for the most recent quarter, versus a net loss of ($47,554), or ($0.03) per diluted share, in the prior-year period. "We are very pleased to report that Atlantic Hardware and Supply Corporation had an outstanding first quarter," stated Bernard Korn, Chairman and Chief Executive Officer of Colonial Commercial Corp. "Atlantic's sales increased 18% to a record $5,987,085, while an improved product mix resulted in a 28.7% gross profit margin Gross profit margin Gross profit divided by sales, which is equal to each sales dollar left over after paying for the cost of goods sold. gross profit margin A measure calculated by dividing gross profit by net sales. for the quarter, versus 28.2% in the prior-year period. By carefully monitoring costs, management was able to reduce operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. , as a percentage of sales, to 24.9% in the first quarter of 1999, versus 27.8% a year earlier. Record sales, better gross margins and a lower SG&A expense ratio resulted in a greater than a tenfold increase in operating income, to $228,516, compared with $20,412 in the first quarter of last year. "Orders remained strong and Atlantic ended the first quarter with an order backlog of $11.8 million, compared with $10.2 million a year earlier. In light of the firm order backlog and a healthy commercial construction environment in our primary markets, we are optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op that 1999 may be another record-setting year for Atlantic Hardware and Supply. "On March 25, 1999, we announced an agreement to acquire Universal Supply Group, Inc., a leading distributor of heating and air conditioning air conditioning, mechanical process for controlling the humidity, temperature, cleanliness, and circulation of air in buildings and rooms. Indoor air is conditioned and regulated to maintain the temperature-humidity ratio that is most comfortable and healthful. equipment in New Jersey," continued Korn. "The acquisition, which should more than double the annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. sales of our Company to more than $50 million, is on target to close next month. The acquisition of Universal, which has been in business for about 50 years and has a superb reputation for quality products and customer service, will significantly expand Colonial's capabilities as a distributor of building-related products and should complement Atlantic's distribution operations. We are confident that this acquisition is consistent with our strategic objectives and that it should play an important role in the enhancement of shareholder values in coming years." Colonial Commercial Corp., through its ownership of Atlantic Hardware and Supply Corporation, distributes a broad line of contract and architectural door hardware, and doors and frames to customers located in the Eastern 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. . Its products are installed in commercial, residential and institutional structures, including office buildings, hospitals, hotels, schools, government facilities and high-rise apartment buildings. Colonial Commercial Corp. 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. . Its common stock is traded on Nasdaq under the symbol "CCOM", while its convertible preferred shares Preferred shares Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. trade on Nasdaq under the symbol "CCOMP". 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 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. 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, continued 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. -0-
COLONIAL COMMERCIAL CORP.
AND SUBSIDIARIES
SELECTED FINANCIAL HIGHLIGHTS
(Unaudited)
Three Months Ended
Mar 31, Mar 31,
1999 1998
Sales $ 5,987,085 $ 5,082,652
Cost of Sales 4,268,971 3,647,261
----------- -----------
Gross Profit 1,718,114 1,435,391
Operating Expenses 1,489,598 1,414,979
----------- -----------
Operating Income 228,516 20,412
----------- -----------
Interest and Other Income
(Expense), net 32,349 (28,966)
----------- -----------
Income (Loss) Before Income
Taxes 260,865 (8,554)
Income Taxes 109,700 39,000
----------- -----------
Net Profit (Loss) $ 151,165 $ (47,554)
----------- -----------
Net Profit (Loss) Per Common
Share:
Basic $ 0.10 $ (0.03)
=========== ===========
Diluted $ 0.05 $ (0.03)
=========== ===========
Weighted Average Common
Shares Outstanding:
Basic 1,470,367 1,431,767
Diluted 3,125,471 1,431,767
|
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion