Subj: Photocomm Transition Period
Date: 97-03-18 14:39:15 EST
From: AOLNewsProfiles@aol.net
SCOTTSDALE, Ariz., March 18 /PRNewswire/ -- Photocomm, Inc. (Nasdaq: PCOM)
today reported a $1,388,858 loss for its transition period, September 1
through December 31, 1996. The net loss was largely a result of an
approximate $1,300,000 charge (includes severance for former Company
executives) and a cost of goods adjustment of $547,100 for inventories and
other related items that have been determined to be slow moving or obsolete.
At the February 3, 1997 Board of Directors meeting the Company changed its
fiscal year end to December 31 from August 31.
Newly elected CEO John K. Coors stated, "We are encouraged by the
continued sales growth, margin improvements and earnings which occurred prior
to these one time charges. In addition, taking these adjustments now leaves
the Company with a strong position going into 1997."
UNAUDITED RESULTS Four Months Ended
December 31
1996 1995
Sales revenues $9,705,486 $6,718,802
Cost of sales 7,507,952 5,012,289
Gross profit 2,197,533 1,706,513
Selling, general and
administrative expenses 3,540,050 1,481,310
Operating profit (loss) (1,342,517) 225,203
Interest income (expense) (59,673) (40,178)
Other income (expense) 13,332 37,355
Net income before tax (1,388,858) 222,380
Benefit from tax loss carryforward --- ---
Net income (loss) $(1,388,858) $222,380
Earnings per common share $(0.10) $0.01
The results of operations for this four month period ended December 31,
1996 may not be indicative of results that may be expected for the year ending
December 31, 1997.
The statements made in this report that are not historical facts contain
forward-looking information that involves risks and uncertainties. Important
factors that may cause actual results to differ from such forward-looking
statements include etc. etc.
Looks like a bit of Spring cleaning. It's good to see the new guys
rolling up their sleeves right away. We may be in for some upside
sooner rather than later IMO.
Doug |
