CCOM Group, Inc. Reports 2018 Third Quarter Results
HAWTHORNE, N.J.--(BUSINESS WIRE)--Nov 14, 2018--CCOM Group, Inc. (“CCOM”) (OTC Pink: “CCOM,” “CCOMP”), announced its financial results for the quarter and nine months ended September 30, 2018.
Results for the quarter ended September 30, 2018 compared to results for the same period in 2017:Sales increased 20.5% to $29,011,036 from $24,074,709 Gross profit increased 18.9% to $7,361,636 from $6,191,020 Selling, general and administrative expenses increased 12.2% to $6,334,549 from $5,647,981 Operating income increased 89.1% to $1,027,087 from $543,039 Net income increased to $729,127 from $304,850; the 2018 and 2017 amounts include a $60,000 non-cash deferred income tax expense (with a corresponding decrease to CCOM’s deferred tax asset). Net income per share on a fully diluted basis increased to $0.07 per share from $0.03 per share
Results for the nine months ended September 30, 2018 compared to results for the same period in 2017:Sales increased 13.8% to $77,831,952 from $68,371,062 Gross profit increased 12.7% to $20,364,544 from $18,065,036 Selling, general and administrative expenses increased 9.1% to $18,346,043 from $16,810,245 Operating income increased 60.9% to $2,018,501 from $1,254,791 Net income increased 88.2% to $1,357,605 from $721,191; the 2018 and 2017 amounts include a $120,000 non-cash deferred income tax expense (with a corresponding decrease to CCOM’s deferred tax asset). Net income per share on a fully diluted basis increased to $0.14 per share from $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, 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)
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CONTACT: For CCOM Group, Inc.
Peter D. Gasiewicz, 973-427-8224
Chief Executive Officer
William Salek, 973-427-8224
Chief Financial Officer
KEYWORD: UNITED STATES NORTH AMERICA NEW JERSEY
INDUSTRY KEYWORD: ENERGY UTILITIES HOME GOODS MANUFACTURING ENGINEERING OTHER MANUFACTURING RETAIL SPECIALTY
SOURCE: CCOM Group, Inc.
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PUB: 11/14/2018 09:00 AM/DISC: 11/14/2018 09:01 AM