Concord Camera Corp. Announces the Filing of Its Quarterly Report on Form 10-Q for the Second Quarter and Six Months of Fiscal 200612 February 2006
Concord Camera Corp. ("Concord" or "Company")(NASDAQ: LENS) yesterday reported (see attached tables) financial resultsfor the second quarter and first six months of Fiscal 2006 which endedDecember 31, 2005 and announced that it filed its Quarterly Report on Form10-Q for the Second Quarter Fiscal 2006 with the Securities and ExchangeCommission.
About Concord Camera Corp.
Concord Camera Corp., through its subsidiaries, is a global producer ofpopularly priced, single-use, digital and 35mm traditional cameras. Concordmarkets its cameras under the trademarks POLAROID, CONCORD, CONCORD EYE Qand JENOPTIK. Concord sells and markets its camera products through directsales offices in the United States, Canada, Germany, Hong Kong, the PeoplesRepublic of China, the United Kingdom, Japan and France and throughindependent sales agents. The Polaroid trademark is owned by PolaroidCorporation and is used by Concord under license from Polaroid. CONCORDand CONCORD EYE Q are trademarks and/or registered trademarks of ConcordCamera Corp. in the United States and/or other countries. The JENOPTIKtrademark is owned by Jenoptik AG and is used by Concord under license fromJenoptik AG. Learn more about Concord Camera Corp. atwww.concord-camera.com.
Except for the historical information contained herein, statements in thispress release are forward-looking and are made pursuant to the safe harborprovisions of the Private Securities Litigation Reform Act of 1995.Investors are cautioned that forward-looking statements involve risks anduncertainties which may affect the Company's business and prospects,including the risks discussed under "Risk Factors" and disclosures in theCompany's Annual Report on Form 10-K, as amended, for the fiscal year endedJuly 2, 2005 and subsequently filed reports. Such forward-lookingstatements include, without limitation, statements regarding our ability tomeet expected filing dates for our periodic reports; statements regardingour ability to meet customer demands and fulfillcustomer service obligations; statements regarding anticipated or expectedresults of the implementation of our strategic plan, including the 2005restructuring initiatives, the 2005 and 2006 cost-reduction initiatives,additional cost-reduction initiatives, possible new business initiativesand anticipated financial benefits of eliminating our reliance oninternally designed and manufactured digital cameras and increasing thedesign, co-development and purchase of digital cameras from contractmanufacturers, the viability of marketing and selling digital cameras andcompeting in the digital camera market, the cost structure requirementsneeded to maintain a presence in the digital camera market and to marketand sell digital cameras; and statements regarding the development of ourbusiness, anticipated revenues or capital expenditures, expected costreductions, our ability to improve gross profit margin on the sale of ourproducts and projected profits or losses. Any forward-looking statementscontained in this press release represent our estimates only as of the datehereof, or as of such earlier dates as are indicated, and should not berelied upon as representing our estimates as of any subsequent date. Whilewe may elect to update forward-looking statements in the future, wedisclaim any intent or obligation to do so, even if our estimates change.
Concord Camera Corp. and SubsidiariesCondensed Consolidated Balance Sheets
(in thousands) December 31, 2005 July 2, (Unaudited) 2005 ----------------- -----------------AssetsCurrent Assets: Cash and cash equivalents $ 43,322 $ 8,016 Restricted cash 2,000 - Short-term investments - 35,200 Accounts receivable, net 21,564 31,860 Inventories 21,723 36,382 Deferred compensation assets 7,652 8,711 Prepaid expenses and other current assets 1,805 2,708 --------- --------- Total current assets 98,066 122,877Property, plant and equipment, net 15,816 16,672Other assets 5,418 7,207 --------- --------- Total assets $ 119,300 $ 146,756 ========= =========Liabilities and Stockholders’ EquityCurrent Liabilities: Short-term borrowings under financing facilities $ 3,824 $ 2,936 Accounts payable 16,532 32,257 Accrued expenses 16,236 14,108 Deferred compensation liabilities 7,467 8,688 Other current liabilities 2,518 3,127 --------- --------- Total current liabilities 46,577 61,116Other long-term liabilities 1,710 3,337 --------- --------- Total liabilities 48,287 64,453Commitments and contingenciesStockholders’ equity: Blank check preferred stock, no par value, 1,000 shares authorized, none issued - - Common stock, no par value, 100,000 shares authorized; 30,925 shares issued as of December 31, 2005 and July 2, 2005 143,518 143,518 Additional paid-in capital 5,102 4,853 Deferred share arrangement 624 624 Accumulated deficit (72,614) (61,075) --------- --------- 76,630 87,920 Less: treasury stock, at cost, 1,735 shares as of December 31, 2005 and July 2, 2005 (4,993) (4,993) Less: common stock held in trust, 509 shares as of December 31, 2005 and July 2, 2005 (624) (624) --------- --------- Total stockholders’ equity 71,013 82,303 --------- --------- Total liabilities and stockholders’ equity $ 119,300 $ 146,756 ========= =========
Concord Camera Corp. and SubsidiariesCondensed Consolidated Statements of Operations(Unaudited)(in thousands, except per share data)
For the quarter ended For the six months ended ------------------- ------------------- December January December January 31, 2005 1, 2005 31, 2005 1, 2005 -------- -------- -------- --------Net sales $ 41,109 $ 54,333 $ 85,695 $ 97,347
Cost of products sold 37,088 57,879 77,545 100,473 -------- -------- -------- --------
Gross profit (deficit) 4,021 (3,546) 8,150 (3,126)
Selling expenses 4,016 4,892 7,553 9,090
General and administrative expenses 5,495 5,540 11,801 11,748 -------- -------- -------- --------
Operating loss (5,490) (13,978) (11,204) (23,964)
Interest expense 107 308 208 139
Other expense (income), net 44 (1,357) (62) (1,914) -------- -------- -------- --------
Loss before income taxes (5,641) (12,929) (11,350) (22,189)
Provision for income taxes 138 80 189 140 -------- -------- -------- --------
Net loss $ (5,779) $(13,009) $(11,539) $(22,329) ======== ======== ======== ========
Basic and diluted loss per common share $ (0.20) $ (0.44) $ (0.40) $ (0.76) ======== ======== ======== ========
Weighted average common shares outstanding - basic and diluted 29,190 29,342 29,190 29,271 ======== ======== ======== ========
CONTACT:Concord Camera Corp.Harlan PressVice President and Treasurer(954) 331-4219
SOURCE: Concord Camera Corp
Source: marketwire
All trademarks and copyrighted information contained herein are the property of their respective owners.
Related Articles
|
