SOURCE: Concord Camera Corp.

November 14, 2008 17:25 ET

Concord Camera Corp. Announces the Filing of Its Quarterly Report on Form 10-Q for the First Quarter of Fiscal 2009

HOLLYWOOD, FL--(Marketwire - November 14, 2008) - Concord Camera Corp. ("Concord" or the "Company") (NASDAQ: LENS) today reported financial results for the first quarter of fiscal 2009 ended September 27, 2008 and announced that it filed its Quarterly Report on Form 10-Q for the first quarter of fiscal 2009 with the Securities and Exchange Commission (see following tables).

About Concord Camera Corp.

Concord Camera Corp., through its subsidiaries, is a global provider of easy-to-use 35 mm single-use and 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 28, 2008 and subsequently filed reports. We wish to caution the reader that these forward-looking statements, including, without limitation, statements regarding the dissolution and liquidation of our company, the amount and timing of any liquidating distributions, expected cost reductions, anticipated or expected results of the implementation of our cost-reduction initiatives, anticipated revenues or capital expenditures, the expected market size for 35 mm single-use and traditional film cameras, our assessment of and estimates of royalty payments in connection with intellectual property claims, the sufficiency of our working capital and cash to fund our operations in the next twelve months, our belief regarding the impact of pending litigation, and other statements contained in this report regarding matters that are not historical facts, are only estimates or predictions. No assurance can be given that future results will be achieved or that future liquidating distributions will be made. Actual events or results may differ materially as a result of risks facing us or actual results differing from the assumptions underlying such statements. In particular, our expected results could be adversely affected by, among other things, production difficulties or economic conditions negatively affecting our suppliers, customers or the market for our products, by our inability to develop and maintain relationships with suppliers, customers or licensors, by our inability to negotiate favorable terms with our suppliers, customers or licensors, by our inability to liquidate our assets or settle our liabilities on favorable terms or, subject to shareholder approval, by our decision to dissolve and liquidate our Company. Any forward-looking statements contained in this report represent our estimates only as of the date of this report, or as of such earlier dates as are indicated herein, and should not be relied upon as representing our estimates as of any subsequent date. While we may elect to update forward-looking statements at some point in the future, we specifically disclaim any obligation to do so, even if our estimates change.

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



                                           September 27,
                                               2008           June 28,
                                            (Unaudited)         2008
                                          ---------------  ---------------
                  Assets
Current Assets:
  Cash and cash equivalents               $        20,001  $        19,041
  Restricted cash                                   6,200            6,200
  Short-term investments                              300            1,750
  Accounts receivable, net                          8,782           10,478
  Inventories                                      10,755           10,431
  Prepaid expenses and other current
   assets                                             593              821
  Assets held for sale                              3,814            3,814
                                          ---------------  ---------------
    Total current assets                           50,445           52,535
Long-term investments                              16,768           16,768
Property, plant and equipment, net                    744              868
Other assets                                          185              431
                                          ---------------  ---------------
    Total  assets                         $        68,142  $        70,602
                                          ===============  ===============


   Liabilities and Stockholders’ Equity
Current Liabilities:
  Short-term borrowings under financing
   facilities                             $        14,032  $        17,621
  Accounts payable                                 11,271           10,583
  Accrued royalties                                 1,540            2,206
  Accrued expenses                                  4,495            4,364
  Other current liabilities                           489              830
                                          ---------------  ---------------
    Total current liabilities                      31,827           35,604
Other long-term liabilities                         1,127            1,096
                                          ---------------  ---------------
    Total liabilities                              32,954           36,700
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 27, 2008
   and June 28, 2008                              143,860          143,860
  Additional paid-in capital                        5,202            5,197
  Accumulated other comprehensive loss             (5,082)          (5,082)
  Accumulated deficit                            (103,799)        (105,080)
                                          ---------------  ---------------
                                                   40,181           38,895
  Less: treasury stock, at cost, 347
   shares as of  September 27, 2008 and
   June 28, 2008                                   (4,993)          (4,993)

                                          ---------------  ---------------
    Total stockholders’ equity                     35,188           33,902
                                          ---------------  ---------------
    Total liabilities and stockholders’
     equity                               $        68,142  $        70,602
                                          ===============  ===============





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


                                              For the quarter ended
                                        ----------------------------------
                                          September 27,     September 29,
                                              2008              2007
                                        ----------------  ----------------
Net sales                               $         17,669  $         21,698
Cost of products sold                             14,500            18,683
                                        ----------------  ----------------
Gross profit                                       3,169             3,015
Selling expenses                                   1,099             2,173
General and administrative expenses                2,004             2,842
                                        ----------------  ----------------
Operating income (loss)                               66            (2,000)
Interest expense                                     187                77
Other income, net                                 (1,406)             (315)
                                        ----------------  ----------------
Income (loss) before  provision for
 income taxes                                      1,285            (1,762)
Provision for income taxes                             4                 1
                                        ----------------  ----------------
Net income (loss)                       $          1,281  $         (1,763)
                                        ================  ================


Net income (loss) per common share:
Basic and diluted income
(loss) per common share                 $           0.22  $          (0.30)
                                        ================  ================

Weighted average common shares
 outstanding - basic and diluted                   5,914             5,914
                                        ================  ================

Contact Information

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