Ascendant Solutions, Inc. Reports Third Quarter 2012 Earnings, Earnings per Share and EBITDA
Ascendant Solutions, Inc. (Pink Sheets: ASDS) (“Ascendant” or the “Company”) today announced its results for the third quarter of fiscal 2012. The Company reported consolidated net income of $31,000 for the fiscal quarter ended September 30, 2012, compared to net loss of $153,000 in 2011, resulting in net income per share (“EPS”) of less than $0.01 compared to net loss per share of $0.01. Consolidated net loss for the nine months ended September 30, 2012 was $516,000, compared to net loss of $1,331,000 for the nine months ended 2011, resulting in net loss per share of $0.02 compared to net loss per share of $0.05. Average common shares outstanding for 2012 and 2011 were 24,447,931.
For the fiscal quarter ended September 30, 2012, the Company reported Consolidated Earnings (Loss) before Interest, Taxes, Depreciation and Amortization (“EBITDA”) of $184,000 compared to consolidated EBITDA of ($7,000) in 2011. EBITDA for the nine months ended September 30, 2012, was ($46,000) compared to ($944,000) for the same period of 2011.
EBITDA is calculated as net income (loss) before deducting interest, taxes, depreciation and amortization. Although EBITDA is not a measure of actual cash flow because it does not consider changes in assets and liabilities that may impact cash balances, the Company's management reviews these non-GAAP financial measures internally to evaluate the Company's performance and manage the operations. Additionally, the Company believes it is a useful metric to evaluate operating performance and has therefore included such measures in the reporting of operating results.
Select Balance Sheet Items and Book Value per Share
|(000's omitted, except per share amounts, unaudited)|
|September 30,||December 31,|
|Total Current Assets||$||3,612||$||3,937|
|Property and Equipment, net||1,120||1,355|
|Equity Method Investments||9,405||9,426|
|Deferred Tax Asset||6,000||6,000|
|Total Current Liabilities||$||2,539||$||2,832|
|Notes Payable, Long-Term||3,064||2,836|
|Total Liabilities and Equity||$||20,137||$||20,718|
|Common Shares Outstanding||24,447,931||24,447,931|
|Book Value per Share||$||0.59||$||0.62|
About Ascendant Solutions, Inc.
Ascendant Solutions, Inc. is a value oriented, investment firm focused on making equity investments in underperforming or distressed U.S. lower middle-market businesses. Ascendant is primarily interested in investing or acquiring manufacturing, distribution, service, healthcare, finance and retail industries with $20 to $150 million in annual revenues that require access to capital or capital restructuring, and strategic support to improve operational performance. Ascendant currently has approximately $44 million in net operating loss carryforwards which can be used to shelter future income, thus enhancing free cash flow or debt service capabilities. Ascendant specializes in solving complex transactions where creative and quick solutions can add value to an enterprise.
Ascendant Solutions, Inc.
Mark Heil, CFO, 972-250-0945