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Press Release Source: ValCom, Inc. ValCom Reports Triple-Digit Revenue Growth for Third Quarter And First Nine Months of 2002 Thursday August 22, 9:15 am ET Quarterly Revenues Grow 292.4% Year Over Year; Nine-Month Increase Is 407.8% VALENCIA, Calif., Aug. 22 /PRNewswire-FirstCall/-- Vince Vellardita, President and CEO of ValCom, Inc. (OTC Bulletin Board: VACM; Frankfurt XETRA: VAM) today commented on the Company's financial results for the third quarter and first nine months of fiscal 2002, as filed recently with the Securities and Exchange Commission on Form 10Q. ADVERTISEMENT Revenues for the three months ended June 30, 2002 increased by $2,702,591, or 292.4%, from $924,297 for the three months ended June 30, 2001 to $3,626,888 for the same period in 2002. For the nine months ended June 30, 2002, revenues grew from $1,774,458 for the nine months ended June 30, 2001 to $8,938,786 for the same period in 2002, an increase of $7,164,328 or 407.8%. The increases in revenue for the three- and nine-month periods were principally due to added sales across divisions, reflecting the benefits of vertical integration of the Company's studio Rental and Production divisions. The Company's net loss increased from a loss of $683,950, or $(0.07) per share, for the three months ended June 30, 2001 to $838,364, or $(0.09) per share, for the same period in 2002. This stemmed primarily from an interest expense increase of $554,777, or 345.8%, due principally to interest associated with paying off a $1.1 million convertible note ahead of schedule. By contrast, the Company's nine-month net loss decreased from a loss of $2,600,116, or $(0.28) per share for the nine months ended June 30, 2001 to $569,473, or $(0.06) per share, for the same period in 2002. "We are pleased to have outperformed the revenue targets we released on June 9. As we expected then, we posted revenues of $3.6 million for the quarter and have more than quadrupled revenues for the nine-month period, from $1.8 million last year to $8.9 million this year," Mr. Vellardita stated. "Although we had anticipated positive earnings this quarter, the Company's decision to decrease expenses in the long run, by paying off a loan ahead of schedule to reduce our cost of capital, has only deferred recording positive earnings," Mr. Vellardita noted. "Increased production and development costs also contributed to the loss, offset by substantial growth in revenues, decreased selling and promotion costs and lower G&A expenses -- down 32.7% for the quarter and 17.2% for the nine months. "The Company was recognized by Los Angeles Business Journal as one of the top 200 Largest Public Southern California companies, and we anticipate substantial growth in the quarters to come." About ValCom, Inc. Based in Valencia, California, ValCom, Inc. is a full-service, vertically integrated entertainment company whose business operations are comprised of six primary divisions: studio, film and television, camera/equipment rentals, post-production, broadcast television ownership and publishing. The Company owns/operates 12 acres of land and approximately 200,000 square feet of commercial buildings with 12 film and television production sound stages. ValCom maintains long-term contracts with Paramount Pictures for their hit CBS's series "JAG" and Disney's Fox Family popular show, "Power Rangers." Its equipment/camera rental business, Half-day Video, is a leading competitor in the Hollywood community. Digital Cut Post, Inc. is an industry leader in non-linear Post Production, with 22 Avid suites in Los Angeles, CA. Some of Digital Cut Post's clients and films include: Steven Soderbergh and George Clooney; "Highbinders" and "Half Past Dead" for Screen Gems; "Time Cop 2" for Universal; and "Wild and Crazy Kids" for Nickelodeon. Under the Company's production division, ValCom produces television and film projects with "Woody Fraser Productions" and for broadcasters such as "Ultimate Revenge" and "What Are The Odds?" for TNN. ValCom Broadcasting (Channel 8) out of Palm Springs will begin broadcasting in September 2002. The company will utilize its infrastructure of its full-service television and motion picture studios, as well as its wholly owned library, to provide original content at minimal costs and with plans to acquire additional television stations. Under ValCom Publishing, BRENTWOOD Magazine is a bi-monthly affluent entertainment magazine with cover stories featuring top celebrities such as George Clooney, Harrison Ford, Mel Gibson, and Tom Hanks. ValCom's clients include: Warner Bros., Universal, MGM, HBO, NBC, Twentieth Century Fox, Disney, CBS, Sony, Showtime, and the USA Network. For additional information call Ms. Shari Edwards at 661-257-8000 or go to: valcom.tv This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1955. Any "forward-looking statements" are subject to certain risks and uncertainties that could cause actual results to differ materially from those stated. Any statements that are not historical fact (including without limitation statements to the effect that ValCom, Inc. or its management "believes," "expects," "anticipates," "plans," "looks forward" and similar expressions) should be considered forward-looking statements. Factors that could cause actual results to differ from those indicated by such forward-looking statements include, the demand for ValCom's products and service offerings, inability to recognize deferred services and maintenance, expansion of ValCom's business or increases in its revenues, profits or cash flows, seasonal variations in results, competitive conditions in the industry, changes in technology, stock price volatility, the ability of the Company to attract and retain key personnel, general economic conditions as well as other risks and uncertainties detailed in the Company's filings with the Securities and Exchange Commission. VALCOM, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) Three months ended Nine months ended June 30, June 30, 2002 2001 2002 2001 Revenue Rental $787,952 $542,461 $2,743,572 $1,066,331 Production 2,838,936 279,426 6,195,214 576,926 Other 0 102,410 0 131,201 Total 3,626,888 924,297 8,938,786 1,774,458 Cost and Expenses: Production 2,760,600 179,895 5,683,232 451,666 Selling and promotion 37,006 86,801 79,119 217,873 Depreciation and amortization 180,570 35,040 315,410 250,397 General and administrative 771,881 1,146,093 2,295,988 2,774,261 Total 3,750,057 1,447,829 8,373,749 3,694,197 Operating Income (loss) (123,169) (523,532) 565,037 (1,919,739) Interest expense (715,195) (160,418) (1,134,510) (680,377) Net loss $(838,364) $(683,950) $(569,473) $(2,600,116) Net loss per common share Basic $(0.09) $(0.07) $(0.06) $(0.28) Diluted $(0.09) $(0.07) $(0.06) $(0.28) -------------------------------------------------------------------------------- Source: ValCom, Inc. | ||||||||||||||
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