Comdisco reports $1.25 million of earnings for quarter ended March 31

By Caroline Salls

Pittsburgh, May 14 - Comdisco Holding Co., Inc. reported net earnings of $1.25 million for the quarter ended March 31, or $0.31 per common share, on $1.7 million of total revenue, according to a news release.

Comdisco said the net earnings were driven by a gain on sale of equity and warrant securities and the reversal of uncertain tax positions in Canada as Canadian subsidiary Comdisco Canada Ltd. was liquidated during the quarter.

The per share results for Comdisco were based on 4.03 million shares of common stock outstanding on March 31.

The company said total assets were $38.2 million as of March 31, including $32.65 million of unrestricted cash, compared to total assets of $38.3 million as of Sept. 30, 2013, including $32.01 million of unrestricted cash and short-term investments.

According to the release, the increase in unrestricted cash and short-term investments was primarily a result of equity investment proceeds and an income tax refund from Canada received during the six months ended March 31, which was partially offset by selling, general and administrative expenses and a Canadian withholding tax paid during the period.

Comdisco emerged from Chapter 11 bankruptcy on Aug. 12, 2002. Comdisco Holding is a Rosemont, Ill., company formed to sell the assets of its predecessor Comdisco, Inc. and distribute the proceeds.

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