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News, Articles and Releases
Asconi Files Its Annual Report
for the 2003 Fiscal Year
FRIDAY MAY 28, 6:04 PM ET
ORLANDO, Fla., May 28 /PRNewswire-FirstCall/ -- Asconi Corporation
(Amex: ACD), an Eastern European producer of wines and spirits,
today announced that on May 27, 2004 it filed its Annual Report
on Form 10-KSB for the fiscal year ended December 31, 2003 containing
certain amended and restated financial information. A copy of the
filing is available at the SEC website at http://www.sec.gov.
ASCONI CORORATION
CONSOLIDATED BALANCE SHEETS
DECEMBER 31, 2003 AND 2002
(UNITED STATES DOLLARS)
|
| |
December 31, |
| |
2003 |
2002 |
|
| ASSETS |
|
(restated) |
| CURRENT ASSETS |
|
|
| Cash and bank balances |
$155,010 |
$47,362 |
| Trade receivables |
3,455,732 |
2,260,160 |
| Inventories |
8,672,424 |
6,201,521 |
| Refundable taxes and tax deposits |
961,828 |
842,502 |
| Advance payments |
1,820,045 |
833,093 |
| Other |
12,549 |
-- |
| |
|
|
| TOTAL CURRENT ASSETS |
15,077,588 |
10,184,638 |
| |
|
|
| Property, plant and equipment, net |
5,715,380 |
3,837,080 |
| Investment |
-- |
-- |
| Goodwill |
205,352 |
318,038 |
| Other |
20,462 |
13,645 |
|
|
|
| TOTAL ASSETS |
$21,018,782 |
$14,353,401 |
|
|
|
|
LIABILITIES AND SHAREHOLDERS'
EQUITY |
| |
|
|
| CURRENT LIABILITIES |
|
|
| |
|
|
| Accounts payable |
$1,909,635 |
$2,182,856 |
| Short-term debt |
6,511,169 |
4,988,687 |
| Deferred revenue |
758,704 |
-- |
| Taxes payable |
293,626 |
189,307 |
| Accrued expenses and other current liabilities |
1,615,882 |
919,463 |
| |
|
|
| TOTAL CURRENT LIABILITIES |
11,089,016 |
8,280,313 |
| |
|
|
| LONG-TERM LIABILITIES |
|
|
| Long-term debt |
-- |
731,845 |
| Lease obligations |
64,505 |
-- |
| Deferred taxes |
387,511 |
303,510 |
| |
|
|
| TOTAL LIABILITIES |
11,541,032 |
9,315,668 |
| |
|
|
| Minority interests |
1,420,876 |
1,162,856 |
| |
|
|
| SHAREHOLDERS' EQUITY |
|
|
| Common stock, $.001 par value 100,000,000 authorized, 12,018,735
and 1,459,135 outstanding at December 31, 2003 an 2002 |
12,019 |
1,459 |
| Additional paid in capital |
48,361,031 |
5,521,755 |
| Deferred consulting expense |
(1,033,070) |
-- |
| Retained earnings (deficit) |
(39,071,344) |
(1,206,294) |
| Comprehensive income (loss) - foreign currency translation |
(211,762) |
(442,043) |
| |
|
|
| TOTAL SHAREHOLDERS' EQUITY |
8,056,874 |
3,874,877 |
|
|
|
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
$21,018,782 |
$14,353,401 |
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ASCONI CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
YEARS ENDED DECEMBER 31, 2003 AND 2002
(UNITED STATES DOLLARS)
|
|
Year Ended December 31, |
|
| |
2003 |
2002 |
| |
|
(restated) |
| Net sales |
$16,355,915 |
$12,781,261 |
| |
|
|
| Cost of sales |
10,224,697 |
8,387,352 |
| |
|
|
| Gross profit |
6,131,218 |
4,393,909 |
| |
|
|
| Depreciation and amortization |
576,585 |
449,856 |
| Stock issuance expense |
40,000,000 |
-- |
| Stock compensation expense |
400,000 |
-- |
| Selling, general and administrative expenses |
1,815,144 |
2,316,674 |
| |
|
|
| Income from operations |
(36,660,511) |
1,627,379 |
| |
|
|
| Interest expense |
752,373 |
557,423 |
| Other (income) loss |
(226,000) |
(198,780) |
| |
|
|
| Income (loss) before income taxes and minority interest |
(37,186,884) |
1,268,736 |
| |
|
|
| Provision for income taxes |
359,273 |
240,810 |
| |
|
|
| Income (loss) before minority interest |
(37,546,157) |
1,027,926 |
| |
|
|
| Minority interest in income of subsidiaries |
318,893 |
161,571 |
| |
|
|
| Net income (loss) |
(37,865,050) |
866,356 |
| |
|
|
| Other comprehensive income (loss) - foreign currency translation |
230,281 |
(185,227) |
| |
|
|
| Comprehensive income (loss) |
$(37,634,769) |
681,129 |
| |
|
|
| Net income (loss) per share of common stock - basic and diluted |
$(4.71) |
$0.59 |
| |
|
|
| Weighted average number of common shares outstanding - basic
and diluted |
8,034,035 |
1,458,669 |
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About Asconi Corporation
Asconi Corporation (Amex: ACD) is a producer and distributor of
wines and spirits in Eastern Europe. For more information, please
visit http://www.asconi.com.
Forward-Looking Statements
Certain statements contained herein constitute "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements are based on
current expectations, estimates and projections about the Company's
industry, management's beliefs and certain assumptions made by management.
Readers are cautioned that any such forward-looking statements are
not guarantees of future performance and are subject to certain
risks, uncertainties and assumptions that are difficult to predict.
Because such statements involve risks and uncertainties, the actual
results and performance of the Company may differ materially from
the results expressed or implied by such forward-looking statements.
Given these uncertainties, readers are cautioned not to place undue
reliance on such forward-looking statements. Unless otherwise required
by law, the Company also disclaims any obligation to update its
view of any such risks or uncertainties or to announce publicly
the result of any revisions to the forward-looking statements made
here; however, readers should review carefully reports of documents
the Company files periodically with the SEC.
Contact: Mr. Serguei Melnik,
Asconi Corporation Chief Operations Officer
Phone: 407 679-9463
Email: info@asconi.com
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