ATC Venture Group Inc. Announces Financial Results For First And Second Fiscal Quarters

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.

Copyright Business Wire 2010

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