All American Group, www.allamericangroupinc.com – the premier system-built homes and large scale residential construction company, which also manufactures ADA-accessible buses via a joint venture, today reported year-to-date (YTD) and Q3 2010 (ending Sept. 30) results.
President and CEO of COHM, Rick Lavers, cited a 48% reduction in operationally-used net cash from the previous year and the circumspect stewardship of funds in the Company’s various escrow accounts as highlights of COHM’s success.
Here’s a look at the major data points in summary form:
• Net cash used in operations was down 91% to $7.5M YTD compared to 2009, down 123% to $1.3M for Q3 (compared to Q1) and down 154% (compared to Q2)
• Net sales from continuing operations up 28.1% to $57.8M for the YTD, bringing operating losses down 30% to $9.8M, while Q3 net sales rose 3.9% to $16.7M
• Net sales for the Specialty Vehicle Group shot up 63.9% to $6.5M
• Net sales for the Housing Group fell 15.7% to $10.2M
Lavers noted the strong performance of sales from the Specialty Vehicle segment, which brought in $0.7M YTD, and forecasted that when several major housing projects come online in Q4 the results would look even stronger overall.
Lavers also explained that the new ARBOC Spirit bus initiative, which was extremely well-received at this year’s BusCon show and targets the commercial fleet market, would begin to produce revenues in 2011.
Revenue, operating profits and cash flow all look great and the overall outlook for COHM is robust.
Shareholders (non HIG) stand to receive $0.20/share and an interest in a liquidating trust which has rights to proceeds from sales of the Company’s specialty vehicle business, as the result of an agreement to be acquired via merger signed with HIG All American, LLC parent, All American Group Holdings, LLC (Nov. 8, 2010).
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