Comdisco reports $18,000 of net earnings for quarter ended March 31

By Caroline Salls

Pittsburgh, May 12 - Comdisco Holding Co., Inc. reported $18,000 of net earnings, or zero per common share, for the quarter ended March 31, according to a company news release.

The company said the per-share results are based on 4.03 million shares of common stock outstanding on average during the quarter.

According to the release, total revenue for the quarter decreased by 37% to $177,000, primarily as a result of lower gains on the sale of equity securities and lower interest income during the second quarter.

Comdisco said gains were roughly $25,000 for the second quarter, compared to gains of $126,000 for the quarter ended March 31, 2009.

Net cash used in operating activities was $9.16 million for the six months ended March 31, compared to net cash provided by operating activities of $5.86 million for the six months ended March 31, 2009.

The company had $68.63 million in total assets at March 31, including $57.57 million of unrestricted cash and short-term investments. The figures compared to $76.89 million of total assets at Sept. 30, 2009, including $66.07 million of unrestricted cash.

Comdisco said the decrease in cash is primarily a result of a $7.05 million payment of a Canadian tax liability paid during the quarter ended March 31.

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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