JESSICA EBELHAR/LAS VEGAS REVIEW-JOURNAL
Cheddar, a 2-year-old ginger tabby, sits on owner Rebecca Lemons lap on the Strip Tuesday. Lemon and her boyfriend, Nick Tisomos, make money from tourists who want to take photos of the cat. In March, the Clark County Commission put a curfew in place for animals on the Strip, banning them from noon to 5 am each day. The change in law was prompted by tourist complaints of animal cruelty fielded by the Las Vegas Valley Humane Society. Buythisphoto
HAWTHORNE, N.J., May 14, 2012 (BUSINESS WIRE) –
Colonial Commercial Corp. (“Colonial”) (otcqb:”CCOM)(otcqb:” “CCOMP”), today
announced its financial results for the first quarter ended March 31,
2012.
Results for the first quarter of 2012 compared to results for the first
quarter of 2011:
–
Sales increased 20.1% to $18,091,774 from $15,061,973
–
Gross profit increased 8.9% to $4,548,590 from $4,178,467
–
Selling, general and administrative expenses increased 2.2% to
$5,412,348 from $5,296,442
–
Operating loss decreased 22.7% to $(863,758) from $(1,117,975)
–
Net loss decreased 23.9% to $(963,590) from $(1,265,779)
–
Net loss per share on a fully diluted basis decreased to $(0.11) from
$(0.20) per share
William Pagano, Chief Executive Officer of Colonial, said, “The 20%
increase in Q1 year-over-year sales follows an 11% increase in Q4
year-over-year sales. New product offerings, increased market
penetration and improved capitalization all contributed to these gains.
We look forward to a continuation of our recent improvements.”
About Colonial Commercial Corp.
Colonial distributes heating, ventilating and air conditioning,
(“HVAC”), equipment, parts and accessories, climate control systems,
customized control panels, and plumbing and electrical supplies and
equipment to professional contractors in the states of New York, New
Jersey, Massachusetts, Connecticut and eastern Pennsylvania through its
subsidiaries; Universal Supply Group, Inc.,
www.usginc.com ,
The RAL Supply Group, Inc.,
www.ralsupply.com ,
American/Universal Supply Division,
www.ausupplyinc.com ,
and S&A Supply, Inc.,
www.sasupplyinc.com .
The Company also distributes home appliances to dealer groups and
appliance stores through its Goldman Universal division. The Company is
headquartered in New Jersey, and, with its affiliates, operates out of
19 locations in its geographic trading area. For more information on
Colonial’s operations, products and/or services, please visit
www.colonialcomm.com .
Safe Harbor Statement
The foregoing press release may contain statements concerning Colonial
Commercial Corp.’s financial performance, markets and business
operations that may be considered “forward-looking” under applicable
securities laws. Colonial cautions readers of this press release that
actual results might differ materially from those projected in any
forward-looking statements. Factors which might cause actual results to
differ materially from any results that are projected in the
forward-looking statements 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. 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.
