|
| |||||||||||||||
CHDT Q2 2008 Gross Revenues up 78% Over Q1 2007 Conference Call Scheduled for Friday at 10:00 a.m. DEERFIELD BEACH, FL--(MARKET WIRE)--Aug 15, 2008 -- CHDT Corp. (OTC BB:CHDO.OB - News) a
Florida-based management company operating subsidiaries
focused on
designing and manufacturing consumer products for the North
American retail
market, reported yesterday its 10-Q for Q2 2008. The Company
had gross
revenues of approximately $694,596 an increase of 78% versus
$389,436 in
revenue for the corresponding Q2 of 2007. Six month gross
revenues
increased 110% over 2007. The increase in revenues is partly
due to the
company shipping its initial STP® orders to such noted
retailers as Sam's
Club and online retailer Amazon.com.
For the three months ended June 30th, 2008, the Company had a net loss from continuing operations of approximately $512,118 versus a first quarter loss of $587,988. For the three months ended June 30th, 2007 the Company had a net loss from operations of $260,596. That is a net loss increase of $251,522 over 2007 results. The major reason for this additional loss was the increase over 2007 in Compensation and General Administrative Expenses required for the management buildup. In the second quarter 2007 we did not have the full cost impact of the new management team. First and second quarter sales are historically the slowest quarters of the year for Capstone. The company expects sales to escalate further in the third and forth quarters as it implements additional STP®, Eco-i-Lite(TM), and Take(TM) programs. The third quarter will be the first quarter the company will have all its product lines launched that have been in development during 2007. As of 6/30/08 the Capstone order backlog was 2,900,000. As a data point, this backlog exceeds the total revenue numbers at 2007 year end. Howard Ullman, Chairman of CHDT Corp., said, "I am very impressed with the speed to market exhibited this year by our management team. They developed a sizable line of STP® tools and automotive accessories, designed a revolutionary new multi-functional light branded the Eco-i-Lite(TM), and have received accolades from the media for its new Personal Pocket Safe having made a web introduction just a few weeks ago. We are getting positive feedback from retailers on all our product lines and our company is on track to reach its revenue goals set at the beginning of the year. The growth we are experiencing today is a result of the investment we made last year in a qualified management team with the vision and knowhow to continually create innovative consumer products." CHDT Corp. will conduct a teleconference in conjunction with today's release. The teleconference begins at 10:00 a.m. Eastern Time today, 8/15/2008. Members of the news media, investors and the general public are invited to access a live webcast of the conference call via "CHDT Corp.'s" website at www.chdtcorp.com or through www.InvestorCalendar.com. The event will be archived and available for replay through 8/15/2009.
PART I
CHDT CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited) (Unaudited)
For the Three Months Ended For the Six Months Ended
June 30, June 30,
2008 2007 2008 2007
------------ ------------ ------------ ------------
Revenues $ 694,596 $ 389,436 $ 1,268,776 $ 600,478
Cost of Sales (495,275) (208,844) (815,711) (346,859)
------------ ------------ ------------ ------------
Gross
Profit 199,321 180,592 453,065 253,619
------------ ------------ ------------ ------------
Operating Expenses:
Sales and
marketing 35,980 9,458 70,410 23,146
Compensation 349,769 174,944 820,975 270,559
Professional fees 46,182 61,986 80,516 109,193
Consulting 25,200 8,125 53,330 75,000
Other General and
administrative 254,308 186,675 504,174 265,398
------------ ------------ ------------ ------------
Total Operating
Expenses 711,439 441,188 1,529,405 743,296
------------ ------------ ------------ ------------
Net Operating
Income (Loss) (512,118) (260,596) (1,076,340) (489,677)
------------ ------------ ------------ ------------
Other Income
(Expense):
Miscellaneous
income - - - 750
Interest
expense (40,128) (24,721) (64,503) (52,225)
Interest
income 174 13,923 783 17,190
------------ ------------ ------------ ------------
Total Other
Income
(Expense) (39,954) (10,798) (63,720) (34,285)
------------ ------------ ------------ ------------
