Columbia Capital Reports First Quarter Results
FORT LAUDERDALE, Fl.--(BUSINESS WIRE)--May 15, 1998--Columbia Capital Corp. (NASDAQ: BB-CLCK)(''the Company'') today reported financial results for the first quarter ended March 31, 1998.
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For the first quarter of fiscal 1998, the company reported net income of $402,171, or $0.03 per share based upon 12,500,000 shares outstanding, compared with net income of $11,561, or $11.56 per share based on 1,000 shares then outstanding, for the first quarter of fiscal 1997. The significant improvement in net income was due primarily to a 142 percent increase in revenues to $2,495,378 from $1,031,797 in the first quarter of 1997, offset in part by an 83 percent increase in expenses to $1,851,541, in the first quarter of 1998 from $1,011,111 in the first quarter of 1997. These increases represent in large part the acquisition of First Independent Computers, Inc., the company's principal operating subsidiary, in September, 1997 and revenues generated from operations since that time.
The company's total assets as of March 31, 1998, increased approximately 24 percent to $3,510,654 from $2,823,521 at March 31, 1997. Shareholders net equity increased approximately 33 percent to $1,614,162 from $1,211,991 for the same period.
Kenneth Klotz, president of the company, stated ''Columbia Capital Corp. has made great progress in increasing the number of accounts that it is servicing. The company anticipates continued growth through the acquisition of additional accounts. Since the beginning of the second quarter, the company has increased the net number of accounts it services from approximately 464,500 on April 1, 1998 to approximately 508,300 as of the date of this announcement.''
The company operates through its wholly owned subsidiary, First Independent Computers, Inc., which is a multi-faceted information service organization. The services provided by the company include credit and debit card services; banking and financial services; and document management and distribution services. The services the company provides to most of its customers serve as a link between consumers, merchants and financial institutions by capturing the initial transaction at the point of sale, giving the merchant credit for that transaction, posting the transaction to the financial institution's accounts receivable and general ledger and ultimately placing the transaction on the customer's statement. The company concentrates on a niche market consisting of small to medium-sized accounts that have achieved adequate economies of scale to operate their own in-house programs and systems.
Forward-looking statements in this press release are necessarily subject to risks and uncertainties, which may affect the accuracies of such statements. Such risks may include any delays in the addition of business or loss of existing customers. For a full discussion of such risks, please refer to the company's Form 10-KSB for the fiscal year ended December 31, 1997 and subsequent filings. The Company undertakes no obligation to update such factors or to publicly announce the results of any revisions to the forward-looking statements contained herein.
Contact:
Columbia Capital Corp.
Charles LaMontagne
Chief Financial Officer
(954) 674-3100
Sounds pretty good to me!
Regards, Jeff
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