Colonial Commercial Corp. Announces Significant Gains in Third Quarter Sales and Earnings.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)--Nov. 15, 1999-- Cash Earnings Per Share Increase 120% in Third Quarter and 100% in Nine Months (Excluding One-time Securities Gains) 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 ", "CCOMP"), which through its subsidiaries distributes door hardware and heating/air conditioning equipment In telecommunication, the term conditioning equipment has the following meanings:
Architects (master builders) have existed since early in recorded history. The earliest recorded architects include Imhotep (c. , today announced significantly higher sales and earnings from operations for the third quarter and first nine months of its 1999 year. For the three months ended September 30, 1999, sales increased 128% to $14,728,837, compared with sales of $6,467,564 in the third quarter of the previous year. The Company's net income increased 52% to $522,492 ($0.17 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) in the most recent quarter, versus net income of $343,993 ($0.11 per diluted share) in the prior-year period. Cash earnings per diluted share rose 120% to $0.22, compared with cash EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. of $0.10 in the comparable 1998 period. Management defines "Cash earnings per share" as earnings before non-cash charges Non-Cash Charge A charge off, made by a company against earnings, that does not require an initial outlay of cash. Notes: Non-cash charges are typically against the depreciation, amortization, and depletion accounts on a company's balance sheet. for federal income tax and intangibles, reduced by amortization of negative goodwill. "Management was very pleased to report record sales and a 120% increase in cash earnings per share for the third quarter, which for the first time included operating results from our recently-acquired Universal Supply Group subsidiary," stated Bernard Ber·nard , Claude 1813-1878. French physiologist noted for his study of the digestive and nervous systems. Korn, Chief Executive Officer of Colonial Commercial Corp. "We consider cash earnings to be more representative of the Company's operating performance, since most of the income tax provision which we report under GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). accounting rules is sheltered by tax loss carryforwards tax loss carryforward See carryforward. ." "Third quarter sales at Atlantic Hardware and Supply Corp. ("Atlantic") increased 12.8% from prior-year levels, to approximately $7.3 million. Atlantic's orders remained strong during the third quarter and its 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. stood at approximately $11.0 million on September 30, 1999. In light of the firm order backlog, we are optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op that Atlantic's sales and earnings for the full year will exceed 1998 levels." "Universal Supply Group, Inc., which was acquired on July 1, 1999, contributed revenues of $7,431,366 and pretax pre·tax adj. Existing before tax deductions: pretax income. pretax adj [profit] → vor (Abzug der) Steuern earnings of $248,137 to our third quarter results," observed James W. Stewart, Chief Financial Officer of Colonial Commercial Corp. "As we indicated earlier, the acquisition of Universal should more than double our Company's yearly revenues and is already contributing positively to earnings after a smooth integration into the Colonial organization. We look forward to continued growth in sales and earnings at both Atlantic Hardware and Universal Supply." Sales for the nine-month period ended September 30, 1999 totaled $27,057,905, which represented an increase of 45% when compared with sales of $18,613,774 in the corresponding period of the previous year. The Company reported net income of $745,020 ($0.24 per diluted share) in the first nine months of 1999, for a gain of 49% when compared with net income of $498,406 ($0.15 per diluted share), excluding a one-time after-tax gain of $2,029,853 ($0.65 per diluted share) from the sale of securities in the prior-year period. Including the abovementioned a·bove·men·tioned adj. Mentioned previously. n. The one or ones mentioned previously. one-time gain from the sale of securities, net income for the first nine months of 1998 totaled $2,528,259 ($0.80 per diluted share). Cash earnings per diluted share (as defined above), excluding the one-time gain from the sale of securities, doubled to $0.30 in the most recent nine-month period, versus $0.15 for the nine months ended September 30, 1998. "During the past 33 months, Colonial's shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. has increased by more than 61.6% to approximately $11.6 million, which is equivalent to $3.78 per share outstanding," continued Korn. "Our objective is to enhance shareholder values through the continued growth of our current subsidiaries and the selective pursuit of synergistic synergistic /syn·er·gis·tic/ (sin?er-jis´tik) 1. acting together. 2. enhancing the effect of another force or agent. syn·er·gis·tic adj. 1. acquisitions in the future." 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. . The Company's Universal Supply Group, Inc subsidiary distributes 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 and climate controls to building contractors building contractor n → contratista m/f de obras building contractor n → entrepreneur m (en bâtiment) building contractor throughout New Jersey. Colonial's 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
------------------
Sept. 30, Sept. 30,
1999 1998
--------- ---------
Sales $ 14,728,837 $ 6,467,564
Cost of Sales 10,491,700 4,747,628
---------- ---------
Gross Profit 4,237,137 1,719,936
Operating Expenses 3,354,605 1,434,423
--------- ---------
Operating Income 882,532 285,513
Interest and Other Income
(Expense), net (55,133) 115,480
--------- ---------
Income (Loss)
Before Income Taxes 827,399 400,993
Income Taxes 304,907 57,000
--------- ---------
Net Income $ 522,492 $ 343,993
=========== =========
Net Earnings
Per Common Share:
Basic $ 0.34 $ 0.24
=========== =========
Diluted $ 0.17 $ 0.11
=========== =========
Weighted Average Common
Shares Outstanding:
Basic 1,517,814 1,456,544
Diluted 3,147,123 3,120,768
Cash Earnings
Per Diluted Share(a) $ 0.22 $ 0.10
=========== =========
(a) Note: Management defines cash earnings per diluted share are
earnings before non-cash portion of federal income taxes reduced
by net amortization of intangibles.
COLONIAL COMMERCIAL CORP.
AND SUBSIDIARIES
SELECTED FINANCIAL HIGHLIGHTS
(Unaudited)
Nine Months Ended
-----------------
Sept. 30, Sept. 30,
1999 1998
--------- ---------
Sales $27,057,905 $18,613,774
Cost of Sales 19,406,079 13,731,857
----------- ----------
Gross Profit 7,651,826 4,881,917
Operating Expenses 6,415,538 4,291,917
---------- ----------
Operating Income 1,236,288 590,000
Gain of Sale of Securities - 2,101,853
Interest and Other Income
(Expense), net (9,121) 68,406
----------- -----------
Income Before Income
Taxes 1,227,127 2,760,259
Income Taxes 482,107 232,000
------------ ------------
Net Income $ 745,020 $ 2,528,259
------------ ------------
Net Earnings
Per Common Share:
Basic $ 0.50 $ 1.75
============ ===========
Diluted $ 0.24 $ 0.80 (b)
============ ===========
Weighted Average Common
Shares Outstanding:
Basic 1,499,021 1,441,550
Diluted 3,141,194 3,140,712
Cash Earnings
Per Diluted Share(a) $ 0.30 $ 0.80 (b)
============ ===========
(a) Note: Management defines cash earnings per diluted share are
earnings before non-cash portion of federal income taxes reduced
by net amortization of intangibles.
(b) Includes $0.65 from one time gain on sale of securities.
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