Colonial Commercial Corp. Announces Second Quarter Operating Results.Business Editors LEVITTOWN Levittown (lĕv`ət-toun'). 1 Uninc. residential city (1990 pop. 53,286), Nassau co., SE N.Y., on Long Island; founded 1947. Originally about 7 sq mi (18 sq km) of potato fields, it was developed by Levitt & Sons, Inc. , N.Y.--(BUSINESS WIRE)--Aug. 13, 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"), which, through its subsidiaries, distributes doors, door hardware and climate control products and systems to contractors and architectural firms An architectural firm is a company which employs one or more licensed architects and practices the profession of architecture. History Architects (master builders) have existed since early in recorded history. The earliest recorded architects include Imhotep (c. , today announced operating results for the second quarter and first half of the year 2001. For the quarter ended June June: see month. 30, 2001, revenues were $14.3 million, compared with revenues of $16.2 million in the 2000 quarter. Revenues at the Company's Atlantic Hardware and Supply Corporation ("Atlantic") subsidiary decreased 11.7% to $6.6 million. Atlantic's confirmed order backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. approximated $8.6 million at the end of the most recent quarter compared with a backlog of $13.9 million at June 30, 2000. The Company's Universal Supply Group, Inc. subsidiary ("Universal"), reported revenues of $7.7 million for the second quarter compared with revenues of $8.7 million for the three months ended June 30, 2000. For the quarter ended June 30, 2001, Colonial reported net income of $15,574, or $0.01 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, which included net income of $44,366 at Atlantic and $61,239 at Universal compared with a net loss of $462,044, or $0.14 per diluted share, in the second quarter of 2000, which included a $902,776 loss from discontinued operation discontinued operation A segment of a business that has been abandoned or sold or for which plans for one or another of these actions have been approved. See also continuing operations. , net income of $356,402 at Atlantic and $94,131 of net income at Universal. Revenues for the six-month period ended June 30, 2001 were $28.0 million, compared with revenues of $27.8 million in the corresponding period of the prior year. Revenues at Atlantic increased $1.9 million to $13.7 million while revenues at Universal decreased $1.7 million to $14.3 million. For the first half of 2001, the Company reported net income of $42,061, or $0.01 per diluted share, which included net income at Atlantic of $358,891 and a net loss of $208,779 at Universal versus a net loss of $803,143, or $0.25 per diluted share, in the year-earlier period, which included a $1,060,672 loss from discontinued operation, $187,381 of net income at Atlantic and $6,026 of net income at Universal. "With the year 2000 loss from discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. behind us and the fundamental soundness and potential of our 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 , we look to the future optimistically op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op ," commented Bernard Ber·nard , Claude 1813-1878. French physiologist noted for his study of the digestive and nervous systems. Korn This article is about the band. For other uses, see Korn (disambiguation). Korn (or KoЯn) is a band from Bakersfield, California, and are credited with creating and popularizing the nu metal genre. , Chief Executive Officer of Colonial Commercial Corp. "Atlantic and Universal each have reputations built over 50 years for quality and service in their distribution operations. Both have valuable and exclusive distributor relationships with leading manufacturers in their respective industries and capable management seeking to grow market share." About Colonial Commercial Corp. Colonial Commercial Corp, through its ownership of Atlantic Hardware and Supply Corporation and Universal Supply Group, 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 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. . Colonial's products are installed in commercial, residential, and institutional structures, including office buildings, hospitals, prisons, schools, government facilities, homes and high-rise apartment buildings. 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. . 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" (Note: Each share of the Company's convertible preferred stock Convertible Preferred Stock Preferred stock that includes an option for the holder to convert the preferred shares into a fixed number of common shares, usually anytime after a predetermined date. Also known as "convertible preferred shares". is convertible into one share of the Company's common stock. Preferred stockholders will be entitled en·ti·tle tr.v. en·ti·tled, en·ti·tling, en·ti·tles 1. To give a name or title to. 2. To furnish with a right or claim to something: to a dividend, based upon a formula, when and if any dividends are declared de·clare v. de·clared, de·clar·ing, de·clares v.tr. 1. To make known formally or officially. See Synonyms at announce. 2. To state emphatically or authoritatively; affirm. 3. on the Company's common stock). This press release includes statements that may constitute "forward-looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. " 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, 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.
COLONIAL COMMERCIAL CORP.
AND SUBSIDIARIES
SELECTED FINANCIAL HIGHLIGHTS
(Unaudited)
Three Months Ended
------------------
June 30, June 30,
2001 2000
---- ----
Sales $14,318,497 $16,180,110
Cost of Sales 10,377,857 11,580,002
----------- -----------
Gross Profit 3,940,640 4,600,108
Operating Expenses 3,658,106 3,945,604
----------- -----------
Operating Income 282,534 654,504
----------- -----------
Interest and Other Income
(Expense), Net (296,860) (286,072)
----------- -----------
Income (Loss) Before
Income Taxes (14,326) 368,432
Income Taxes (29,900) (72,300)
----------- -----------
Income (loss) from
Continuing Operations 15,574 440,732
Loss from Operation of
Discontinued Segment - (902,776)
----------- -----------
Net Income (Loss) $ 15,574 $ (462,044)
=========== ===========
Net Income (Loss) Per
Common Share:
Basic
Continuing operations $ 0.01 $ 0.29
Loss on discontinued
operation - (0.59)
---------- -----------
Net income (loss)
common share $ 0.01 (0.30)
=========== ===========
Diluted
Continuing operations $ 0.01 $ 0.14
Loss on discontinued
operation - (0.28)
----------- -----------
Net income (loss)
common share $ 0.01 $ (0.14)
=========== ===========
Weighted Average Common
Shares Outstanding:
Basic 1,603,659 1,523,521
Diluted 3,071,094 3,244,307
COLONIAL COMMERCIAL CORP.
AND SUBSIDIARIES
SELECTED FINANCIAL HIGHLIGHTS
-----------------------------
(Unaudited)
Six Months Ended
----------------
June 30, June 30,
2001 2000
---- ----
Sales $28,020,864 $27,784,440
Cost of Sales 20,019,831 19,660,567
----------- -----------
Gross Profit 8,001,033 8,123,873
Operating Expenses 7,306,271 7,661,798
Operating Income 694,762 462,075
Interest and Other Income
(Expense), Net (618,701) (505,146)
--------- ---------
Income (Loss) Before Income
Taxes 76,061 (43,071)
Income Taxes 34,000 (300,600)
--------- ---------
Income (loss) from Continuing
Operations 42,061 257,529
Loss from Operation of
Discontinued Segment - (1,060,672)
--------- ---------
Net Income (Loss) $ 42,061 $ (803,143)
========= ==========
Net Income (Loss) Common
Share:
Basic
Continuing operations $ 0.03 $ 0.17
Loss on discontinued
operation - (0.70)
--------- ----------
Net income (loss) common
share $ 0.03 $ (0.53)
========= ==========
Diluted
Continuing operations $ 0.01 $ 0.08
Loss on discontinued
operation - (0.33)
--------- ----------
Net income (loss) common
share $ 0.01 $ (0.25)
========= ==========
Weighted Average Common
Shares Outstanding:
Basic 1,602,630 1,523,368
Diluted 3,093,569 3,203,290
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