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Daikin Comfort Technologies has acquired CCOM Group, Inc. for $2.71 per share, enhancing its HVAC distribution capabilities in North America. This move aligns with Daikin's FUSION 25 strategy to unify its brands and promote environmental solutions. CCOM's subsidiaries, including Universal Supply Group, will operate under Daikin, maintaining their New Jersey headquarters and continuing to supply significant HVAC products across the Northeast. This acquisition aims to solidify Daikin's position as a leading HVAC provider in the region.
CCOM Group announced its financial results for the year ended December 31, 2021, showing a strong performance compared to 2020. Sales rose 18.1% to $120.35 million, with gross profit increasing 28.5% to $33.68 million. Operating income surged to $6.04 million, up from $1.61 million, while net income climbed to $7.38 million from $1.05 million, equating to $0.76 per share. The company's total assets reached $43.15 million, and stockholders' equity rose to $24.29 million.
Goodman Distribution, a subsidiary of Daikin, has announced its acquisition of CCOM Group for $2.71 per share, including convertible preferred stock. This strategic move is aimed at enhancing Daikin's distribution footprint in the Northeastern U.S., where CCOM has established a robust presence in HVAC and related sectors. The deal is expected to close in the first half of the year, pending customary closing conditions. Following the acquisition, CCOM will operate as a wholly owned business unit of Goodman, maintaining its headquarters in Hawthorne, New Jersey.
CCOM Group, Inc. (OTC Pink: CCOM, CCOMP) reported strong financial results for the three and nine months ending September 30, 2021. Sales surged by 14.6% in Q3 to $32.3 million, while net income rose sharply to $3.6 million from $917,443 in 2020. Gross profit increased by 21.8% to $9.0 million. For the nine-month period, sales were up 17.9% to $91.1 million and net income reached $6.2 million, significantly higher than $1.2 million in 2020. The company also reported gains from extinguishing PPP debt and improvements in operating income.
CCOM Group, Inc. has appointed Donna Williams to its Board of Directors, expanding the board to five members. Ms. Williams brings extensive experience from her role as Chief Marketing Officer and General Manager at Pool Corporation and previous positions at American Power Conversion and Fedders Air Conditioning. Her background includes leadership training at Indiana University and Wharton School. The addition of Ms. Williams is seen as a strategic move to strengthen CCOM's leadership and enhance decision-making.
CCOM Group, Inc. (OTC Pink: CCOM, CCOMP) announces the resignation of Oscar Folger from its Board of Directors, effective immediately. Folger served on the board since April 2019, and the company expressed gratitude for his service. CCOM specializes in distributing heating, ventilation and air conditioning (HVAC) equipment, generators, and plumbing and electrical supplies across New Jersey, New York, Massachusetts, and parts of Pennsylvania, Connecticut, and Vermont, operating through several subsidiaries.
CCOM Group, Inc. (OTC Pink: CCOM) has announced the full forgiveness of its Paycheck Protection Program (PPP) loans totaling $2,285,256. The loans were received in April 2020 through its subsidiaries, Universal Supply Group, Inc., The RAL Supply Group, Inc., and S&A Supply, Inc. The forgiveness notification was provided by KeyBank National Association and will be recognized as a gain on debt extinguishment.
CCOM distributes HVAC equipment and other supplies across several northeastern states and operates out of 15 locations.
CCOM Group, Inc. (CCOM) reported strong financial results for Q2 and the first six months of 2021. For the quarter, sales surged 37.5% to $36.68 million with gross profit up 47% to $9.80 million. Operating income increased to $2.84 million and net income rose to $2.58 million, leading to a net income per share of $0.27. For the first half, sales grew 19.7% to $58.77 million, with a net income of $2.59 million. The company's continued growth reflects strong demand in the HVAC and related sectors.
CCOM Group, Inc. reported its financial results for Q1 2021, showing a 1.5% decrease in sales to $22,082,860 compared to Q1 2020. Despite the decline in sales, gross profit increased by 2.5% to $6,059,854. The company achieved an operating income of $68,142 and a net income of $13,839, a turnaround from the previous year's net loss of $(688,151). Additionally, expenses were reduced by 8.0%, contributing to improved profitability.
CCOM Group, Inc. (OTC Pink: CCOM, CCOMP) reported its financial results for the year ending December 31, 2020. The company experienced a 10.3% decline in sales, totaling $101,936,300, down from $113,701,032 in 2019. Gross profit also decreased by 9.7% to $26,213,512, while selling, general, and administrative expenses fell by 6.7%. Operating income dropped 38.9%, leading to a net income of $1,053,885, a 19.4% decline from the previous year. Net income per share decreased to $0.11.
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