ATC Venture Group Inc. (AMEX:ATC) today announced its financial results for the first and second fiscal quarters.
| For the Fiscal Quarter ended December 31, 2011 | For the Fiscal Quarter ended December 31, 2010 | |||||||||||||||||||||||||||||
| Continuing | Discontinued | Continuing | Discontinued | |||||||||||||||||||||||||||
| Operations | Operations | Total | Operations | Operations | Total | |||||||||||||||||||||||||
| Sales | $ | 571,803 | $ | 5,546,597 | $ | 6,118,400 | $ | 693,049 | $ | 3,544,257 | $ | 4,237,306 | ||||||||||||||||||
| Cost of goods sold | 492,991 | 3,641,533 | 4,134,524 | 657,664 | 2,813,064 | 3,470,728 | ||||||||||||||||||||||||
| Gross profit (loss) | 78,812 | 1,905,064 | 1,983,876 | 35,385 | 731,193 | 766,578 | ||||||||||||||||||||||||
| Sales, general, & admin | 113,133 | 1,277,209 | 1,390,342 | 183,792 | 943,050 | 1,126,842 | ||||||||||||||||||||||||
| Other revenue (expense) | (10,960 | ) | 2,115,531 | 2,104,571 | (14,812 | ) | (80,004 | ) | (94,816 | ) | ||||||||||||||||||||
| Net gain (loss) pre tax | $ | (45,281 | ) | $ | 2,743,386 | $ | 2,698,105 | $ | (163,219 | ) | $ | (291,861 | ) | $ | (455,080 | ) | ||||||||||||||
| Net gain (loss) | $ | (45,281 | ) | $ | 1,708,386 | $ | 1,663,105 | $ | (141,320 | ) | $ | (167,760 | ) | $ | (309,080 | ) | ||||||||||||||
| For the Fiscal Quarter ended March 31, 2012 | For the Fiscal Quarter ended March 31, 2011 | |||||||||||||||||||||||||||||
| Continuing | Discontinued | Continuing | Discontinued | |||||||||||||||||||||||||||
| Operations | Operations | Total | Operations | Operations | Total | |||||||||||||||||||||||||
| Sales | $ | 1,956,444 | $ | 11,085 | $ | 1,956,444 | $ | 660,220 | $ | 2,317,141 | $ | 2,977,361 | ||||||||||||||||||
| Cost of goods sold | 1,808,890 | 2,342 | 1,811,232 | 702,331 | 1,978,853 | 2,681,184 | ||||||||||||||||||||||||
| Inventory adjustments | - | - | - | 48,092 | - | 48,092 | ||||||||||||||||||||||||
| Gross profit (loss) | 147,554 | 8,743 | 145,212 | (90,203 | ) | 338,288 | 248,085 | |||||||||||||||||||||||
| Sales, general, & admin | 724,259 | 7,322 | 731,581 | 240,404 | 1,163,507 | 1,403,911 | ||||||||||||||||||||||||
| Intangible impairment | - | - | - | - | 110,186 | 110,186 | ||||||||||||||||||||||||
| Operating expense | - | - | - | - | 56,549 | 56,549 | ||||||||||||||||||||||||
| Other revenue (expense) | (23,350 | ) | (236 | ) | (23,586 | ) | (23,998 | ) | 527,185 | 503,187 | ||||||||||||||||||||
| Net loss pre tax | $ | (600,055 | ) | $ | 1,185 | $ | (598,870 | ) | $ | (354,605 | ) | $ | (464,769 | ) | $ | (819,374 | ) | |||||||||||||
| Net gain (loss) | $ | (600,055 | ) | $ | 1,185 | $ | (598,870 | ) | $ | (230,982 | ) | $ | (1,120,729 | ) | $ | (1,351,711 | ) | |||||||||||||
The Company reported sales from continuing operations of $572 thousand for the fiscal quarter ended December 31, 2011 compared to $693 thousand in the prior year. The Company reported total sales, including sales from discontinued operations, of $6.12 million for the fiscal quarter ended December 31, 2011 compared to $4.24 million in the prior year.
The Company reported sales from continuing operations of $1.96 million for the fiscal quarter ended March 31, 2012 compared to $660 thousand in the prior year. The Company reported total sales, including sales from discontinued operations, of $1.97 million for the fiscal quarter ended March 31, 2012 compared to a net loss of $2.98 million in the prior year.
The Company reported a net loss from continuing operations of 45 thousand for the fiscal quarter ended December 31, 2011 compared to a net loss of $141 thousand in the prior year period. The Company reported a total net income, including net loss from discontinued operations, of $1.71 million for the fiscal quarter ended December 31, 2011 compared to a loss of $168 thousand in the prior year.
The Company reported a net loss from continuing operations of $600 thousand for the fiscal quarter ended March 31, 2012 compared to $231 thousand in the prior year period. The Company reported a total net loss, including net loss from discontinued operations, of $598 thousand for the fiscal quarter ended March 31, 2012 compared to $1.35 million in the prior year.
Contacts:
Robert Davis, CEO, 952-215-3100