(Financial Highlights Follow)
COLONIAL COMMERCIAL CORP. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
March 31, December 31,
2012 2011
———– ————
(Unaudited)
Assets
Current assets:
Cash $ 423,402 $ 271,697
Accounts receivable, net of allowance for doubtful accounts of 8,240,480 10,057,598
$435,959 and $652,449, respectively
Inventory 12,518,073 12,035,597
Prepaid expenses and other current assets 1,106,354 1,413,531
———– ————
Total current assets 22,288,309 23,778,423
Property and equipment 971,669 949,912
Goodwill 1,416,929 1,416,929
Other assets 414,091 428,532
———– ————
$25,090,998 $26,573,796
=========== ============
Liabilities and Stockholders’ Equity
Current liabilities:
Borrowings under credit facility – revolving credit $11,525,510 $11,991,407
Notes payable, current portion; includes related party notes of 745,667 384,630
$382,009 and $32,009, respectively
Trade payables 5,584,310 5,681,928
Accrued liabilities 1,208,116 1,476,776
Income taxes payable 586 586
———– ————
Total current liabilities 19,064,189 19,535,327
Convertible notes payable-related party 200,000 200,000
Notes payable, non-current portion; includes related party notes of 1,929,448 1,977,518
$790,012 and $798,014, respectively
———– ————
Total liabilities 21,193,637 21,712,845
———– ————
Commitments and contingencies
Stockholders’ equity:
14,653 14,653
Redeemable convertible preferred stock, $.05 par value, 2,500,000
shares authorized, 293,057 shares
issued and outstanding,
liquidation preference of $1,465,285
Common stock, $.05 par value, 20,000,000 shares authorized, 457,747 457,747
9,154,953 shares issued and outstanding
Additional paid-in capital 12,659,782 12,659,782
Accumulated deficit (9,234,821) (8,271,231)
———– ————
Total stockholders’ equity 3,897,361 4,860,951
———– ————
$25,090,998 $26,573,796
=========== ============
COLONIAL COMMERCIAL CORP. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(Unaudited)
For The Three Months Ended
March 31,
--------------------------------
2012 2011
---------- ----------
Sales $ 18,091,774 $ 15,061,973
Cost of sales 13,543,184 10,883,506
---------- ----------
Gross profit 4,548,590 4,178,467
Selling, general and administrative expenses 5,412,348 5,296,442
---------- ----------
Operating loss (863,758) (1,117,975)
Other income 54,249 63,968
Interest expense, net; includes related party interest of $14,869 (154,081) (211,772)
and $15,830, respectively
---------- --- ---------- ---
Net loss $ (963,590) $ (1,265,779)
=== ========== === === ========== ===
Net loss per common share:
Basic and diluted $ (0.11) $ (0.20)
=== ========== === === ========== ===
Weighted average shares outstanding:
Basic and diluted 9,154,953 6,194,953
========== ==========
COLONIAL COMMERCIAL CORP. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(Unaudited)
For Three Months Ended
March 31,
---------------------------
2012 2011
--------- ----------
Cash flows from operating activities:
Net loss $ (963,590) $ (1,265,779)
Adjustments to reconcile net loss to net cash provided by operating
activities:
Provision for doubtful accounts 123,184 71,100
Depreciation 93,667 94,493
Net loss on disposal of fixed assets - 739
Changes in operating assets and liabilities
Accounts receivable 1,693,934 1,022,115
Inventory (482,476) 404,175
Prepaid expenses and other current assets 307,177 147,419
Other assets - noncurrent 14,441 (27,540)
Trade payables (97,618) (995,218)
Accrued liabilities (268,660) (384,503)
Income taxes payable - (2,360)
--------- ---------- --
Net cash provided by (used in) operating activities 420,059 (935,359)
--------- ---------- --
Cash flows from investing activities:
Additions to property and equipment (57,274) (29,786)
Proceeds from disposal of property and equipment - 3,000
--------- ----------
Net cash used in investing activities (57,274) (26,786)
--------- -- ---------- --
Cash flows from financing activities:
Repayments of notes payable; includes related party repayments of
$8,002
in 2012 and 2011 (95,183) (268,984)
Issuance of notes payable, related party 350,000 -
Issuance of common stock - 2,250,000
Repayments under credit facility - revolving credit, net (465,897) (963,160)
--------- -- ---------- --
Net cash (used in) provided by financing activities (211,080) 1,017,856
--------- -- ----------
Increase in cash 151,705 55,711
Cash - beginning of period 271,697 75,390
--------- ----------
Cash - end of period $ 423,402 $ 131,101
== ========= == == ========== ==
SOURCE: Colonial Commercial Corp.
Colonial Commercial Corp.
William Pagano
Chief Executive Officer
or
William Salek, (973) 427-8224
Chief Financial Officer
Copyright Business Wire 2012
Financial Glossary
Words used in this article:
We have to be the voice for animals. If humans arent, then who is? said Schulz, a German shepherd owner who serves as executive director and founder of On Angels Wings, a pet rescue in Crystal Lake.
Shed written emails and mailed letters before, but that December morning was the first time she was compelled to physically protest any cause in person.
We have to be that change that we want to see in others, Schulz said. It wasnt like (the case) was in California or Texas and we couldnt do something about it. We were afraid hed get nothing and get off.
