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Wed, March 18, 2009
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Concord Camera Corp.: Concord Camera Corp. Announces the Filing of Its Quarterly Report on Form 10-Q for the Second Quarter of
HOLLYWOOD, FL--(Marketwire - March 16, 2009) - Concord Camera Corp. ("Concord" or the "Company") (
Cautionary Statement about Forward-looking Statements
The statements contained in this press release and the Form 10-Q that are not historical facts are "forward-looking statements" (as such term is defined in the Private Securities Litigation Reform Act of 1995), which can be identified by the use of forward-looking terminology such as: "estimates," "projects," "anticipates," "expects," "intends," "believes," "plans," "forecasts" or the negative thereof or other variations thereon or comparable terminology, or by discussions of strategy that involve risks and uncertainties. The Company's actual results could differ materially from those anticipated in such forward-looking statements as a result of certain factors. For a discussion of some of the factors that could cause actual results to differ, see the discussion under "Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended June 28, 2008 and subsequently filed reports. We wish to caution the reader that these forward-looking statements, including, without limitation, statements regarding the dissolution and liquidation of the Company, the timing of the closing of the Company's stock transfer books, the amount and timing of any liquidating distributions, expected cost reductions, the Company's assessment and estimates of royalty payments in connection with intellectual property claims, the sufficiency of working capital and cash to fund the Company's operations during the liquidation process, the Company's belief regarding the impact of pending litigation and other contingent claims, expectations regarding the amount we expect to realize from the liquidation of the Company's assets, the Company's expectations regarding, and intent to hold, its auction rate securities, the Company's belief regarding the sale of certain land, building and improvements, the Company's assessment and estimates of costs associated with executing the Plan of Liquidation and settlement amounts for liabilities, including contingent claims, and other statements contained in this press release and the Form 10-Q regarding matters that are not historical facts, are only estimates or predictions. No assurance can be given that future results will be achieved or that future liquidating distributions will be made. Actual events or results may differ materially as a result of risks facing the Company or actual results differing from the assumptions underlying such statements. In particular, the Company's expected results could be adversely affected by, among other things, economic conditions negatively affecting its customers, market conditions that may affect the fair value of the Company's investments and its ability to liquidate these investments, the Company's ability to satisfy the conditions to the closing of the sale of its property in the PRC within the necessary timeframe, if at all, the ability and time required to obtain the approval of the local government in the PRC to transfer the real estate certificates to the purchaser, the Company's ability and the time required to transfer the proceeds received from the sale of its property in the PRC out of the PRC, fluctuations in the exchange rate and the corresponding U.S. dollar proceeds to be received by the Company from the sale its property in the PRC, the Company's inability to liquidate its assets or settle its liabilities on favorable terms or, its decision to dissolve and liquidate the Company. Any forward-looking statements contained in this report represent the Company's estimates only as of the date of this report, or as of such earlier dates as are indicated herein, and should not be relied upon as representing its estimates as of any subsequent date. While the Company may elect to update forward-looking statements at some point in the future, it specifically disclaims any obligation to do so, even if its estimates change.
