Colonial Commercial Corp. Reports 69.4% Increase of Quarterly Net Income and 27.4% Increase of Annual Net Income.HAWTHORNE, N.J. -- Colonial Commercial Corp. ("Colonial") (OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. : 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 its financial results for the fourth quarter and year ended December 31, 2005. For the year: --Net income increased 27.4% to $2,115,631 from $1,661,156 in 2004. --Sales increased by 8.5% to $66,690,945 from $61,454,128 in 2004. --Operating income increased by 39.7% to $2,400,424 from $1,717,812 in 2004. --Gross margins increased to 30.3% from 29.9% in 2004. --Shareholders' equity increased by 47.9% to $6,173,567 from $4,173,898 in 2004. --Fully 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. per share income increased to $0.40 from $0.36 in 2004. For the quarter: --Net income increased 69.4% to $775,763 from $457,819 in 2004. --Sales increased by 11.3% to $18,464,129 from $16,594,837 in 2004. --Operating income increased by 44.3% to $991,467 from $687,295 in 2004. --Gross margins increased to 30.9% from 30.4% in 2004. --Fully diluted per share income increased to $0.15 from $0.09 in the 2004 quarter. These improved results reflect increased market penetration Noun 1. market penetration - the extent to which a product is recognized and bought by customers in a particular market penetration - the act of entering into or through something; "the penetration of upper management by women" at two of the Company's subsidiaries, an increase in general industry pricing, above average temperatures during the summer cooling season, and continuing strong product demand. The Company is also benefiting from improved efficiencies at its locations. In the fourth quarter the Company added new product lines to its hydronic hy·dron·ic adj. Of or relating to a heating or cooling system that transfers heat by circulating a fluid through a closed system of pipes. [hydr(o)- + -onic (as in electronic).] heating business and added additional personnel to its commercial sales staff. Sales of commercial control systems also expanded in the fourth quarter. Bernard Korn, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. and Chairman of the Company, said, "We are pleased with our growth, and continue with our plans to expand current locations, open new locations, and look for acquisition opportunities. Our goal is to be a leading provider in the Northeast of quality residential and commercial heating, 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. and high grade plumbing products and accessories." Colonial distributes heating, ventilating ventilating Natural or mechanically induced movement of fresh air into or through an enclosed space. The hazards of poor ventilation were not clearly understood until the early 20th century. Expired air may be laden with odors, heat, gases, or dust. and air conditioning, ("HVAC (Heating Ventilation Air Conditioning) In the home or small office with a handful of computers, HVAC is more for human comfort than the machines. In large datacenters, a humidity-free room with a steady, cool temperature is essential for the trouble-free "), equipment, parts and accessories, climate control systems, and plumbing supplies to HVAC contractors, primarily in the New York metropolitan area New York–Northern New Jersey–Long Island is the most populous metropolitan area in the United States and the third most populous in the world, after Tokyo and Mexico City. through its Universal Supply Group, Inc. ("Universal"), American/Universal Supply Inc. ("American") and The RAL 1. RAL - Rutherford Appleton Laboratory (UK). 2. RAL - An expert system. Supply Group, Inc. ("RAL") subsidiaries. These contractors purchase and install equipment and systems for residential, commercial and industrial users. Universal also provides control system design, custom control panel fabrication fabrication (fab´rikā´sh  n),n the construction or making of a restoration. , technical field support, in-house training and climate control consultation for engineers and installers. It is a leader in the design of direct digital control systems and systems that control multi-location facilities through the Internet. Universal is headquartered in New Jersey, and, with its affiliates, operates out of seven locations in New Jersey; nine in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of and one in Pennsylvania. For more information on Colonial Commercial Corp.'s operations, products and/or services, please visit www.colonialcomm.com. 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. Statement: The foregoing press release contains statements concerning Colonial Commercial Corp.'s financial performance, markets and business operations Business operations are those activities involved in the running of a business for the purpose of producing value for the stakeholders. Compare business processes. The outcome of business operations is the harvesting of value from assets that may be considered "forward-looking" under applicable securities laws. Colonial wishes to caution readers of this press release that actual results might differ materially from those projected in any 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. . Factors which might cause actual results to differ materially from those projected in the forward-looking statements contained herein include the following: 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. These and certain other factors which might cause actual results to differ materially from those projected are detailed from time to time in Colonial's periodic reports and registration statements filed with the Securities and Exchange Commission, which important factors are incorporated herein by reference. Colonial undertakes no obligation to update forward looking statements to reflect changed assumptions, the occurrence of unanticipated events, or changes in future operating results, financial condition or business over time.
COLONIAL COMMERCIAL CORP. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(Unaudited)
3 Months Ended 12 Months Ended
December 31, December 31,
----------------------- -----------------------
2005 2004 2005 2004
----------------------- -----------------------
Sales $18,464,129 $16,594,837 $66,690,945 $61,454,128
Cost of sales 12,758,598 11,549,889 46,507,769 43,069,981
----------- ----------- ----------- -----------
Gross profit 5,705,531 5,044,948 20,183,176 18,384,147
Selling, general and
administrative
expenses, net 4,714,064 4,357,653 17,782,752 16,666,335
----------- ----------- ----------- -----------
Operating income 991,467 687,295 2,400,424 1,717,812
Other income 61,013 80,624 272,597 320,359
Interest expense,
net; (282,364) (253,988) (1,044,454) (875,683)
----------- ----------- ----------- -----------
Income before
income taxes 770,116 513,931 1,628,567 1,162,488
Income tax (benefit)
expense (5,647) 56,112 (487,064) (498,668)
----------- ----------- ----------- -----------
Net income $ 775,763 $ 457,819 $ 2,115,631 $ 1,661,156
=========== =========== =========== ===========
Income per common
share:
Basic $ 0.17 $ 0.11 $ 0.49 $ 0.49
=========== =========== =========== ===========
Diluted $ 0.15 $ 0.09 $ 0.40 $ 0.36
=========== =========== =========== ===========
Weighted average
shares
outstanding:
Basic 4,528,024 4,122,860 4,295,697 3,403,152
=========== =========== =========== ===========
Diluted 5,297,920 5,283,950 5,293,114 4,587,966
=========== =========== =========== ===========
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