Cordia Corp Announces First Quarter Results; Net Income of $1.25 Million or $0.22 Per Fully-Diluted Share.Business Editors ORLANDO Orlando, city, United States Orlando (ôrlăn`dō), city (1990 pop. 164,693), seat of Orange co., central Fla., in a lake region; inc. 1875. In a citrus fruit and farm area, it is one of the world's most visited vacation spots. , Fla.--(BUSINESS WIRE)--May 14, 2003 Results Include One-Time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. Gain of $1.55 Million from Sale of Insurance Subsidiary Cordia Corp. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : CORG CORG Combat Operations Research Group ), a provider of telecommunication telecommunication Communication between parties at a distance from one another. Modern telecommunication systems—capable of transmitting telephone, fax, data, radio, or television signals—can transmit large volumes of information over long distances. and Web services (1) Loosely, any online service delivered over the Web. Such usage appears in articles from non-technical sources, but not in IT-oriented publications, because definition #2 below describes the correct use of the term. , announced the results of its operations for the first quarter ending March 31, 2003. Cordia reported revenues of $622,592 for the three-month period ended March 31, 2003, an increase of $546,000 from the approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $76,000 reported revenue for the three-months ended March 31, 2002. The prior year period's revenues were adjusted to reflect the sale of the company's insurance subsidiaries in June June: see month. 2002 and March 2003. Cordia's financial results for the quarter ended March 31, 2003 were bolstered bol·ster n. A long narrow pillow or cushion. tr.v. bol·stered, bol·ster·ing, bol·sters 1. To support or prop up with or as if with a long narrow pillow or cushion. 2. by a one-time gain of $1.55 million from the sale of its insurance subsidiary. With the one-time gain on the sale of the insurance division, Cordia had net income for the quarter ended March 31, 2003, of $1,249,999 or $0.22 per share, compared to a loss of $607,522 or ($0.11) per share for the quarter ended March 31, 2002. Excluding the one time gain of $1.55 million from the sale of the insurance division and the loss attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to the insurance division for the quarter of $140,726, Cordia had a loss from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the of $163,581 or ($0.03) per share. The loss from continuing operations is probably more indicative indicative: see mood. of Cordia's performance for the quarter. Although continuing operations had a loss, management was pleased with Cordia's direction showing an improvement in revenue of $546,000 over the quarter ended March 31, 2002. Patrick Freeman Freeman can mean:
Gross profit divided by sales, which is equal to each sales dollar left over after paying for the cost of goods sold. gross profit margin A measure calculated by dividing gross profit by net sales. of over 50% during the first quarter. We also expect to expand our telecommunications Web services offerings during the balance of 2003." Financial Guidance Cordia issued its second quarter 2003 guidance. The company is targeting 25% revenue growth for the second quarter 2003 as compared to revenues reported in the first quarter 2003. The company expects to report a loss of between ($0.05) and ($0.07) per share in the second quarter 2003 due primarily to increasing marketing expenditures related to the growth of its telecommunications businesses. Cordia Corporation develops and provides industry specific applications, solutions and services. Cordia's primary operations are currently concentrated in the telecommunications industry through its operating subsidiary An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. , Cordia Communications Corp. Cordia recently introduced a bundled bun·dle n. 1. A group of objects held together, as by tying or wrapping. 2. Something wrapped or tied up for carrying; a package. 3. Biology A cluster or strand of closely bound muscle or nerve fibers. wholesale services platform it refers to as "UNE-P UNE-P Unbundled Network Element - Platform in a Box" that permits competitive local and long distance telecommunications providers to rapidly introduce local and long distance services.
