VERO BEACH, Fla., March 18, 2003 (PRIMEZONE) -- Calton, Inc. (AMEX:CN) announced today results for the fourth quarter and fiscal year ended November 30, 2002.
Fourth Quarter Results
For the quarter ended November 30, 2002, the Company reported a net loss of $200 thousand ($.04 per basic and diluted share) compared to a net loss of $1.4 million ($.30 per basic and diluted share) for the quarter ended November 30, 2001. Revenues of $400 thousand were earned in the fourth quarter of 2002 compared to $1.0 million in the same period last year.
Fiscal 2002 Performance
For each of the fiscal years ended November 30, 2002 and 2001 the Company announced a net loss of $5.0 million. This amounted to a loss of $1.11 and $1.17 per basic and diluted share in 2002 and 2001, respectively.
Revenues decreased from $5.2 million in fiscal 2001 to $2.0 million in fiscal 2002. The decrease is primarily attributable to a significant reduction in staffing demands in eCalton's Houston-based division. Additionally, eCalton's Internet division experienced a decline in the demand for website design and implementation. Loss from continuing operations was $3.4 million ($.76 per basic and diluted share) in fiscal 2002 compared to a loss of $4.2 million ($.98 per basic and diluted share) in fiscal 2001.
The Company's cash balance at November 30, 2002 was $3.3 million, compared to $4.7 million at November 30, 2001. Calton, Inc. has no outstanding debt.
Comments from Management
Anthony J. Caldarone, Chairman and Chief Executive Officer, stated: "Fiscal 2002 was a challenging year and it was a year marked with strategic changes. We sold our majority interest in Innovation Growth Partners ("IGP") to IGP management, we relocated our PrivilegeONE and eCalton Internet divisions into corporate headquarters and have further refined PrivilegeONE's core business strategy. With our eCalton subsidiary, both the technical staffing and Internet development divisions, continuing to face fierce competition and reduced demand for services, we have shifted our primary focus to entering new markets with the PrivilegeONE loyalty program. We remain committed to enhancing shareholder value."
4th Quarter: Three Months Ended
November 30,
2002 2001
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(Restated)
Revenue $ 385,000 $1,019,000
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Loss from continuing operations (198,000) (1,567,000)
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Net loss $ (220,000) $(1,371,000)
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Loss per share
Basic and Diluted
Loss from continuing operations $ (0.04) $ (0.35)
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Net loss per common share $ (0.04) $ (0.30)
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Weighted average number of shares outstanding
Basic 4,509,000 4,292,000
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Diluted 4,509,000 4,292,000
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Fiscal Year: Fiscal Year Ended
November 30,
2002 2001
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(Restated)
Revenue $1,954,000 $5,208,000
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Loss from continuing operations (3,423,000) (4,233,000)
Loss from discontinued operations (1,561,000) (806,000)
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Net loss $(4,984,000) $(5,039,000)
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Loss per share
Basic and Diluted
Loss from continuing operations $ (0.76) $ (0.98)
Loss from discontinued operations (0.35) (0.19)
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Net loss per common share $ (1.11) $ (1.17)
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Weighted average number of shares outstanding
Basic 4,509,000 4,292,000
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Diluted 4,509,000 4,292,000
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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., continued operating losses and their effects on liquidity, the Company's ability to raise capital, commercial acceptance of the Company's co-branded customer loyalty credit card program, 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, 2002.