(BSNS WIRE) Cole Computer Corporation Announces Record Revenues and Huge Tu
Cole Computer Corporation Announces Record Revenues and Huge Turnaround in
Profitability for Fiscal Year 2001
Business Editors & High-Tech/Retail Writers
OKLAHOMA CITY--(BUSINESS WIRE)--April 17, 2002--Cole Computer
Corporation (the "Company") (OTCBB:COLV), an Oklahoma City-based white
box system builder of personal computers, announced today financial
results for Fiscal Year 2001.
Total Revenues increased 18% with sales of $10,996,181 for the
year 2001 as compared to $9,287,004 for year 2000. Major contracts
from the United States Air Force and several school districts in
Oklahoma and Texas provided the increase in revenue. Our General
Service Administration (GSA) contract provided $148,725 in revenue for
2001.
Cost of Sales decreased to 82% as a percentage of revenue from 87%
in '00. This decrease comes from the improvements made in inventory
purchasing and control. The continued agreement with Lasertech to
provide credit lines and warehouse management expertise contributed
significantly in these efforts.
Selling expenses as a percentage of total revenue decreased to 11%
from 17% in '00. This reflects the Company's efforts to bring all
expenses more in line with revenue and is primarily a $158,000
decrease in labor costs and a decrease of $75,000 in advertising
expense.
General and administrative costs as a percentage of total revenue
decreased to 7% from 12% in '00. This decrease was due to a $250,000
reduction in payroll expenses. In addition, legal and outside
accounting expenses were reduced by $76,000.
In 2001, the Company made a huge turnaround in profitability, from
a net loss of $1,788,710 in 2000 to a profit of $27,676. Efficiencies
realized in cutting overhead and increasing gross margins are the main
items that contributed to this turnaround. The Company believes that
this trend will continue during 2002.
"The credit for this huge turnaround in profitability belongs to
John Ruth, our president, our store managers, and our employees,"
stated Brad Cole, founder and CEO of Cole Computer Corporation.
Cole Computer Corporation manufactures and sells wholesale and
retail "Ready-to-Go" and customized personal computers. Each system is
built with quality components and given the Cole Computer personal
touch. Additionally, the Company sells components to repair, upgrade
or build complete personal computers. Cole Computer's corporate
strategy combines the custom-designed personal computer built to your
specifications, coupled with the "small town" personalized service.
Cole Computer Corporation is an authorized AND(R) reseller. For more
information on these goods and services, visit the Cole Computer
e-commerce Web site at okcmasters.com or one of the
Company's 13 retail outlets operating under the trade name "Computer
Masters" in Oklahoma, Arkansas and "Your Computer Masters Store" in
Texas. Quote for referenced ticker symbols: COLV
Except for factual information contained herein, certain matters
set forth in this press release are forward-looking statements that
are subject to uncertainties, including, but not limited to,
government regulation, taxation, spending, competition, general
economic conditions and other risk factors.
--30--MJB/ho*
CONTACT: Cole Computer Corporation, Oklahoma City
Brad Cole, 888/479-9093 or 405/491-7300
Fax: 405/491-7361
brad.cole@colecomputer.net
or
Computer Masters Stores
John Ruth, 888/479-9093 or 405/491-7300
KEYWORD: OKLAHOMA TEXAS ARKANSAS
INDUSTRY KEYWORD: COMPUTERS/ELECTRONICS CONSUMER/HOUSEHOLD
HARDWARE MANUFACTURING RETAIL EARNINGS
SOURCE: Cole Computer Corporation
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