Colonial Commercial Corp. reported un-audited consolidated earnings results for the third quarter and nine months ended September 30, 2009. Sales decreased by 4.8%, or $1,098,193, to $21,764,171 for the quarter ended September 30, 2009 from $22,862,364 for the same period in 2008. The decline reflects the general economic slowdown, as well as a decline in both residential and commercial construction and renovations. Net loss for the quarter ended September 30, 2009 was $200,620 or $0.04 basic and diluted loss per share compared to net income of $75,229 or $0.01 basic and diluted income per share for the same period in 2008. The loss reflects an $894,974 decrease in gross margins, a non-cash $470,000 charge for a revaluation of its deferred tax asset and $125,909 in tender offer costs partially offset by a $790,503 decrease in selling, general and administrative expenses other than tender offer expenses, and a $106,567 decrease in interest expense. Operating income was $396,665 against $627,045 of previous year period. Income before income tax expense was $289,569 compared to $416,633 for the same period a year ago. Sales decreased by 11.6%, or $7,525,220, to $57,581,457 for the nine months ended September 30, 2009 from $65,106,677 for the same period in 2008. The decline reflects the general economic slowdown, a decline in both residential and commercial construction and renovations, and a significantly cooler month of June that negatively impacted sales of HVAC equipment. Net loss for the nine months ended September 30, 2009 was $2,186,099 or $0.47 basic and diluted loss per share compared to a net loss of $783,966 or $0.17 basic and diluted loss per share for the same period in 2008. The loss reflects a $3,517,441 decrease in gross margins, a non-cash $470,000 charge for a revaluation of its deferred tax asset and $208,311 in tender offer costs, partially offset by a $2,385,466 decrease in selling general and administrative expenses other than tender offer expenses, and a $452,587 decrease in interest expense. Operating loss was $1,357,389 against income of $292,797 of previous year period. Loss before income tax expense was $1,677,551 compared to $420,285 for the same period a year ago. Net cash used in operating activities was $1,381,911 against cash provided by operating activities of $3,212,067 for the comparable period last year. Additions to property and equipment were $152,046 compared to $392,394 of previous year period.

Colonial Commercial Corp. announced financial results for the second quarter and the six months ended June 30, 2009. For the quarter, the company's sales decreased by 15.9%, or $3,823,323, to $20,199,862 from $24,023,185 for the same period in 2008. The decline reflects the general economic slowdown, a decline in both residential and commercial construction and renovations, and a significantly cooler month of June that negatively impacted the sales of HVAC equipment. Net loss for the quarter ended June 30, 2009 was $400,855 or $0.09 per diluted share compared to net income of $640,475 or $0.12 per diluted share for the same period in 2008. The loss reflects a $1,660,060 decrease in gross margins, partially offset by a $834,163 decrease in selling, general and administrative expense and a $117,925 decrease in interest expense. For the quarter, the company reported operating loss of $268,627 and loss before income tax expense of $386,564 against operating income of $867,170 and income before income tax expense of $658,864 for the same quarter last year. For the six months, the company's sales decreased by 15.2%, or $6,427,027, to $35,817,286 from $42,244,313 for the same period in 2008. Net loss for the six months ended June 30, 2009 was $1,985,479 or $0.43 per diluted share compared to net loss of $859,195 or $0.19 per diluted share for the same period in 2008. For the six months, the company reported operating loss of $1,754,054 and loss before income tax expense of $1,967,120 against operating loss of $334,248 and loss before income tax expense of $836,918 for the same period last year. For the six months, the company reported net cash used in operating activities of $1,650,706 and additions to property and equipment of $84,266 against net cash provided by operating activities of $1,213,858 and additions to property and equipment of $301,501 for the same period last year. For the quarter, the company announced an impairment of other intangibles of $309,900.

Colonial Commercial Corp. announced unaudited consolidated financial results for the first quarter ended March 31, 2009. Sales decreased by 14.3%, or $2,603,704, to $15,617,424 for the quarter ended March 31, 2009 from $18,221,128 for the same period in 2008. The decline reflects industry-wide economic slowdown, as well as the decline in new residential construction and in residential and commercial renovations. Net loss increased by $84,954 to $1,584,624 or $0.34 per basic and diluted share for the quarter ended March 31, 2009, compared to a net loss of $1,499,670 or $0.32 per basic and diluted share for the same period in 2008. The increase in net loss is primarily the result of the above noted decrease in gross margins, partially offset by a $678,398 decrease in selling, general and administrative expense and a $229,393 decrease in interest expense. The company reported loss from operations of $1,485,427, loss from operations before income taxes of $1,580,556, net cash provided by operating activities of $722,485 and additions to property and equipment of $23,017 compared to loss from operations of $1,201,418, loss from operations before income taxes of $1,495,782, net cash provided by operating activities of $1,519,972 and additions to property and equipment of $141,091 for the same period of last year.