CCOM Group, Inc. Reports 2018 Second Quarter Results
Aug. 08, 2018
HAWTHORNE, N.J.--(BUSINESS WIRE)--Aug 8, 2018--CCOM Group, Inc. (“CCOM”) (OTC Pink: “CCOM,” “CCOMP”), announced its financial results for the quarter and six months ended June 30, 2018.
Results for the quarter ended June 30, 2018 compared to results for the same period in 2017:Sales increased 8.8% to $28,974,609 from $26,624,977 Gross profit increased 9.2% to $7,496,549 from $6,864,017 Selling, general and administrative expenses increased 7.0% to $6,006,236 from $5,610,928 Operating income increased 18.9% to $1,490,313 from $1,253,089 Net income increased 14.2% to $1,217,349 from $1,066,070; 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 $0.13 per share from $0.11 per share
Results for the six months ended June 30, 2018 compared to results for the same period in 2017:Sales increased 10.2% to $48,820,916 from $44,296,353 Gross profit increased 9.5% to $13,002,908 from $11,874,016 Selling, general and administrative expenses increased 7.6% to $12,011,494 from $11,162,264 Operating income increased 39.3% to $991,414 from $711,752 Net income increased 51.0% to $628,478 from $416,341; 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 $0.06 per share from $0.04 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: CCOM Group, Inc.
Peter D. Gasiewicz, 973-427-8224
Chief Executive Officer
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