Edmonton, AB — Industrial distributor Commercial Solutions Inc. has released operating results for its second quarter, which ended March 31, 2003.
On October 1, 2002, the company completed a reverse takeover (RTO) of Commercial Bearing Service (1966) Ltd. (CBS) and a financing for gross proceeds of $6,390,800. As a result of the RTO and pursuant to regulatory reporting, the comparative financial figures reflect those of consolidated CBS and do not include the historical financial figures of the company prior to the RTO.
During the second quarter, the company — which now calls itself a business-to-business (B2B) resource equipment superstore — earned $197,811 or $0.03 per share on consolidated revenues of $16.1 million, up from last year’s second quarter revenue figure of $11.8 million. For the six-month period ended March 31, 2003, revenue was $30.7 million as compared to $25.6 million from the prior year, and a nominal loss of $207,963 or $0.03 per share was incurred.
Several important developments took place during the quarter, Commercial Solutions noted.. The company restructured its Edmonton operations by centralizing its warehouse distribution centre and a new branch location was chosen for Vancouver. These initiatives will reduce the company’s overall annual operating costs and are expected to have a positive impact on the long-term potential of the company.
Commercial Solutions continues to focus its growth on top-line sales and increased market share by actively pursuing acquisition opportunities in its core distribution business.