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CCOM Group, Inc. Reports 2021 Results

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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.

Positive
  • Sales increased by 18.1% to $120.35 million.
  • Gross profit rose by 28.5% to $33.68 million.
  • Operating income surged to $6.04 million from $1.61 million.
  • Net income increased to $7.38 million from $1.05 million.
  • Net income per share rose to $0.76 from $0.11.
  • Total assets grew to $43.15 million.
Negative
  • Selling, general and administrative expenses increased by 12.4% to $27.64 million.
  • Current liabilities remained relatively stable at $18.17 million.

HAWTHORNE, N.J.--(BUSINESS WIRE)-- CCOM Group, Inc. (“CCOM”) (OTC Pink: “CCOM,” “CCOMP”), announced its financial results for the year ended December 31, 2021.

Results for the year ended December 31, 2021 compared to results for the same period in 2020:

  • Sales increased 18.1% to $120,346,433 from $101,936,300
  • Gross profit increased 28.5% to $33,683,440 from $26,213,512
  • Selling, general and administrative expenses increased 12.4% to $27,640,471 from $24,600,667
  • Operating income increased to $6,042,969 from $1,612,845
  • Net income increased to $7,382,228 from $1,053,885; the 2021 amount includes a $147,897 non-cash income tax expense and the 2020 amount includes a $250,425 non-cash income tax expense
  • Net income per share on a fully diluted basis increased to $0.76 per share from $0.11 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,

2021

 

2020

 

 

 

 

Assets

 

 

Current assets:

 

 

Cash

$

281,889

$

388,267

Accounts receivable, net of allowance for doubtful accounts of $674,491 and $766,459, respectively

 

10,739,082

 

10,305,665

Inventory

 

25,496,908

 

20,936,936

Prepaid expenses and other current assets

 

751,647

 

749,053

Total current assets

 

37,269,526

 

32,379,921

Property and equipment

 

1,498,246

 

1,095,506

Goodwill

 

1,416,929

 

1,416,929

Other assets - noncurrent

 

564,720

 

188,824

Deferred tax asset - noncurrent

 

2,400,678

 

2,548,575

$

43,150,099

$

37,629,755

Liabilities and Stockholders' Equity

 

 

Current liabilities:

 

 

Borrowings under credit facility - revolving credit

$

8,705,539

$

9,151,368

Notes payable - current portion

 

157,561

 

627,009

Trade payables

 

5,737,877

 

5,892,126

Accrued liabilities

 

3,565,042

 

2,450,810

Income taxes payable

 

2,557

 

2,850

Total current liabilities

 

18,168,576

 

18,124,163

Notes payable, excluding current portion

 

341,445

 

2,247,742

Deferred tax liability - noncurrent

 

354,000

 

354,000

Total liabilities

 

18,864,021

 

20,725,905

 

 

Commitments and contingencies

 

 

Stockholders' equity:

 

 

Redeemable convertible preferred stock, $.05 par value, 2,500,000 shares authorized, 284,612 shares

 

 

issued and outstanding, liquidation preference of $1,423,060

 

14,231

 

14,231

Common stock, $.05 par value, 20,000,000 shares authorized, 9,154,928 shares issued and outstanding

 

457,746

 

457,746

Additional paid-in capital

 

12,596,853

 

12,596,853

Retained Earnings

 

11,217,248

 

3,835,020

Total stockholders' equity

 

24,286,078

 

16,903,850

$

43,150,099

$

37,629,755

CCOM GROUP, INC. AND SUBSIDIARIES
Consolidated Statements of Income
 

For the Years Ended

December 31,

2021

 

2020

Sales

$

120,346,433

 

$

101,936,300

 

Cost of sales

 

86,662,993

 

 

75,722,788

 

Gross profit

 

33,683,440

 

 

26,213,512

 

 

 

Selling, general and administrative expenses, net

 

27,640,471

 

 

24,600,667

 

Operating income

 

6,042,969

 

 

1,612,845

 

 

 

Other income

 

185,098

 

 

219,067

 

Gain on Early Extinguishment of debt

 

2,285,256

 

 

-

 

Interest expense, net

 

(327,282

)

 

(370,455

)

Income before income tax expense

 

8,186,041

 

 

1,461,457

 

 

 

Income tax expense

 

803,813

 

 

407,572

 

Net income

$

7,382,228

 

$

1,053,885

 

 

 

Income per common share:

 

 

Basic

$

0.81

 

$

0.11

 