The Phillip Rinn case, which is due for sentencing May 31, drew groups of protesters to the Kane County Judicial Center in St. Charles. As court continuances dragged on, the crowds dwindled, but its a safe bet some will return with protest signs later this month when the 43-year-old mans case is back in court.
Horrible crimes like murder, domestic abuse and child sexual assault appear in court almost daily without protesters standing out in the cold or sitting through a dry legal proceeding to make their feelings known.
So why do some care so much about Rinns case? Why no demonstrations when it comes to cases of human tragedy?
Mylan Engel, a Northern Illinois University professor of philosophy who specializes in animal ethics, said part of the anger is fueled by the media grabbing onto a story, but also the desire to make a difference.
We have a selective concern, he said. People show up to protest because they really want the judge to take the case seriously and give a stiff sentence instead of a slap on the wrist.
Engel noted that just because throngs arent protesting other cases doesnt mean people dont care, dont want to help, or value animals more than humans.
If the perceived injustice is strong enough, people will take to the streets or the courthouse steps, he said, noting the marches and demonstrations prompted by the Feb. 26, 2012, shooting death of unarmed 17-year-old Trayvon Martin in Florida.
Rinn initially faced a misdemeanor charge after the November 2010 beating of Magda, a then-1½-year-old shepherd-Labrador mix, but the allegations were upgraded to a felony because of his record.
He spent 30 days in jail and was ordered to perform 200 hours of community service after being found guilty of a 1993 charge that he chained his dog up, dragged it behind his vehicle and then detached it and ran over it to kill it.
A judge rejected Rinns claims that the dog had rabies and tried to bite his wife.
Rinns attorney, Ned Khan, could not be reached for comment.
People are wondering how it is even possible that, after dragging a dog, how is it possible that he can ever have another animal? Engel asked. Its this totally innocent animal that cant get away and you abuse it. People are outraged that theres this severe violation of trust thats going on.
If its a matter of violating trust, why not more outrage over people charged with child abuse or battery of a pregnant woman?
Gretchen Vapnar, executive director of the Community Crisis Center, an emergency domestic violence shelter in Elgin, said some people still wrongly blame an adult for being in an abusive relationship and question why the person doesnt just leave.
When people first think about it, they believe an adult has some choice that an animal does not, Vapnar said, adding that some others wrongly believe a victim did something to deserve the abuse.
Michelle Meyer, executive director of Mutual Ground, a domestic abuse shelter in Aurora, said she doesnt like to compare animal abuse to domestic violence, but said the two are linked as studies have shown people who abuse animals are usually violent toward humans as well.
Its really hard to compare the two, Meyer said. People should be protesting when a victim of domestic abuse is hurt or murdered. I would love to see more protests and passion surrounding victims of domestic violence. Whats important to know is a lot of times (domestic violence) victims dont have a choice either. The shelters and agencies, theyre often the voice for the victim.
Rinn entered a guilty plea in March to the felony animal cruelty charge. Judge Timothy Sheldon will hear arguments in aggravation from prosecutors and mitigating factors from the defense attorney before issuing a sentence.
The conviction carries a maximum one- to three-year prison term, but probation also is an option. A different judge already has ruled that Rinn cant have his dog back, and its since been adopted to another owner.
Between now and May 31, Sheldon is likely to hear numerous opinions on what is a just sentence. Ellen Day, director and founder of Friends of the Animal Kingdom, a Bloomingdale-based group that operates an emergency food shelter for pet owners in financial need, is encouraging people to write letters to the judge.
There should be no tolerance toward that type of behavior. We live in a civilized society, Day said. There is no reason in the world anybody should do something like that.
Day, who founded the group in 2003, has not demonstrated outside the courthouse, but feels compelled to make her opinion known on behalf of Rinns former dog and pets everywhere.
This particular defendant has a prior history of violence to domestic animals, in this case dogs, Day said. They need to send this particular defendant a strong message that this type of behavior is not acceptable. (Animal abuse) is a crime, not a traffic ticket. They dont have a voice like us where they can speak. We have to be their voice.