Concord Camera Corp. and Subsidiaries Condensed Consolidated Statement of Net Assets as of December 27, 2008 (Liquidation Basis) and Condensed Consolidated Balance Sheet as of June 28, 2008 (Going Concern Basis) (in thousands) December 27, June 28, 2008 2008 (Liquidation (Going Basis) Concern (Unaudited) Basis) ------------ ----------- Assets Cash and cash equivalents $ 24,681 $ 19,041 Restricted cash 1,071 6,200 Investments 14,726 18,518 Accounts receivable, net 5,352 10,478 Inventories 2,286 10,431 Prepaid expenses - 631 Assets held for sale - 3,814 Property, plant and equipment, net 5,372 868 Other assets 431 621 ------------ ----------- Total assets $ 53,919 $ 70,602 ============ =========== Liabilities and Stockholders’ Equity Liabilities: Borrowings under financing facilities $ 9,245 $ 17,621 Accounts payable 1,270 10,583 Accrued royalties 2,126 2,206 Accrued expenses 3,059 4,364 Other liabilities 1,995 1,926 Reserve for estimated costs during the period of liquidation 11,786 - ------------ ----------- Total liabilities 29,481 36,700 Commitments and contingencies Stockholders’ Equity: Blank check preferred stock, no par value, 1,000 shares authorized, none issued - - Common stock, no par value, 20,000 shares authorized; 6,261 shares issued as of December 27, 2008 and June 28, 2008 - 143,860 Additional paid-in capital - 5,197 Accumulated other comprehensive loss - (5,082) Accumulated deficit - (105,080) ----------- 38,895 Less: treasury stock, at cost, 347 shares as of December 27, 2008 and June 28, 2008 - (4,993) ----------- Total stockholders’ equity 33,902 ----------- Total liabilities and stockholders’ equity $ 70,602 ------------ =========== Net Assets in Liquidation $ 24,438 ============ Concord Camera Corp. and Subsidiaries Condensed Consolidated Statements of Change in Net Assets (Liquidation Basis) For the Period December 19, 2008 to December 27, 2008 (unaudited) (in thousands) For the Period from December 19, 2008 to December 27, 2008 ------------------- Net assets in liquidation December 19, 2008 $ 32,539 Changes in net assets in liquidation: Costs associated with plan of liquidation (11,786) Adjustment for liquidation basis of accounting 3,527 Operating income 98 Net investment income 19 Other income, net 41 ------------------- Net loss for the period 158 ------------------- Change in net assets in liquidation (8,101) ------------------- Net assets in liquidation December 27, 2008 $ 24,438 =================== Concord Camera Corp. and Subsidiaries Condensed Consolidated Statement of Operations (Going Concern Basis) For the Period September 28, 2008 to December 18, 2008 and for the Three Months Ended December 29, 2007 (unaudited) (in thousands, except per share data) For the Period from Three Months September 28 Ended to December December 29, 18, 2008 2007 ------------ ------------ Net sales $ 12,924 $ 18,404 Cost of products sold 13,508 17,098 ------------ ------------ Gross profit (584) 1,306 Selling expenses 972 1,821 General and administrative expenses 1,585 2,817 ------------ ------------ Operating loss (3,141) (3,332) Interest expense 124 124 Other expense (income), net 240 (456) ------------ ------------ Loss before income taxes (3,505) (3,000) Provision (benefit) for income taxes 4 (787) ------------ ------------ Net loss $ (3,509) $ (2,213) ============ ============ Basic and diluted loss per common share $ (0.59) $ (0.37) ============ ============ Weighted average common shares outstanding - basic and diluted 5,914 5,914 ============ ============ Concord Camera Corp. and Subsidiaries Condensed Consolidated Statement of Operations (Going Concern Basis) For the Period June 29, 2008 to December 18, 2008 and for the Six Months Ended December 29, 2007 (unaudited) (in thousands, except per share data) For the Period from Six Months June 29, to Ended December 18, December 29, 2008 2007 ------------- ------------- Net sales $ 30,593 $ 40,102 Cost of products sold 28,008 35,781 ------------- ------------- Gross profit 2,585 4,321 Selling expenses 2,071 3,994 General and administrative expenses 3,589 5,659 ------------- ------------- Operating loss (3,075) (5,332) Interest expense 310 201 Other income, net (1,166) (772) ------------- ------------- Loss before income taxes (2,219) (4,761) Provision (benefit) for income taxes 8 (785) ------------- ------------- Net loss $ (2,227) $ (3,976) ============= ============= Basic and diluted loss per common share $ (0.38) $ (0.67) ============= ============= Weighted average common shares outstanding - basic and diluted 5,914 5,914 ============= =============