Unbelievable; an actual press release from CN.
biz.yahoo.com
Friday April 14, 3:16 pm Eastern Time
Company Press Release
Calton, Inc. Reports First Quarter Results
RED BANK, N.J.--(BUSINESS WIRE)--April 14, 2000--Calton,
Inc. (AMEX-CN), announced today results for the first quarter ended
February 29, 2000.
Anthony J. Caldarone, Chairman, President and Chief
Executive Officer, announced a net loss of $1.1 million
($.05 per basic and diluted share) for the quarter ended
February 29, 2000 compared to net income of $4.1 million
($.16 per basic share and $.15 per diluted share) for the
quarter ended February 28, 1999. Net income for the quarter
ended February 28, 1999 was comprised primarily of a $3.9
million gain from the sale of Calton Homes, Inc.
The first quarter loss was comprised of a $508,000 loss
recognized on the sale of securities available for sale and
$555,000 from the Company's consolidated operations
including eCalton.com, Inc. and PrivilegeONE Networks, LLC.
Revenues of $1.1 million and $574,000 were recognized for
the three months ended February 29, 2000 and February 28,
1999, respectively. The current quarter revenues include
$325,000 from the consulting agreement with the purchaser of
Calton Homes, interest income of $.5 million and $228,000 of
revenues earned by eCalton. The prior year first
quarter revenues did not include eCalton since it was
acquired in July 1999.
Selling, general and administrative costs for the three
months ended February 29, 2000 were $1.5 million compared to
$310,000 for the three months ended February 28, 1999. These
expenses increased significantly due to the start-up
operations of eCalton and PrivilegeONE in the amounts of $.5
million and $.3 million, respectively. Also included in
selling, general and administrative costs is $232,000 of
costs related to proposed transactions that were abandoned
during the quarter ended February 29, 2000.
The Company continues to evaluate potential acquisitions as
part of its plan to enhance shareholder value.
CALTON, INC. (AMEX)
February 29, February 28,
Quarter ended: 2000 1999
-------------- ----------- -----------
Income (loss) from continuing operations $(1,063,000) $ 159,000
Income from the sale of Calton
Homes, Inc., net - 3,886,000
Income from discontinued operations, net - 92,000
----------- -----------
Net income (loss) $(1,063,000) $ 4,137,000
=========== ===========
Earnings per share
Basic:
Income (loss) from continuing operations $ (.05) $ .01
Income from the sale of Calton Homes, Inc.,
net - .15
Income from discontinued operations, net - -
----------- -----------
Net income (loss) $ (.05) $ .16
=========== ===========
Diluted:
Income (loss) from continuing operations $ (.05) $ .01
Income from the sale of Calton Homes, Inc.,
net - .14
Income from discontinued operations, net - -
----------- -----------
Net income (loss) $ (.05) $ .15
=========== ===========
Basic weighted average
shares outstanding 21,534,000 25,855,000
Diluted weighted average shares outstanding 21,534,000 27,599,000
This press release contains or may contain forward looking
information that is subject to certain risks, trends, and
uncertainties that could cause actual results to differ
materially from expected results. Among these risks, trends,
and uncertainties are matters related to national and local
economic conditions and the effect of
governmental regulation on the Company.
Contact:
Calton, Inc.
Anthony J. Caldarone
Chairman, President, and Chief Executive Officer
(732) 212-1280
Financial news website: www.cfonews.com/cn |
