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CCOM Group, Inc. (CCOM: OTC Pink Limited) | CCOM Group, Inc. Reports 2016 First Quarter Results

CCOM Group, Inc. Reports 2016 First Quarter Results

May 05, 2016

OTC Disclosure News Service

CCOM Group, Inc. (“CCOM”) (OTC Pink: “CCOM,” “CCOMP”), announced its
financial results for the quarter ended March 31, 2016.

Results for the quarter ended March 31, 2016 compared to results for the
same period in 2015:

  • Sales increased 14.9% to $17,878,764 from $15,556,262
  • Gross profit increased 7.1% to $4,940,991 from $4,611,326
  • Selling, general and administrative expenses increased 5.0% to
    $5,461,201 from $5,201,329
  • Operating loss decreased 11.8% to $520,210 from $590,003
  • Net loss decreased 8.7% to $617,777 from $676,559
  • Net loss per share on a fully diluted basis remained the same at
    $(0.07) per share

About CCOM Group, Inc.

CCOM Group, Inc. (“CCOM”) distributes heating, ventilating and air
conditioning equipment (HVAC), parts and accessories, whole-house
generators, climate control systems, and plumbing and electrical
fixtures and supplies, primarily in New Jersey, New York, Massachusetts
and portions of eastern Pennsylvania, Connecticut and Vermont through
its subsidiaries: Universal Supply Group, Inc., www.usginc.com,
The RAL Supply Group, Inc., www.ralsupply.com,
American/Universal Supply Division, www.ausupplyinc.com,
and SA Supply, Inc., www.sasupplyinc.com.
CCOM is headquartered in New Jersey, and, with its affiliates, operates
out of 17 locations in its geographic trading area. For more information
on CCOM’s operations, products and/or services, please visit www.ccomgrp.com.

(Financial Highlights Follow)

 

 

 

 

 

 

 

CCOM GROUP, INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

 

March 31,

December 31,

2016

2015

(Unaudited)

 

Assets

Current assets:

Cash

$

421,805

$

577,303

Accounts receivable, net of allowance for doubtful accounts
of
$1,093,282 and $1,086,213, respectively

9,644,732

10,043,006

Inventory

18,521,018

13,545,954

Prepaid expenses and other current assets

920,511

777,757

Deferred tax asset

 

170,000

 

 

170,000

 

Total current assets

29,678,066

25,114,020

Property and equipment

832,545

889,866

Goodwill

1,416,929

1,416,929

Other assets – noncurrent

4,363

6,981

Deferred tax asset – noncurrent

 

2,296,500

 

 

2,296,500

 

$

34,228,403

 

$

29,724,296

 

Liabilities and Stockholders’ Equity

Current liabilities:

Borrowings under credit facility – revolving credit

$

13,334,755

$

12,716,527

Notes payable – current portion; includes related party notes
of
$2,166,050 and $162,773, respectively

2,323,100

325,895

Trade payables

6,243,877

3,833,579

Accrued liabilities

1,550,443

1,373,073

Income taxes payable

 

420

 

 

420

 

Total current liabilities

23,452,595

18,249,494

Convertible notes payable, excluding current portion-related party

200,000

200,000

Notes payable, excluding current portion; includes related party
notes
of $929,399 and $972,161, respectively

1,079,500

1,160,717

Deferred tax liability – noncurrent

 

567,000

 

 

567,000

 

Total liabilities

 

25,299,095

 

 

20,177,211

 

 

Commitments and contingencies

Stockholders’ equity:

Redeemable convertible preferred stock, $.05 par value,
2,500,000
shares authorized, 284,612 shares issued and
outstanding,
liquidation preference of $1,423,060

14,231

14,231

Common stock, $.05 par value, 20,000,000 shares authorized,
9,154,928
shares issued and outstanding

457,746

457,746

Additional paid-in capital

12,596,853

12,596,853

Accumulated deficit

 

(4,139,522

)

 

(3,521,745

)

Total stockholders’ equity

 

8,929,308

 

 

9,547,085

 

$

34,228,403

 

$

29,724,296

 

 

 

 

 

 

 

 

 

 

CCOM GROUP, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Operations

(Unaudited)

 

For the Three Months Ended

March 31,

2016

2015

Sales

$

17,878,764

$

15,556,262

Cost of sales

 

12,937,773

 

 

10,944,936

 

Gross profit

4,940,991

4,611,326

 

Selling, general and administrative expenses, net

 

5,461,201

 

 

5,201,329

 

Operating loss

(520,210

)

(590,003

)

 

Other income

43,517

44,872

Interest expense, net; includes related party interest
of
$29,666 and $29,598, respectively

 

(141,084

)

 

(131,428

)

Net loss

$

 

(617,777

)

$

 

(676,559

)

 

 

Loss per common share:

Basic and diluted

$

(0.07

)

$

(0.07

)

 

Weighted average shares
outstanding:

Basic and diluted

 

9,154,928

 

 

9,154,953

 

 

 

 

 

 

 

 

 

 

 

 

CCOM GROUP, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

(Unaudited)

For The Three Months Ended

March 31,

2016

2015

Cash flows from operating activities:

Net loss

$

(617,777

)

$

(676,559

)

Adjustments to reconcile net loss to net cash
used in
operating activities:

Provision for doubtful accounts

31,405

54,868

Depreciation

87,991

76,946

Net gain on sale of fixed assets

(957

)

Changes in operating assets and liabilities

Accounts receivable

366,869

867,939

Inventory

(4,975,064

)