Diluted

$

0.76

 

$

0.11

 

 

 

Weighted average shares outstanding:

 

 

Basic

 

9,154,928

 

 

9,154,928

 

Diluted

 

9,439,540

 

 

9,439,540

 

CCOM GROUP, INC. AND SUBSIDIARIES
Consolidated Statements of Stockholders' Equity
For The Year Ended December 31, 2021 and 2020
 

Number of shares

 

 

 

 

 

 

 

 

 

 

Redeemable
Convertible
Preferred
Stock

 

Common
Stock

 

Redeemable
Convertible
Preferred
Stock

 

Common
Stock

 

Additional Paid-
In Capital

 

Retained
Earnings

 

Total
Stockholders'
Equity

Balance at December 31, 2019

284,612

9,154,928

$

14,231

$

457,746

$

12,596,853

$

2,781,135

$

15,849,965

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income

 

 

 

 

 

 

1,053,885

 

1,053,885

Balance at December 31, 2020

284,612

9,154,928

$

14,231

$

457,746

$

12,596,853

$

3,835,020

$

16,903,850

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income

 

 

 

 

 

 

7,382,228

 

7,382,228

Balance at December 31, 2021

284,612

9,154,928

$

14,231

$

457,746

$

12,596,853

$

11,217,248

$

24,286,078

CCOM GROUP, INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows

 

 

For The Years Ended

 

December 31,

 

2021

 

2020

Cash flows from operating activities:  

 

 

 

Net income  

$

7,382,228

 

 

$

1,053,885

 

Adjustments to reconcile net income to net cash  

 

 

 

provided by operating activities:  

 

 

 

Deferred income tax expense  

 

147,897

 

 

 

250,425

 

Provision for doubtful accounts  

 

128,332

 

 

 

288,924

 

Depreciation and amortization  

 

542,527

 

 

 

414,212

 

Net gain on sale of property and equipment  

 

(8,200

)

 

 

(12,851

)

Forgiveness of financing  

 

(2,285,256

)

 

 

-

 

Changes in operating assets and liabilities  

 

 

 

Accounts receivable  

 

(561,749

)

 

 

665,793

 

Inventory  

 

(4,559,972

)

 

 

(3,077,980

)

Prepaid expenses and other current assets  

 

(2,594

)

 

 

224,908

 

Other assets - noncurrent  

 

(375,896

)

 

 

167,964

 

Trade payables  

 

(154,249

)

 

 

1,763,991

 

Accrued liabilities  

 

1,114,232

 

 

 

(206,308

)

Income taxes payable  

 

(293

)

 

 

(21,775

)

Net cash provided by operating activities  

 

1,367,007

 

 

 

1,511,188

 

 

 

 

 

Cash flows from investing activities:  

 

 

 

Additions to property and equipment  

 

(876,240

)

 

 

(254,711

)

Proceeds from disposal of property and equipment  

 

8,200

 

 

 

21,600

 

Net cash used in investing activities  

 

(868,040

)

 

 

(233,111

)

 

 

 

 

Cash flows from financing activities:  

 

 

 

Repayments of notes payable  

 

(159,516

)

 

 

(124,044

)

Issuance of financing  

 

-

 

 

 

2,285,256

 

Repayments under credit facility - revolving credit, net  

 

(445,829

)

 

 

(3,244,470

)

Net cash used in financing activities  

 

(605,345

)

 

 

(1,083,258

)

(Decrease) / Increase in cash  

 

(106,378

)

 

 

194,819

 

Cash - beginning of year  

 

388,267

 

 

 

193,448

 

Cash - end of year  

$

281,889

 

 

$

388,267

 

 

Peter D. Gasiewicz, Chief Executive Officer

William Salek, Chief Financial Officer

(973) 427-8224

Source: CCOM Group, Inc.

FAQ

What were CCOM's sales figures for 2021?

CCOM's sales increased by 18.1% to $120.35 million for the year ended December 31, 2021.

How did CCOM's net income change in 2021?

CCOM's net income rose to $7.38 million in 2021, up from $1.05 million in 2020.

What was the operating income for CCOM in 2021?

CCOM's operating income increased to $6.04 million in 2021, compared to $1.61 million in 2020.

What is the net income per share for CCOM for 2021?

The net income per share for CCOM in 2021 was $0.76 on a fully diluted basis.

How did CCOM's total assets change in 2021?

CCOM's total assets increased to $43.15 million as of December 31, 2021.

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