Company Press Release
biz.yahoo.com
Thursday July 23, 11:01 am Eastern Time
ComTech Consolidation Group, Inc., Confirms 2nd Qtr. Results,
Restates 1st Qtr. Results
HOUSTON--(BUSINESS WIRE)--July 23, 1998--ComTech Consolidation Group, Inc, (OTC BB:CCGI) today reported
financial results for the second quarter ended June 30, 1998, and restates results for the first quarter ended March 31, 1998.
For the second quarter ended June 30, 1998, revenues were $6.2 million, compared to projected sales revenue of $5.1 million
for the same period, an increase of approximately 128%. The company also restated the financial results for the first quarter
ended March 31, 1998, from sales revenues of $290,000 to $1.2 million, an increase of approximately 416%, due to recent
acquisitions by its Baton Rouge, La.-based subsidiary, Professional Management Providers, Inc., which were accounted for
on the pooling of interest method of accounting. Revenues for the six month period ending June 30, 1998 were $7.4 million,
which cannot be compared to results for the same period for 1997, as the company first became public in August of 1997.
The company reported net income of $426,000 or $ .03 per fully diluted share for the second quarter ended June 30, 1998,
compared to projected net income of $365,000 or $ .025 per share or approximately a 124% increase in earnings. The
company also restated the financial results for the first quarter ended March 31, 1998, from a net loss of $42,000 to a net
income of $41,000, a 124% net increase in earnings for the first quarter ended March 31, 1998, due to recent acquisitions
which were accounted for on the pooling of interest method of accounting. Net income for the six month period ending June
30, 1998 were $467,000 or $ .033 per share, which cannot be compared to results for the same period for 1997, as the
company first became public in August of 1997.
''We are pleased to report our positive financial results for the first and second quarters,'' said Roger R Stewart, CEO and
Chairman. ''We are expecting continued significant growth in sales and earnings during the third and fourth quarters of 1998.
The growth is by in large expected as PMP continues to expand operations, through a series of planned acquisitions into key
contiguous Medicare/Medicaid territories, from Alabama west to San Antonio, Texas. With what operations we now have,
plus what new acquisitions we have on the table, we fully expect CCGI to post sales in excess of $25.0 million and earn in
excess of $.12 a share for 1998.''
Statements regarding financial matters in this press release other than historical facts are ''forward-looking statements'' within
the meaning of section 27 A of the Securities Act of 1933, Section 21 E of the Securities Exchange Act of 1934, and as that
term is defined in the Private Securities Litigation Reform Act of 1995. The Company intends that such statements about the
Company's future expectations, including future revenues and earnings, and all other forward-looking statements be subject to
the safe harbors created thereby. Since these statements (future operational results and sales) involve risks and uncertainties
and are subject to change at any time, the Company's actual results may differ materially from expected results. |
