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Calton: Earnings News Release
FOR IMMEDIATE RELEASE
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July 14, 2000
FOR FURTHER INFORMATION CONTACT:
-------------------------------
Anthony J. Caldarone
Chairman, President and Chief Executive Officer
Calton, Inc.
(732) 212-1280
Company website: www.caltoninc.com
Calton, Inc. Reports Second Quarter and Six Month Results
RED BANK, N.J., July 14, 2000 --Calton, Inc. (AMEX:CN) announced today
results for the second quarter and first half of fiscal 2000.
Anthony J. Caldarone, Chairman, President and Chief Executive Officer,
announced a net loss of $678,000 ($.16 per basic and diluted share) for
the three months ended May 31, 2000 compared to net income of $574,000
($.13 per basic and $.12 per diluted share) for the three months ended
May 31, 1999. Mr. Caldarone stated that the current quarter loss is
primarily attributable to the losses related to the start-up operations
of eCalton and PrivilegeONE, both of which have been acquired during the
prior twelve months. The comparable quarter of the prior year resulted
in net income, largely the result of the resolution of closing
adjustments on the sale of Calton Homes, Inc.
The Company recorded a net loss of $1.7 million for the six months ended
May 31, 2000 as compared net income of $4.7 million for the six months
ended May 31, 1999. Included in the current year's loss is a $508,000
loss recognized on the sale of securities in addition to losses
recognized from its start up operations.
Revenues for the three and six months ended May 31, 2000 were $1.2
million and $2.3 million, respectively as compared to $.8 million and
$1.4 million for the three and six months ended May 31, 1999. Revenues
increased primarily due to revenues of $327,000 and $555,000 for the
three and six months ended May 31, 2000, from eCalton, which was
acquired in the third quarter of the prior year.
Selling, general and administrative costs for the three and six months
ended May 31, 2000 were $1.6 million and $3.1 million, respectively as
compared to $353,000 and $663,000 for the three and six months ended May
31, 1999. These significant increases are attributable to the operations
of eCalton and PrivilegeONE aggregating $1.0 million and $1.8 million
for the three and six month periods, respectively. In addition, general
and administrative expenses have increased at Calton, Inc. primarily due
to personnel additions and increased professional costs, attributable to
increased acquisition related activities.
There was no tax benefit recorded during this year due to the
uncertainty of realization.
CALTON, INC. (AMEX:CN - news)
Quarter ended May 31, 2000 1999
Income (loss) from
continuing operations $(678,000) $285,000
Income from the sale of
Calton Homes, Inc., net -- 668,000
Loss from discontinued
operations, net -- (379,000)
Net income (loss) $(678,000) $574,000
Earnings per share(a)
Basic:
Income (loss) from continuing
operations $(.16) $.07
Income from the sale of
Calton Homes, Inc., net -- .15
Loss from discontinued
operations, net -- (.09)
Net income (loss) $(.16) $.13
Diluted:
Income (loss) from continuing
operations $(.16) $.06
Income from the sale of
Calton Homes, Inc., net -- .14
Loss from discontinued
operations, net -- (.08)
Net income (loss) $(.16) $.12
Basic weighted average
shares outstanding 4,328,000 4,346,000
Diluted weighted average
shares outstanding 4,328,000 4,619,000
Six Months ended May 31, 2000 1999
Income (loss) from
continuing operations $(1,741,000) $444,000
Income from the sale of
Calton Homes, Inc., net -- 4,554,000
Loss from discontinued
operations, net -- (287,000)
Net income (loss) $(1,741,000) $4,711,000
Earnings per share(a)
Basic:
Income (loss) from
continuing operations $(.40) $.09
Income from the sale of
Calton Homes, Inc., net -- .96
Loss from discontinued
operations, net -- (.06)
Net income (loss) $(.40) $.99
Diluted:
Income (loss) from
continuing operations $(.40) $.09
Income from the sale of
Calton Homes, Inc., net -- .90
Loss from discontinued
operations, net -- (.06)
Net income (loss) $(.40) $.93
Basic weighted average
shares outstanding 4,317,000 4,758,000
Diluted weighted average
shares outstanding 4,317,000 5,043,000
(a) The per share amounts reflect the recapitalization of the Company's
Common Stock whereas the Company effected a one-for-five reverse split.
Prior year per share amounts have been restated.
This press release contains or may contain forward looking information
that is subject to certain risks, trends, and uncertainties that could
cause actual results to differ materially from expected results. Among
these risks, trends, and uncertainties are matters related to national
and local economic conditions and the effect of governmental regulation
on the Company.
End