CORDIA CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
March 31, December 31,
2003 2002
------------- -------------
ASSETS
Current Assets
Cash $ 18,757 $ 234,770
Accounts receivable, less allowance
for doubtful accounts of $56,390
(2003) and $65,000 (2002) 303,905 507,920
Investments 5,600 3,685
Prepaid expenses and other current
assets 29,200 64,817
Other loans receivable -- 33,649
------------- -------------
TOTAL CURRENT ASSETS 357,462 844,841
------------- -------------
Property and equipment, at cost
Office equipment 13,228 230,660
Equipment -- capital leases -- 58,567
Vehicles -- 16,743
Furniture and fixtures -- 98,376
------------- -------------
13,228 404,346
Less: Accumulated depreciation 3,882 141,140
------------- -------------
NET PROPERTY AND EQUIPMENT 9,346 263,206
------------- -------------
Other Assets
Notes Receivable 750,000 --
Security Deposits 61,850 60,904
------------- -------------
TOTAL OTHER ASSETS 811,850 60,904
------------- -------------
TOTAL ASSETS $ 1,178,658 $ 1,168,951
============= =============
LIABILITIES AND STOCKHOLDERS' EQUITY
(DEFICIT)
Current Liabilities
Book Overdraft $ -- $ 90,946
Accounts payable and accrued
expenses 576,746 1,782,184
Obligation under capital lease,
current portion -- 25,672
Unearned income 105,861 93,237
Loans payable to affiliates -- 9,744
Loans payable-other 23,491 36,103
------------- -------------
TOTAL CURRENT LIABILITIES 706,098 2,037,886
------------- -------------
Noncurrent Liabilities
Obligation under capital lease,
less current portion -- 7,404
------------- -------------
TOTAL NONCURRENT LIABILITIES -- 7,404
------------- -------------
Stockholders' Equity (Deficit)
Preferred stock, $.001 par value;
5,000,000 shares authorized, no
shares issued and outstanding -- --
Common stock, $.001 par value;
20,000,000 shares authorized,
5,761,211 (2003) and 5,701,211
(2002) shares issued and
outstanding 5,761 5,701
Additional paid-in capital 4,071,079 3,956,739
Common stock subscribed 44,500 60,000
Accumulated deficit (3,623,780) (4,873,779)
------------- -------------
497,560 (851,339)
Less Treasury stock, 10,000 common
shares at cost (25,000) (25,000)
------------- -------------
TOTAL STOCKHOLDERS' EQUITY (DEFICIT) 472,560 (876,339)
------------- -------------
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY (DEFICIT) $ 1,178,658 $ 1,168,951
============= =============
CORDIA CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
For the Three Months Ended
March 31,
-------------------------------
2003 2002
------------- -------------
Revenues
Telecommunications revenue $ 612,592 --
Other 10,000 76,409
------------- -------------
622,592 76,409
------------- -------------
Operating Expenses
Resale and wholesale line charges 297,191 --
Payroll and payroll taxes 161,117 108,751
Advertising and promotion 71,164 7,857
Professional and consulting fees 112,762 172,563
Depreciation 1,248 437
Insurance 18,066 5,084
Office expense 8,578 2,166
Telephone 13,769 1,606
Rent and building maintenance 13,771 6,000
Other selling, general and
administrative 94,603 8,222
------------- -------------
792,269 312,686
------------- -------------
Operating Loss (169,677) (236,277)
------------- -------------
Other Income (Expenses)
Income (loss) on investments 2,800 (31,343)
Other income 3,633 --
Interest expense (337) (727)
------------- -------------
6,096 (32,070)
------------- -------------
Loss From Continuing Operations (163,581) (268,347)
------------- -------------
Income (Loss) from Discontinued
Operations
Loss from operations of
discontinued segments (140,726) (339,175)
Gain on disposal 1,554,306 --
------------- -------------
1,413,580 (339,175)
------------- -------------
Net Income (Loss) $ 1,249,999 $ (607,522)
============= =============
Income (Loss) per Share $ 0.22 $ (0.11)
============= =============
Weighted Average Shares Outstanding 5,722,537 5,461,713
============= =============
This release contains 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. that involve risks and uncertainties. Cordia's actual results may differ materially from the results discussed in the forward-looking statements. Factors that might cause such a difference include, among others, availability of management; availability, terms, and deployment Installing, setting up, testing and running. This military term, which means the placement of troops and equipment in the field, is widely used with computers as an alternate to the word "implementation. of capital; Cordia's ability to successfully market its services to current and new customers, generate customer demand for its product and services in the geographical ge·o·graph·ic also ge·o·graph·i·cal adj. 1. Of or relating to geography. 2. Concerning the topography of a specific region. ge areas in which Cordia can operate, access new markets, all in a timely manner, at reasonable cost and on satisfactory terms and conditions, as well as regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. , legislative and judicial developments that could cause actual results to vary in such forward-looking statements. |
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