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CCOM Group, Inc. Reports 2016 Results

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April 28, 2017 9:00 AM EDT

HAWTHORNE, N.J.--(BUSINESS WIRE)-- CCOM Group, Inc. (“CCOM”) (OTC Pink: “CCOM,” “CCOMP”), announced its financial results for the year ended December 31, 2016.

Results for the year ended December 31, 2016 compared to results for the same period in 2015:

  • Sales increased 7.6% to $87,283,700 from $81,110,848
  • Gross profit increased 8.5% to $23,359,519 from $21,523,619
  • Selling, general and administrative expenses increased 6.4% to $21,980,338 from $20,648,832
  • Operating income increased 57.7% to $1,379,181 from $874,787
  • Net income decreased 7.4% to $713,972 from $771,175; the 2016 amount includes a $150,000 non-cash income tax expense and the 2015 amount includes a $250,000 non-cash income tax benefit
  • Net income per share on a fully diluted basis remained the same at $0.08 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, and S&A 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
Consolidated Balance Sheets
December 31, December 31,
2016 2015
Assets
Current assets:
Cash $ 448,758 $ 577,303
Accounts receivable, net of allowance for doubtful accounts of $1,078,613 and $1,086,213, respectively 10,788,257 10,043,006
Inventory 14,888,025 13,545,954
Prepaid expenses and other current assets   680,039     605,463  
Total current assets 26,805,079 24,771,726
Property and equipment, net 756,050 889,866
Goodwill 1,416,929 1,416,929
Other assets - noncurrent 171,144 179,275
Deferred income tax asset - noncurrent   2,316,500     2,466,500  
$ 31,465,702   $ 29,724,296  
Liabilities and Stockholders' Equity
Current liabilities:
Borrowings under credit facility - revolving credit $ 13,417,855 $ 12,716,527
Notes payable, current portion; includes related party notes of $176,283 and $162,773, respectively 353,208 325,895
Trade payables 3,852,007 3,833,579
Accrued liabilities 1,995,083 1,373,073
Income taxes payable   42,188     420  
Total current liabilities 19,660,341 18,249,494
Convertible notes payable; related parties 100,000 200,000
Notes payable, non-current portion; includes related party notes of $795,879 and $972,161, respectively 877,304 1,160,717
Deferred income tax liability - noncurrent   567,000     567,000  
Total liabilities   21,204,645     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   (2,807,773 )   (3,521,745 )
Total stockholders' equity   10,261,057     9,547,085  
$ 31,465,702   $ 29,724,296  
 
         
CCOM GROUP, INC. AND SUBSIDIARIES
Consolidated Statements of Income
 
For the Years Ended December 31,
2016 2015
Sales $ 87,283,700 $ 81,110,848
Cost of sales   63,924,181     59,587,229  
Gross profit 23,359,519 21,523,619
 
Selling, general and administrative expenses, net   21,980,338     20,648,832  
Operating income 1,379,181 874,787
 
Other income 189,961 192,034

Interest expense, net; includes related party interest expense of $101,464 and$110,684, respectively

  (589,302 )   (538,054 )
Income before income tax (expense) benefit 979,840 528,767
 
Income tax (expense) benefit   (265,868 )   242,408  
Net income $ 713,972   $ 771,175  
 
Income per common share:
Basic $ 0.08   $ 0.08  
Diluted $ 0.08   $ 0.08  
 
Weighted average shares outstanding:
Basic   9,154,928     9,154,945  
Diluted   9,439,540     9,439,557  
 
                             
CCOM GROUP, INC. AND SUBSIDIARIES
Consolidated Statements of Stockholders' Equity
For the Years Ended December 31, 2016 and 2015
 
 
Number of shares

RedeemableConvertiblePreferred Stock

   

CommonStock

   

RedeemableConvertiblePreferred Stock

   

CommonStock

   

Additional Paid-InCapital

   

AccumulatedDeficit

   

TotalStockholders'Equity

 
Balance at December 31, 2014 284,612     9,154,953       $ 14,231     $ 457,747       $ 12,596,866       $ (4,292,920 )     $ 8,775,924  
 
Net Income - - - - - 771,175 771,175
Common Stock purchased and retired -     (25 )       -       (1 )       (13 )       -         (14 )
Balance at December 31, 2015 284,612 9,154,928 $ 14,231 $ 457,746 $ 12,596,853 $ (3,521,745 ) $ 9,547,085
 
Net Income -     -         -       -         -         713,972         713,972  
Balance at December 31, 2016 284,612     9,154,928       $ 14,231     $ 457,746       $ 12,596,853       $ (2,807,773 )     $ 10,261,057  
 
         
CCOM GROUP, INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows
 
For The Years Ended December 31,
2016 2015
Cash flows from operating activities:
Net income $ 713,972 $ 771,175
Adjustments to reconcile net income to net cash (used in)
provided by operating activities:
Deferred income tax expense (benefit) 150,000 (250,000 )
Provision for doubtful accounts 339,551 291,879
Depreciation and amortization 368,323 327,940
Net gain on sale of property and equipment (4,757 ) (6,040 )
Changes in operating assets and liabilities:
Accounts receivable (1,084,802 ) (680,615 )
Inventory (1,342,071 ) 575,695
Prepaid expenses and other current assets (74,576 ) 124,836
Other assets – noncurrent 8,131 (136,029 )
Trade payables 18,428 (926,712 )
Accrued liabilities 622,010 (15,165 )
Income taxes payable 41,768   (15,667 )
Net cash (used in) provided by operating activities (244,023 ) 61,297  
 
Cash flows from investing activities:
Additions to property and equipment (160,991 ) (187,565 )
Proceeds from disposal of property and equipment 11,847   6,040  
Net cash used in investing activities (149,144 ) (181,525 )
 
Cash flows from financing activities:
Repurchase of common stock - (14 )
Repayments of notes payable; includes related party repayments of
$4,012,773 and $3,150,298, respectively (4,186,706 ) (3,317,259 )
Issuance of notes payable, related party 3,750,000 3,000,000
Borrowings under credit facility - revolving credit, net 701,328   776,108  
Net cash provided by financing activities 264,622   458,835  
(Decrease) increase in cash (128,545 ) 338,607
Cash - beginning of year 577,303   238,696  
Cash - end of year $ 448,758   $ 577,303  
 

CCOM Group, Inc.
Peter D. Gasiewicz, 973-427-8224
Chief Executive Officer
or
William Salek, 973-427-8224
Chief Financial Officer

Source: CCOM Group, Inc.


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