SOURCE: Concord Camera Corp

November 13, 2007 17:33 ET

Concord Camera Corp. Announces the Filing of Its Quarterly Report on Form 10-Q for the First Quarter of Fiscal 2008

HOLLYWOOD, FL--(Marketwire - November 13, 2007) - Concord Camera Corp. ("Concord" or "Company") (NASDAQ: LENS) today reported financial results for the first quarter of fiscal 2008 ended September 29, 2007 and announced that it filed its Quarterly Report on Form 10-Q for the first quarter of fiscal 2008 with the Securities and Exchange Commission (see attached tables).

About Concord Camera Corp.

Concord Camera Corp., through its subsidiaries, is a global provider of easy-to-use single-use and 35mm traditional film cameras. Concord currently markets and sells its cameras on a private-label basis and under the POLAROID and POLAROID FUNSHOOTER brands through in-house sales and marketing personnel and independent sales representatives. The POLAROID trademark is owned by Polaroid Corporation and is used by Concord under license from Polaroid. The FUNSHOOTER trademark is a registered trademark of Concord Camera Corp. in the United States and other countries. Learn more about Concord Camera Corp. at www.concord-camera.com.

Except for the historical information contained herein, statements in this press release are forward-looking and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that forward-looking statements involve risks and uncertainties that may affect the Company's business and prospects, including the risks discussed under "Risk Factors" and disclosures in the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2007 and subsequently filed reports. Such forward-looking statements include, without limitation, statements regarding expected cost reductions, anticipated or expected results of the implementation of the Company's cost-reduction initiatives and new business initiatives, anticipated financial benefits of exiting the digital camera market and increasing its focus on the sale of single-use and 35mm traditional film cameras, the development of its business, anticipated revenues or capital expenditures, its ability to improve gross margin percentages on the sale of its products, projected profits or losses, the expected market size for single-use and 35mm traditional film cameras and the sufficiency of its working capital and cash to fund its operations in the next twelve months. In particular, the Company's expected results could be adversely affected by, among other things, regulatory conditions negatively affecting out product costs, production difficulties or economic conditions negatively affecting its suppliers, customers or the market for its products or by its inability to negotiate favorable terms with its suppliers, customers or licensors, by a decline in the unit sales of its single-use cameras and 35mm traditional film cameras or by a decrease in the average selling price of its film camera products. Any forward-looking statements contained in this press release represent the Company's estimates only as of the date hereof, or as of such earlier dates as are indicated, 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 in the future, it disclaims any intent or obligation to do so, even if its estimates change.

Concord Camera Corp. and Subsidiaries
Condensed Consolidated Balance Sheets
(in thousands)


                                                  September 29,
                                                      2007       June 30,
                                                  (Unaudited)      2007
                                                  -----------  -----------
Assets
Current Assets:
  Cash and cash equivalents                       $     4,728  $     3,853
  Restricted cash                                       6,200        6,200
  Short-term investments                               27,150       30,475
  Accounts receivable, net                              8,268       10,702
  Inventories                                          18,576       15,806
  Prepaid expenses and other current assets               889        1,401
                                                  -----------  -----------
    Total current assets                               65,811       68,437
Property, plant and equipment, net                      9,926       10,616
Other assets                                            3,344        3,451
                                                  -----------  -----------
    Total assets                                  $    79,081  $    82,504
                                                  ===========  ===========

Liabilities and Stockholders’ Equity
Current Liabilities:
  Short-term borrowings under financing
   facilities                                     $     2,328  $     2,756
  Accounts payable                                     17,476       17,042
  Accrued royalties                                     1,439        2,499
  Accrued expenses                                      5,533        5,775
  Other current liabilities                             1,010        1,346
                                                  -----------  -----------
    Total current liabilities                          27,786       29,418
Other long-term liabilities                             1,471        1,442
                                                  -----------  -----------
    Total liabilities                                  29,257       30,860

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
   September 29, 2007 and June 30, 2007               143,860      143,860
  Additional paid-in capital                            5,194        5,189
  Deferred share arrangement                                -          413
  Accumulated deficit                                 (94,237)     (92,412)
                                                  -----------  -----------
                                                       54,817       57,050
  Less: treasury stock, at cost, 347
   shares as of September 29, 2007 and June
   30, 2007                                            (4,993)      (4,993)
  Less: common stock held in trust, 0 and
   66 shares as of September 29, 2007 and
   June 30, 2007                                            -         (413)
                                                  -----------  -----------
    Total stockholders’ equity                         49,824       51,644
                                                  -----------  -----------
    Total liabilities and stockholders’ equity    $    79,081  $    82,504
                                                  ===========  ===========





Concord Camera Corp. and Subsidiaries
Condensed Consolidated Statements of Operations
 (in thousands, except per share data)


                                                   For the Quarter Ended
                                                        (unaudited)
                                                  ------------------------
                                                    September   September
                                                       29,         30,
                                                      2007        2006
                                                  -----------  -----------
Net sales                                         $    21,698  $    28,825
Cost of products sold                                  18,683       24,322
                                                  -----------  -----------
Gross profit                                            3,015        4,503
Selling expenses                                        2,173        2,787
General and administrative expenses                     2,842        3,738
                                                  -----------  -----------
Operating loss                                         (2,000)      (2,022)
Interest expense                                           77           66
Other income, net                                        (315)        (465)
                                                  -----------  -----------
Loss before income taxes                               (1,762)      (1,623)
Provision for income taxes                                  1           17
                                                  -----------  -----------
Net loss                                          $    (1,763) $    (1,640)
                                                  ===========  ===========

Basic and diluted loss per
common share                                      $     (0.30) $     (0.28)
                                                  ===========  ===========
Weighted average common shares
outstanding - basic and diluted                         5,914        5,838
                                                  ===========  ===========

Contact Information

  • CONTACT:
    Concord Camera Corp.
    Blaine Robinson
    Vice President - Finance and Treasurer
    (954) 331-4238