Comdisco Holding Company, Inc. (OTC: CDCO) (“Comdisco”) today reported financial results for its fiscal year ended September 30, 2012. Comdisco emerged from Chapter 11 bankruptcy proceedings on August 12, 2002 and, under its Plan of Reorganization (the “Plan”), its business purpose is limited to the orderly sale or run-off of all of its remaining assets.
Operating Results: For the fiscal year ended September 30, 2012, Comdisco reported a net loss of approximately $449,000, or $0.11 per common share (basic and diluted). The per share results for Comdisco are based on 4,028,951 shares of common stock outstanding on average during the 2012 fiscal year.
For the fiscal year ended September 30, 2012, total revenue was approximately $462,000 as compared to $1,302,000 of revenue for the fiscal year ended September 30, 2011. The decrease is primarily the result of lower gains on the sale of equity securities during the fiscal year as compared to the prior year. Net cash used in operating activities was approximately $121,000 for the fiscal year ended September 30, 2012 compared to net cash used in operating activities of approximately $9,282,000 for the fiscal year ended September 30, 2011.
Total assets were approximately $39,769,000 as of September 30, 2012, which included approximately $33,845,000 of unrestricted cash and short-term investments, compared to total assets of approximately $39,973,000 as of September 30, 2011, which included approximately $33,878,000 of unrestricted cash and short-term investments. The decrease in cash is primarily a result of selling, general and administrative outflows of $2,948,000 offset partially by net income tax receipts from the Canada Revenue Agency and the Internal Revenue Service of $1,348,000, interest income and bad debt recoveries of $1,151,000, and equity and warrant proceeds of $328,000.As a result of bankruptcy restructuring transactions, the adoption of fresh-start reporting and multiple asset sales, Comdisco’s financial results are not comparable to those of its predecessor company, Comdisco, Inc. Please refer to the company’s annual report on Form 10-K filed on December 12, 2012 for complete financial statements and other important disclosures.