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News, Articles and Releases
Asconi Files Its Quarterly Report for the Third Quarter of Fiscal 2004;
Three and Nine Month 2004 Revenues Increase 18.9% and 33.7% Over 2003
Tuesday November 16, 9:25 am ET
ORLANDO, Fla., Nov. 16 /PRNewswire-FirstCall/ -- Asconi Corporation (Amex: ACD - News), an Eastern European producer of wines and spirits, today announced that on November 15, 2004 it filed its Quarterly Report on Form 10- QSB for the fiscal quarter ended September 30, 2004.
The following sets forth the summarized unaudited results of operations for the three and nine months ended September 30, 2004 and 2003 and the summarized unaudited financial position as of September 30, 2004 and December 31, 2003. This summarized unaudited financial information should be read in conjunction with the unaudited financial statements, including the notes thereto, included in the Form 10-QSB, which is available at the SEC website at http://www.sec.gov .
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Three months ended
September 30, |
Nine months ended
September 30, |
| Results of operations |
2004 |
2003 |
2004 |
2003 |
|
| Net sales |
$5,282,683 |
$4,443,834 |
$14,320,628 |
$10,607,064 |
| Cost of sales |
3,462,441 |
2,654,435 |
9,232,687 |
6,989,929 |
| Gross profit |
1,820,242 |
1,789,399 |
5,087,941 |
3,617,135 |
| Depreciation and amortization |
180,397 |
101,902 |
531,904 |
432,364 |
| Selling, general and administrative |
899,424 |
462,093 |
2,759,432 |
894,251 |
| Stock issuance expense (a) |
-- |
-- |
-- |
40,000,000 |
| Stock compensation expense (a) |
-- |
-- |
-- |
400,000 |
| Income from operations |
740,421 |
1,225,404 |
1,796,605 |
(38,109,480) |
| Interest expense |
182,817 |
149,370 |
608,014 |
456,992 |
| Other (income) loss (b) |
168,063 |
(104,014) |
(282,132) |
(465,357) |
| Income before taxes |
389,541 |
1,180,048 |
1,470,723 |
(38,101,115) |
| Income taxes |
13,644 |
165,039 |
51,737 |
250,846 |
| Minority interest expense (income) |
5,661 |
139,648 |
(32,492) |
206,176 |
| Net income |
$370,236 |
$875,361 |
$1,451,478 |
$(38,558,137) |
| Net income (loss) per common share - basic and diluted |
$0.03 |
$0.07 |
$0.12 |
$(5.69) |
| Weighted average shares outstanding |
12,057,421 |
11,759,135 |
12,054,609 |
6,778,690 |
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- Non-cash non-recurring charges related to issuance of stock to
certain directors and officers during the three months ended
June 30, 2003.
- Other income includes a foreign currency transaction loss of
$186,624 and a gain of $104,014 for the three months ended
September 30, 2004 and 2003, respectively, and a gain of
$250,096 and a loss of $22,860 for the nine months ended
September 30, 2004 and 2003, respectively.
Other income for the and nine months ended September 30,
2003 also includes $276,000 from the settlement
of certain litigation.
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| Financial Position |
September 30, 2004 |
December 31, 2003 |
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| Current assets |
$16,872,532 |
$15,077,588 |
| Property, plant and equipment |
8,019,477 |
5,715,380 |
| Goodwill |
237,925 |
205,352 |
| Other |
29,343 |
20,462 |
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$25,159,277 |
$21,018,782 |
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| Current liabilities |
$12,092,376 |
$11,089,016 |
| Lease obligations |
26,959 |
64,505 |
| Deferred taxes |
348,355 |
387,511 |
| Total liabilities |
12,467,690 |
11,541,032 |
| Minority interests |
1,556,323 |
1,420,876 |
| Shareholders' equity |
11,135,264 |
8,056,874 |
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$25,159,277 |
$21,018,782 |
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About Asconi Corporation
Asconi Corporation (Amex: ACD - News) 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.
Asconi Corporation
Phone: 407 679-9463
Email: info@asconi.com
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