Commercial Consolidators Reports Year End Sales Up 12%.Business Editors TORONTO--(BUSINESS WIRE)--July 24, 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) )(TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:CCZ CCZ Cyber Condition Zebra (Washington Naval Yard) CCZ Command and Control Zone CCZ Carlet-Charpin-Zinoviev (Equivalence Relation of Functions) )(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 (North, South and Central). The Company's head office is located in Toronto, Ontario. Sales revenue increased 12% to $115.5 million for the year ended February 28, 2002 from $103.5 million for the year ended February 28, 2001. Net after tax earnings for the year decreased 8.8% to $3.0 million, or $0.15 per 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. share, from $3.3 million, or $0.18 per fully diluted share, for the same period last year. The Company's financial results are summarized in the following table:
----------------------------------------------------------------------
Year ended Year ended
Feb. 28, 2002 Feb. 28, 2001
(CDN$000's - CDN GAAP)
----------------------------------------------------------------------
Sales $115,548 $103,506
Cost of sales 96,485 83,114
Gross Profit 19,063 20,391
Gross Margin 16.5% 19.7%
Expenses 16,300 16,751
Income - before foreign
exchange, income taxes, and 2,762 3,641
amortization of goodwill
Income Margin 2.4% 3.5%
Net income $ 3,031 $ 3,325
Net earnings per share
(fully diluted) $ 0.15 $ 0.18
----------------------------------------------------------------------
For the fiscal year, sales growth reflects a full 12-months sales contribution from the three acquisitions successfully made during fiscal'01. Overall operating and finance expenses as a percentage of sales decreased in the fiscal year compared to fiscal 2000. Profit margins were lower during the fiscal year due to a shift in the sales mix sales mix See product mix. . As announced in our Q3 financial statements for the nine months ending Nov.30'01, some changes were made to the Company's accounting policies in an effort to align our statements more in accordance with US GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). , which requires certain expenditures to be expensed in the period incurred. Subsequently, audited revenue is $115.5 million vs. the $119.2 million reported in the management-prepared unaudited figure previously announced on May 15, 2002. Similarly, the audited net income is $3.0 million vs. the $5.7 million reported in the previously reported management-prepared unaudited figure. As the Company has expanded organically and by acquisition, specifically over the past two years, considerable capital was deployed to facilitate this growth and to ensure our sales momentum could be maintained, some of which was required to be expensed under US GAAP. "Our overall fiscal 2002 performance reflect the Company's continued growth in an extremely challenging environment," states Commercial Consolidators Corp.'s Chief Executive Officer, Mr. Guy Jarvis. "We are encouraged by our successful diversification over the past two years, both by products and by geographic markets." ON BEHALF OF THE BOARD OF DIRECTORS Guy Jarvis, Chief Executive Officer 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. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion