Ascendant Solutions, Inc. (Pink Sheets: ASDS)("Ascendant" or the "Company") today announced its results for the first quarter of fiscal 2011. The Company reported consolidated net loss of $838,000 for the fiscal quarter ended March 31, 2011, compared to net income of $395,000 in 2010, resulting in net loss per share ("EPS") of $0.03 compared to net income per share of $0.02. Average basic and diluted common shares outstanding for 2011 and 2010 were 24,447,931.
For the fiscal quarter ended March 31, 2011, the Company reported Consolidated Earnings (Loss) before Interest, Taxes, Depreciation and Amortization ("EBITDA") of ($709,000) compared to consolidated EBITDA of $560,000 in 2010.
As of August 31, 2010, the Company deconsolidated the results of Cresa Partners of Orange County, L.P. ("CPOC") and currently records a 10% equity interest in CPOC's earnings. In addition to its interest in CPOC, the Company's investments include Dougherty's Holdings, Inc., FPG Partners, LLC, Fairways Frisco, L.P. and CRESA Capital Markets Group, L.P.
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.
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 $41 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.
Contacts:
Ascendant Solutions, Inc.
David E. Bowe, 972-250-0945
President
& CEO