(2,648,467

)

Prepaid expenses and other current assets

(142,754

)

(105,962

)

Other assets – noncurrent

2,618

11,443

Trade payables

2,410,298

665,740

Accrued liabilities

177,370

191,557

Income taxes payable

 

(16,087

)

Net cash used in operating activities

(2,660,001

)

(1,578,582

)

 

Cash flows from investing activities:

Additions to property and equipment

(37,760

)

(4,941

)

Proceeds from disposal of property and equipment

8,047

 

 

Net cash used in investing activities

(29,713

)

(4,941

)

 

Cash flows from financing activities:

Repayments of notes payable: includes related party
repayments
of $789,485 and $786,459 respectively

(834,012

)

(822,554

)

Issuance of notes payable, related party

2,750,000

1,500,000

Repayments under credit facility – revolving credit, net

618,228

 

995,914

 

Net cash provided by financing activities

2,534,216

 

1,673,360

 

(Decrease) increase in cash

(155,498

)

89,837

Cash – beginning of period

577,303

 

238,696

 

Cash – end of period

$

421,805

 

$

328,533

 

 

Copyright © 2016 Businesswire. All Rights Reserved

The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.

Article source: http://www.otcmarkets.com/stock/CCOM/news?id=131066

Starpharma Holdings Ltd. (SPHRY: OTCQX International) | VivaGel active against Zika virus

VivaGel active against Zika virus

May 04, 2016

OTC Disclosure News Service

Abbotsford, VIC, Australia

This release includes additional documents. Select the link(s) below to view.

160505 VivaGel active against Zika virus.pdf

Copyright © 2016 OTC Markets. All Rights Reserved

The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.

Article source: http://www.otcmarkets.com/stock/SPHRY/news?id=131002

George Will takes on #FannieGate, says GSEs ‘should never have existed’

Well, it seems we can’t go some-more than a few days but a prominent, inhabitant media celebrity commenting on a fortitude and station of Fannie Mae and Freddie Mac, how a government-sponsored enterprises finished adult in conservatorship, and what’s successive for a GSEs.

Last month, Rolling Stone’s Matt Taibbi wrote that there was a organisation swindling behind a bailout and successive takeover of Fannie and Freddie, and that a organisation is scheming to palm a housing financial complement over to a large banks.

And now, no reduction than George Will has weighed in on “#FannieGate,” a now viral movement first lonesome by HousingWire.

ICYMI: #FannieGate includes some Fannie and Freddie shareholders, many of that explain that a government’s “sweep” of all of a GSEs’ increase was unwarranted, unwanted and maybe even illegal.

In what appears to be a syndicated column, speckled on DelawareOnline.com, Will writes about a “misadventures of Fannie and Freddie,” and it’s transparent from reading Will’s square that not usually does he consider a GSEs stream standing is unsustainable and unhealthy, he also thinks a origination of Fannie and Freddie was a hulk mistake.

 Will’s square starts out:

Gigantic government’s complexity and opacity yield countless opportunities for opportunists to act unrestrained by transparent law or effective supervision. Today’s example, involving a government’s sequestration of hundreds of billions of dollars, facilities 3 sets of unpleasant actors — a rapacious sovereign government, a few sidestep supports nimble during exploiting a co-mingling of organisation and a private sector, and dual supernatural institutions that should never have existed.

Like Taibbi before him, Will recaps a now-familiar story of how a GSEs finished adult in conservatorship, along with a lead-up to and execution of a argumentative “Third Amendment Sweep,” that transfers any increase from a GSEs directly to a government.

Since being placed into conservatorship, Will writes that a GSEs have returned to financial health, notwithstanding a vociferous throng that feels otherwise, generally in a arise of Freddie Mac reporting a loss Tuesday morning, a second in a final 6 months after 4 true years of profits.

“Fannie and Freddie have recuperated profitably,” Will writes. “They also have been nationalized.”

Will also delves into a Fannie and Freddie investors whose shares tight and saw their division opportunities disappear after a sweep, as good as a sidestep supports that bought into a GSES meditative an exit from conservatorship would lead to a financial windfall.

Here’s Will again:

Many people and village banks invested in Fannie and Freddie in good faith and have been harmed by a government’s distinction confiscation. Granted, a few rich people would turn some-more so from legal cancellation of a “third amendment.” This, however, is during many an evidence opposite formulating a dignified jeopardy fundamental in GSEs. It is not an evidence for permitting a supernatural inlet of these institutions to clear riotous option by a organisation as self-interested as those who would distinction from confining a organisation with law.

Will goes on to review a GSE investors, and privately a sidestep funds, to a “speculators” who bought adult state debts on a inexpensive after a Revolutionary War, usually to have those debts paid in full as partial of Alexander Hamilton’s devise to infer that a newly shaped United States was financially stable.

And those associating in a early days of a U.S. or fans of a Broadway pound “Hamilton” (of that Will might be both for all we know) are wakeful of what happened next.

Here’s Will’s closer:

Alexander Hamilton successfully argued for assumption. Thomas Jefferson and his allies reluctantly acquiesced in sell for a some-more southern plcae for a nation’s new capital.

Which is because Washington is where it is. Fannie’s and Freddie’s misadventures illustrate because Washington is what it is.

Read Will’s full mainstay here.

Article source: http://www.housingwire.com/blogs/1-rewired/post/36963-george-will-takes-on-fanniegate-says-gses-should-never-have-existed

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