Earnings out after bell on Firday and looking great. PCNA should have at least a one day run on Monday. The following was reported
Three months ended
LAKE HELEN, Fla.--(BUSINESS WIRE)--April 9, 1999--The Publishing Company of North America, Inc. (Nasdaq:PCNA) today announced that revenues for the quarter and year ended December 31, 1998 were $1,451,350 and $6,371,014 respectively, compared to $4,274,301 and $9,618,958 for the same periods in 1997.
The Company posted a profit of $20,264 ($0.01 per share) for the most recent quarter compared to a profit of $59,167 ($0.01 per share) for the same quarter in 1997. For the year ended December 31, the Company posted a loss of $885,337 ($0.21 per share) in 1998, compared to a loss of $346,242 ($0.08 per share) in 1997.
Year-to-year or quarter-carter comparison is not meaningful because PCNA acquired College Directory Publishing, Inc. (CDP) on July 3, 1997 and sold it on June 10, 1998. CDP recognizes its income in the last half of each year, primarily in the fourth quarter. While CDP generated no revenues in 1998 through June 10 due to its highly seasonal business, the Company incurred expenses totaling $728,416 relating to the operations and sale of CDP. The following table provides those results:
One year ended
December 31, 1998
PCNA CDP(1) Consolidated
Net sales $6,371,014 - $6,371,014
Costs and expenses: 6,593,455 404,693 6,998,148
Loss from operations (222,441) (404,693) (627,134)
Other income (expense) 65,520 (32,683) 32,837
Loss on sale of CDP - (220,744) (220,744)
Loss before taxes (156,921) (658,120) (815,041)
Provision for income taxes - 70,296 70,296
Net loss ($156,921) ($728,416) ($885,337)
One year ended
December 31, 1997
PCNA CDP(1) Consolidated
Net sales $5,925,201 $3,693,757 $9,618,958
Costs and expenses: 6,777,459 3,247,310 10,024,769
Income (loss) from operations (852,258) 446,447 (405,811)
Other income (expense) 123,711 (14,142) 109,569
Loss on sale of CDP - - -
Income (loss) before taxes (728,547) 432,305 (296,242)
Provision for income taxes - 50,000 50,000
Net income (loss) ($728,547) $382,305 ($346,242)
(1) The loss on the sale of CDP and the provisions for income taxes
are shown under CDP because the table has been designed to show PCNA
as an independent company. |
