ATC Venture Group Inc. Announces Financial Preliminary, Unaudited Results For Third Fiscal Quarter

ATC Venture Group Inc. (AMEX:ATC) today announced its preliminary, unaudited financial results for the third fiscal quarter as follows:
             
For the nine months ended June 30, 2012 For the nine months ended June 30, 2011
 
Continuing     Discontinued    

 
Continuing     Discontinued    

 
Operations Operations

Total
Operations Operations

Total
Sales $ 3,583,732 $ 5,557,682 $ 9,141,414 $ 7,981,162 $ 338,376 $ 8,319,538
Cost of goods sold   2,495,930       3,643,875       6,139,805   6,014,394         565,794         6,580,188  
Gross profit 1,087,802 1,913,807 3,001,609 1,004,932 (227,419 ) 777,513
 
Sales, general & admin 1,486,160 1,284,531 2,770,691 3,475,267 (200,415 ) 3,274,852
 
Other income (expense)   594,944       2,115,295       2,710,239   (81,241 )       (11,596 )       (92,837 )
Net income (loss) pre tax $ 196,585 $ 2,744,571 $ 2,941,156 $ (2,551,576 ) $ (38,600 ) $ (2,590,176 )
 
Net income (loss) $ 196,585     $ 1,709,571     $ 1,906,156 $ (1,695,535 )     $ (387,706 )     $ (2,083,241 )
 

The Company reported total sales, including sales from discontinued operations, of $9.14 million for the nine months ended June 30, 2012 compared to $8.32 million in the prior year.

The Company reported a net income from continuing operations of $197 thousand for the nine months ended June 30, 2012 compared to a net loss of $1.7 million in the prior year period. The Company reported a total net income, including discontinued operations, of $1.91 million for the nine months ended June 30, 2012 compared to a loss of $2.08 million in the prior year.

             
For the three months ended June 30, 2012 For the three months ended June 30, 2011
 
Continuing     Discontinued     Continuing     Discontinued    
Operations Operations Total Operations Operations Total
Sales $ 1,055,485 $ - $ 1,055,485 $ 990,780 $ 114,088 $ 1,104,868
Cost of goods sold   194,049       -       194,049   589,091         96,967         686,058  
Gross profit 861,436 - 861,436 401,689 17,121 418,810
 
Sales, general & admin 648,768 - 648,768 937,185 (114,323 ) 822,862
 
Other income (expense)   629,254       -       629,254   12,295         -         12,295  
Net income (loss) pre tax $ 841,921 $ - $ 841,921 $ (523,201 ) $ 131,444 $ (391,757 )
 
Net income (loss) $ 841,921     $ -     $ 841,921 $ (332,182 )     $ (90,272 )     $ (422,454 )
 

The Company reported total sales, including sales from discontinued operations, of $1.06 million for the fiscal quarter ended June 30, 2012 compared to $1.15 million in the prior year.

The Company reported a net income from continuing operations of $842 thousand for the fiscal quarter ended June 30, 2012 compared to a net loss of $332 thousand in the prior year period. The Company reported total net income, including discontinued operations, of $842 thousand for the fiscal quarter ended June 30, 2012 compared to a loss of $422 thousand in the prior year.

Copyright Business Wire 2010

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