VERO BEACH, Fla., April 10, 2001 (PRIMEZONE) -- Calton, Inc. (AMEX:CN), announced today results of operations for the first quarter ended February 28, 2001.
Anthony J. Caldarone, Chairman, President and Chief Executive Officer, announced a net loss of $870,000 ($.21 per basic and diluted share) for the quarter ended February 28, 2001, compared to a net loss of $1.1 million ($.25 per basic and diluted share) for the quarter ended February 29, 2000.
The Company is reporting revenues of $1,516,000 and $553,000 for the three months ended February 28, 2001 and February 29, 2000, respectively. The fiscal 2001 revenues include $325,000 from the consulting agreement with the purchaser of Calton Homes, $507,000 from the eCalton Web design and implementation division, and $654,000 from the eCalton technical staffing division. The fiscal 2000 revenues include $325,000 from the consulting agreement with the purchaser of Calton Homes and $228,000 from the eCalton Web design and implementation division. There were no revenues reported by the eCalton technical staffing division in the first quarter of 2000, as this division was not operating at that time.
Selling, general and administrative costs for the three months ended February 28, 2001 were $2.3 million, compared to $1.5 million for the three months ended February 29, 2000. The increase in expenses is primarily attributable to the addition of a new subsidiary and expanded operations at other subsidiaries.
The first quarter loss in fiscal 2000 included a $508,000 loss recognized on the sale of available for sale securities.
Calton, Inc.
Financial Highlights
Three Months Ended
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Feb. 28, 2001 Feb, 29, 2000
Revenue $ 1,516,000 $ 553,000
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Net loss $ (870,000) $(1,063,000)
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Basic and diluted
loss per share $ (0.21) $ (0.25)
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Weighted average number
of shares outstanding
Basic and diluted 4,137,000 4,307,000
Certain information included in this press release and Company filings (collectively, "SEC filings") under the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended (as well as information communicated orally or in writing between the dates of such SEC filings) contains or may contain forward looking information that is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from expected results. Among these risks, trends and uncertainties are matters related to the indemnification provisions in connection with the Company's sale of Calton Homes, Inc., national and local economic conditions, the lack of an established operating history for the Company's current business activities, conditions and trends in the Internet and technology industries in general, the effect of governmental regulation on the Company and the risks described under the caption "Certain Risks" in the Company's Annual Report on Form 10-K for the fiscal year ended November 30, 2000.