TDZ Holdings Inc.

November 10, 2010 15:08 ET

TDZ Holdings Inc. Results for the Nine Months Ended September 30, 2010

TORONTO, ONTARIO--(Marketwire - Nov. 10, 2010) - TDZ HOLDINGS INC., today announced its results for the nine months ended September 30, 2010. 

Summary of Results

Net income for the nine months ended September 30, 2010 was $557,000 ($0.02 per share) on revenues of $9,000 as compared to a net loss of $6,000 ($0.00 per share) on revenues of $14,000 for the nine months ended September 30, 2009. The net income for 2010 includes a $599,000 non-recurring gain on disposition pursuant to the Company's entitlement on the sale of the Construction Technology Business.

Net increase in cash was $564,000 ($0.02 per share) during the nine months ended September 30, 2010 as compared to a net increase in cash of $13,000 ($0.00 per share) during the nine months ended September 30, 2009.

Sale of the Construction Technology Business

The sale of the Construction Technology Business occurred on July 29, 2005. Substantially all of the net proceeds from the sale have been applied to repay indebtedness of Nualt, which had been guaranteed by the Company pursuant to its limited recourse guarantee. The Company received amounts on account of the Nualt Debt in excess of the Purchase Price as follows:

Amounts received during 2010 599,000
Amounts received during 2008 317,000
Amounts received during 2006 697,000
Amounts received during 2005 1,567,000
  3,180,000

The amount received during 2010 represents the final distribution owing pursuant to the Company's entitlement in respect of the sale of the Construction Technology Business. Due to the ongoing nature of issues and adjustments, no amount had previously been accrued in the financial statements. Accordingly it has been recorded as a non-recurring gain on disposition in the net income of the Company for the period ended September 30, 2010.

This represents the finalization of the sale of the last significant operating assets of the Company and the Board of Directors will consider alternatives for the future direction of the Company.

Contact Information

  • TDZ Holdings Inc.
    Mr. Harvey Fruitman
    Executive Vice President, Secretary,
    and Chief Financial Officer
    (416) 661-9290