Colonial Commercial Corp. Reports First Quarter 2001 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)--May 15, 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 first quarter of the year 2001. For the quarter ended March 31, 2001, revenues increased 18.1% to $13.7 million, compared with revenues of $11.6 million in the 2000 quarter. The increase in revenues was attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to an increase in sales at the company's Atlantic Hardware and Supply Corporation ("Atlantic") of $2.8 million, offset by a decrease in sales at the company's Universal Supply Group, Inc. ("Universal") of $.7 million. Sales increased at Atlantic due to the timing of shipments from 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. of confirmed contracts. Atlantic's continuing backlog at March 31, 2001 was $11.5 million. The Company reported a net profit of $26,487 for the first quarter of 2001, which includes net income of $314,525 from Atlantic and a net loss of $270,018 from Universal, as compared to net loss of $341,099 for the first quarter of 2000, which included $169,022 of net loss from Atlantic, $88,105 of net loss from Universal and $157,895 of net loss from the discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. of Well-Bilt Steel Products. Colonial 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 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, 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.
COLONIAL COMMERCIAL CORP.
AND SUBSIDIARIES
SELECTED FINANCIAL HIGHLIGHTS
-----------------------------
(Unaudited)
Three Months Ended
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March 31, March 31,
2001 2000
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Net Sales $13,702,367 11,604,330
Cost of Sales 9,641,974 8,080,566
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Gross Profit 4,060,393 3,523,764
Operating Expenses 3,648,165 3,716,194
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Operating Income (Loss) 412,228 (192,430)
Interest and Other Expenses 321,841 219,073
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Income (Loss) from Continuing
Operations
Before Income Taxes 90,387 (411,503)
Income Taxes 63,900 (228,300)
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Income (Loss) from Continuing
Operations 26,487 (183,203)
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Loss from Operations of
Discontinued Segment - (157,896)
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Net Income (Loss) $26,487 (341,099)
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Net Income (Loss) Per Common Share:
Basic
Continuing operations $0.02 (0.12)
Loss on discontinued operation - (0.10)
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Net income (loss) common share $0.02 (0.22)
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Diluted
Continuing operations $0.01 (0.12)
Loss on discontinued operation - (0.10)
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Net income (loss) common share $0.01 (0.22)
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Weighted Average Common Shares
Outstanding:
Basic 1,601,595 1,523,216
Diluted 3,116,043 1,523,216
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