Net Income (Loss) $ (552,072) $ (271,394) $ (1,140,060) $ (523,962)
============ ============ ============ ============
Income (Loss) per
Common Share $ - $ - $ - $ -
============ ============ ============ ============
Weighted average
shares outstanding 557,941,646 561,343,299 561,757,861 552,718,495
============ ============ ============ ============
Item 2. Financial Statements
CHDT CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)
June 30, December 31,
Assets: 2008 2007
------------ ------------
Current assets:
Cash $ 144,026 $ 257,802
Accounts receivable - net 823,619 1,351,648
Inventory 386,009 333,184
Prepaid expense 34,477 23,331
------------ ------------
Total Current Assets 1,388,131 1,965,965
------------ ------------
Fixed assets:
Computer equipment & software 49,886 45,685
Machinery and equipment 353,053 276,408
Furniture and fixtures 5,665 5,665
Less: Accumulated Depreciation (163,466) (119,154)
------------ ------------
Total Fixed Assets 245,138 208,604
------------ ------------
Other non-current assets:
Product development costs - net 107,292 73,012
Goodwill 1,936,020 1,936,020
Deposits 16,793 15,000
------------ ------------
Total other non-current assets 2,060,105 2,024,032
------------ ------------
Total assets $ 3,693,374 $ 4,198,601
============ ============
CHDT CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Continued)
(Unaudited)
June 30, December 31,
2008 2007
------------ ------------
Liabilities and Stockholders’ Deficit:
Current liabilities:
Accounts payable and accrued expenses $ 753,100 $ 601,946
Customer deposits 3,002 -
Notes and loans payable to related parties -
current maturities 439,870 688,305
------------ ------------
Total current liabilities 1,195,972 1,290,251
------------ ------------
Non-current liabilities
Note payable - Sterling Bank 359,014 -
Notes and loans payable to related parties 546,025 546,025
------------ ------------
Total non-current liabilities 905,039 546,025
------------ ------------
Total Liabilities 2,101,011 1,836,276
------------ ------------
Stockholders' Deficit:
Preferred Stock, Series A, par value $.001
per share
Authorized 100,000,000 shares,
Issued 60 at June 30, 2008
and 6,560 shares at December 31, 2007 1 7
Preferred Stock, Series B, par value $.10
per share
Authorized 100,000,000 shares,
Issued 2,108,813 at June 30, 2008
and 1,358,738 at December 31, 2007 210,882 135,874
Common Stock, par value $.0001 per share
Authorized 600,000,000 shares,
Issued 557,941,646 shares at June 30,
2008 and 599,745,646 shares at December
31, 2007 55,794 59,975
Additional paid-in capital 5,333,804 5,034,527
Accumulated deficit (4,008,118) (2,868,058)
------------ ------------
Total Stockholders' Deficit 1,592,363 2,362,325
------------ ------------
Total Liabilities and Stockholders’
Deficit $ 3,693,374 $ 4,198,601
============ ============About CHDT Corp.: CHDT Corp. (http://www.chdtcorp.com) is a public holding company that engages, through its wholly owned subsidiaries, in the development, manufacturing, logistics, and distribution of consumer products to retailers and wholesalers throughout North America. See http://www.chdtcorp.com for more information about the company and www.capstoneindustries.com, www.takeanyware.com, www.stptools.com for information on our current product offerings. Reference of URLs in this press release does not incorporate said URLs or any of their contents in this press release. FORWARD-LOOKING STATEMENTS: This press release, including the financial information that follows, contains "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995, as amended. These statements are based on the Company's and its subsidiaries' current expectations and involve risks and uncertainties, which may cause results to differ materially from those set forth in the statements. CHDT undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise. Forward-looking statements in this press release and risks associated with any investment in CHDT, which is a small business concern and a "penny stock company" and, as such, a highly risky investment suitable for only those who can afford to lose such investment, should be evaluated together with the many uncertainties that affect CHDT's business, particularly those mentioned in the cautionary statements in current and future CHDT's SEC Filings. Contact: CONTACT:
Jill Mohler
Email Contact
954-252-3440
Source: CHDT Corp.
|  | ||||||||||||||
