Calton, Inc. Reports First Quarter 2004 Results
VERO BEACH, Fla., Apr 13, 2004 (PRIMEZONE via COMTEX) -- Calton, Inc. (CTON)
announced today results for the first quarter ended February 29, 2004.
Anthony J. Caldarone, Chairman and Chief Executive Officer, announced a
net profit of $30,000 ($.003 net profit per basic and diluted share) for the
quarter ended February 29, 2004, compared to a net loss of $646,000 ($.142
net loss per basic and diluted share) for the quarter ended February 28,
2003.
The Company reported revenues of $2,687,000 and $373,000 for the three
months ended February 29, 2004 and February 28, 2003, respectively. The
fiscal 2004 revenues included $2,562,000 from the homebuilding operations
(which began operations in September 2003) and $124,000 from the website
design and development operations. The fiscal 2003 revenues included
$234,000 from the technical staffing operations (which were wound down in
the fourth quarter of fiscal 2003) and $127,000 from the website design and
implementation operations.
Cost of sales from the homebuilding division amounted to $2,041,000 for
the three months ended February 29, 2004. There are no similar expenses in
the three months ended February 28, 2003 as the homebuilding operations
began in September 2003. Cost of sales for the website design and
implementation/technical staffing operations were $63,000 for the three
months ended February 29, 2004 compared to $244,000 for the three months
ended February 28, 2003. The decline in expenses is a direct result of the
winding down of the technical staffing operations in the fourth quarter of
fiscal 2003.
Selling, general and administrative expenses for the three months ended
February 29, 2004 and February 28, 2003 were $564,000 and $730,000,
respectively. The decline is primarily attributed to the winding down of the
technical staffing operations in the fourth quarter of fiscal 2003.
Calton, Inc.
(CTON)
Three Months Ended
---------------------------
February 29, February 28,
2004
2003
------------
-----------
Revenues
$
2,687,000
$ 373,000
------------
----------
Net
Profit/(Loss)
$ 30,000 $
(646,000)
============ ===========
Earnings/(Loss) Per
Share:
------------
-----------
Basic and
Diluted
$
0.003
$ (0.142)
============ ===========
Weighed Average
Number of Shares
Basic and
Diluted
9,241,000
4,557,000
Certain information included in this press release and Company filings
(collectively, "SEC filings") under the Securities Act of 1933, as
amended, and the Securities Exchange Act of 1934, as amended (as well as
information communicated orally or in writing between the dates of such SEC
filings) 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 the continued operating losses and
their effects on liquidity, the Company's ability to raise capital,
commercial acceptance of the Company's co-branded customer loyalty credit
card program, national and local economic conditions, including conditions
in the residential homebuilding industry, conditions and trends in the
homebuilding, Internet and technology industries in general, changes in
interest rates, the Company's ability to acquire property for development,
the effect of governmental regulation on the Company and the risks described
under the caption "Certain Risks" in the Company's Annual Report
on Form 10-KSB for the fiscal year ended November 30, 2003.
SOURCE: Calton, Inc.
Calton, Inc.
Anthony J. Caldarone
Chairman and Chief Executive Officer
(772) 794-1414
www.caltoninc.com
(C) 2004 PRIMEZONE, All rights reserved.
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