Commercial Consolidators Corp. Reports First Quarter 2003 Results.Business Editors TORONTO--(BUSINESS WIRE)--Aug. 6, 2002 Commercial Consolidators Corp. (AMEX AMEX See: American Stock Exchange :ZCC ZCC Zero Core Contribution ZCC zone of calcified cartilage ZCC Zone Compliance Coordinator (State Farm Insurance) ) (FRANKFURT:CJ9), (the "Company") is a diversified diversified (di·verˑ·s distributor of business technologies (cellular phones and accessories, computer hardware, software and solutions) and consumer electronics to the Americas A·mer·i·cas , the See America. (North, South and Central). The Company's head office is located in Toronto Toronto (tərŏn`tō), city (1998 est pop. 2,400,000), provincial capital, S Ont., Canada, on Lake Ontario. Toronto is the largest city in Canada and since the 1970s has been one of the fastest-changing cities in North America, experiencing , Ontario. Today the Company announced its unaudited financial results for the three months ended May 31, 2002. The Company's first quarter unaudited financial results are summarized in the following table:
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Three months ended Three months ended
May 31, 2002 May 31, 2001
(CDN$'s ----CDN GAAP)
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Sales $21,489,214 $34,147,693
Cost of Sales 18,188,799 27,234,047
Gross Profit 3,300,415 6,913,646
Gross Margin 15.4% 20.1%
Expenses 6,185,303 4,809,336
Income - before foreign
Exchange, income taxes, (2,884,888) 2,104,310
and amortization
Net Income (1,896,606) 2,002,441
Net earnings (loss) per share
(basic) (0.10) 0.14
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For the first quarter of fiscal 2003 ended May 31, 2002, sales revenue decreased by approximately $12.6 million, or 37% from approximately $34.1 million to approximately $21.5 million. The decrease was driven by the Company's decision to close the assembly plant in Cuba and reduce operations in Panama. In addition, the wireless products division experienced decreased sales in its core markets. Overall operating and finance expenses as a percentage of sales increased in the first quarter of fiscal 2003 compared to the first quarter of fiscal 2002. This was due to addition of one acquisition and increased interest costs. ON BEHALF OF THE BOARD OF DIRECTORS Leonard S Leon·ard , Ray Charles Known as "Sugar Ray." Born 1956. American boxer who won the 1976 Olympic light welterweight title. He held five world titles as both a welterweight and middleweight between 1979 and 1987. Noun 1. . Black, President Statements about the Company's future expectations, including future revenues and earnings, and all other statements in this press release other than historical facts, are "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. " within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in 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. The Company intends that such forward-looking statements be subject to the safe harbors 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. created thereby. Since these statements involve risks and uncertainties and are subject to change at any time, the Company's actual results could differ materially from expected results. |
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