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Comdisco posts $855,000 of net earnings for fiscal year ended Sept. 30
By Caroline Salls
Pittsburgh, Dec. 11 – Comdisco Holding Co., Inc. reported $855,000 of net earnings for the fiscal year ended Sept. 30, or $0.21 per common share, on $1.76 million in total revenue, according to a news release.
The company said the net earnings were driven in large part by a gain on sale of equity investments and a reversal of income tax liabilities for its Canadian subsidiary, which was liquidated during the fiscal year in question.
The per-share results for Comdisco are based on 4.03 million shares of common stock outstanding on average during the 2014 fiscal year.
The 2014 revenue showed an increase from $200,000 for the fiscal year ended Sept. 30, 2013. Comdisco said the increase primarily resulted from the gain on the sale of equity investments during the fiscal year and from miscellaneous income for the sale of an investment in India that was previously written off.
Net cash provided by operating activities was roughly $353,000 for the year, resulting from the sale of equity investments, bad debt recoveries and income tax receipts from Canada, and slightly offset by the payment of selling, general and administrative expenses and income tax payments.
Total assets were $37.44 million as of Sept. 30, which included $31.99 million of unrestricted cash, compared to total assets of $38.3 million as of Sept. 30, 2013, which included $32.01 million of unrestricted cash and short-term investments.
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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