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Calton, Inc. Reports Fourth Quarter and Fiscal Year 2005 Results
Tuesday February 28, 4:20 pm ET
VERO BEACH, Fla., Feb. 28, 2006 (PRIMEZONE) -- Calton, Inc. (OTC BB:CTON.OB - News) announced today fourth quarter and fiscal year 2005 results.
Fourth Quarter Results
For the quarter ended November 30, 2005, the Company reported a net profit of $896,000 or $0.09 per basic and diluted share, compared to a net profit of $380,000 or $0.04 per basic and diluted share for the quarter ended November 30, 2004. Revenues of approximately $6.4 million were generated in the quarter ended November 30, 2005, as compared to $4 million for the quarter ended November 30, 2004.
Fiscal 2005 Performance
For the fiscal year ended November 30, 2005, the Company reported a net profit of $1,134,000 compared to a net profit of $561,000 for the fiscal year ended November 30, 2004. This amounted to net profit of $0.12 and $0.06 per basic and diluted share in fiscal 2005 and 2004, respectively.
Consolidated revenues increased from $12,202,000 in the year ended November 30, 2004 to $13,848,000 in the year ended November 30, 2005. A significant portion of this increase occurred in the homebuilding segment which increased revenues from $11,587,000 to $13,120,000 for the years ended November 30, 2004 and 2005, respectively. Revenues from the Internet development segment increased from $614,000 in 2004 to $728,000 in 2005.
Cost of sales from the homebuilding division increased from $9,176,000 for the year ended November 30, 2004 to $9,762,000 for the year ended November 30, 2005. Project personnel and expenses for eCalton increased from $289,000 in 2004 to $358,000 in 2005. The increase in both segments is predominantly a result of increased revenues.
Selling, general and administrative expenses increased from $2,276,000 to $2,709,000 in the years ended November 30, 2004 and 2005, respectively. The increase is predominately a result of increased sales and marketing expenditures in addition to the hiring of additional personnel in the homebuilding and Internet development segments.
The Company is currently constructing single-family homes in two separate communities, as well as on individual landowner parcels, in Vero Beach, Florida. Management continues to assess land acquisition opportunities and to negotiate with various landowners, brokers and agents to expand its operations and to create a more diversified product offering.
Calton, Inc. Reports Fourth Quarter and Fiscal Year 2005 Results
Tuesday February 28, 4:20 pm ET
VERO BEACH, Fla., Feb. 28, 2006 (PRIMEZONE) -- Calton, Inc. (OTC BB:CTON.OB - News) announced today fourth quarter and fiscal year 2005 results.
Fourth Quarter Results
For the quarter ended November 30, 2005, the Company reported a net profit of $896,000 or $0.09 per basic and diluted share, compared to a net profit of $380,000 or $0.04 per basic and diluted share for the quarter ended November 30, 2004. Revenues of approximately $6.4 million were generated in the quarter ended November 30, 2005, as compared to $4 million for the quarter ended November 30, 2004.
Fiscal 2005 Performance
For the fiscal year ended November 30, 2005, the Company reported a net profit of $1,134,000 compared to a net profit of $561,000 for the fiscal year ended November 30, 2004. This amounted to net profit of $0.12 and $0.06 per basic and diluted share in fiscal 2005 and 2004, respectively.
Consolidated revenues increased from $12,202,000 in the year ended November 30, 2004 to $13,848,000 in the year ended November 30, 2005. A significant portion of this increase occurred in the homebuilding segment which increased revenues from $11,587,000 to $13,120,000 for the years ended November 30, 2004 and 2005, respectively. Revenues from the Internet development segment increased from $614,000 in 2004 to $728,000 in 2005.
Cost of sales from the homebuilding division increased from $9,176,000 for the year ended November 30, 2004 to $9,762,000 for the year ended November 30, 2005. Project personnel and expenses for eCalton increased from $289,000 in 2004 to $358,000 in 2005. The increase in both segments is predominantly a result of increased revenues.
Selling, general and administrative expenses increased from $2,276,000 to $2,709,000 in the years ended November 30, 2004 and 2005, respectively. The increase is predominately a result of increased sales and marketing expenditures in addition to the hiring of additional personnel in the homebuilding and Internet development segments.
The Company is currently constructing single-family homes in two separate communities, as well as on individual landowner parcels, in Vero Beach, Florida. Management continues to assess land acquisition opportunities and to negotiate with various landowners, brokers and agents to expand its operations and to create a more diversified product offering.