CCOM Group, Inc. Reports 2020 Results

Rhea-AI Summary

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.

Positive

• Selling, general and administrative expenses decreased by 6.7% to $24,600,667.

Negative

• Sales decreased by 10.3% to $101,936,300.
• Gross profit decreased by 9.7% to $26,213,512.
• Operating income decreased by 38.9% to $1,612,845.
• Net income decreased by 19.4% to $1,053,885.
• Net income per share decreased to $0.11 from $0.13.

CCOM Group, Inc. (“CCOM”) (OTC Pink: “CCOM,” “CCOMP”), announced its financial results for the year ended December 31, 2020.

Results for the year ended December 31, 2020 compared to results for the same period in 2019:

• Sales decreased 10.3% to $101,936,300 from $113,701,032
• Gross profit decreased 9.7% to $26,213,512 from $29,016,775
• Selling, general and administrative expenses decreased 6.7% to $24,600,667 from $26,375,014
• Operating income decreased 38.9% to $1,612,845 from $2,641,761
• Net income decreased 19.4% to $1,053,885 from $1,308,234; the 2020 amount includes a $250,425 non-cash income tax expense and the 2019 amount includes a $596,000 non-cash income tax expense
• Net income per share on a fully diluted basis decreased to $0.11 per share from $0.13 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 15 locations in its geographic trading area. For more information on CCOM’s operations, products and/or services, please visit www.ccom-group.com.

For further information, please contact Peter D. Gasiewicz, Chief Executive Officer, or William Salek, Chief Financial Officer, at (973) 427-8224.

(Financial Highlights Follow)

CCOM GROUP, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
		December 31,			December 31,
			2020			2019
	Assets
Current assets:
Cash		$	388,267		$	193,448
Accounts receivable, net of allowance for doubtful accounts of $766,459 and $557,532, respectively			10,305,665			11,260,382
Inventory			20,936,936			17,858,956
Prepaid expenses and other current assets			749,053

FAQ

What were CCOM Group's financial results for the year ending December 31, 2020?

CCOM Group reported a 10.3% decline in sales to $101,936,300 and a 19.4% decrease in net income to $1,053,885.

How did CCOM Group's operating income change in 2020?

Operating income for CCOM Group decreased by 38.9% in 2020, totaling $1,612,845.

What is the net income per share for CCOM Group for the year 2020?

The net income per share for CCOM Group in 2020 decreased to $0.11 from $0.13 in 2019.

What were the trends in CCOM Group's gross profit in 2020?

CCOM Group's gross profit decreased by 9.7% in 2020, amounting to $26,213,512.