Businessweek

CCOM Group, Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported net loss of $731,977 or $0.08 per basic and diluted share on sales of $18,729,438 compared to net loss of $963,590 or $0.11 per basic and diluted share on sales of $18,091,774 reported a year ago. Loss before income tax expense was $721,477 compared to $963,590 reported a year ago. Operating loss was $619,336 compared to $863,758 reported a year ago. Net cash used in operating activities was $186,722 compared to net cash provided by operating activities of $420,059 reported a year ago.

CCOM Group, Inc. reported consolidated earnings results for the fourth quarter and year ended December 31, 2012. For the quarter, the company's sales increased 8.6% to $24,923,292 from $22,939,776. Operating income increased 16.5% to $895,859 from $769,240. Net income increased 53.3% to $920,612 from $600,526. Earnings per share on a fully diluted basis increased to $0.10 from $0.06 per share. For the year, the company's sales were $86,110,638 against $79,563,932 a year ago. Operating income was $919,025 against $762,011 a year ago. Income before income tax was $629,859 against $234,344 a year ago. Net income was $645,859 or $0.07 per basic and diluted share against $234,344 or $0.03 per basic and diluted share a year ago. Net cash used in operating activities was $168,587 against $2,665,082 a year ago. Additions to property and equipment were $165,550 against $67,068 a year ago.

CCOM Group, Inc. announced that William Pagano has retired as CEO of the company and is being succeeded by Michael Goldman. Mr. Pagano served the company for many years in various capacities and was CEO since 2006. Mr. Goldman has served as the company's non-executive Chairman since 2006.

CCOM Group, Inc. announced that Universal Supply Group, Inc.'s Speed Queen washer-dryer distributorship agreement has been terminated effective June 2013.

Keybank National Association, CCOM Group, Inc. and certain other subsidiaries of the company entered into a Third Amendment dated as of December 7, 2012 to the Credit and Security Agreement dated as of October 18, 2011, as amended to date. The Amendment provides, among other things, for KeyBank to make up to $500,000 in additional loans to the company on two occasions per year, to match loans in the same aggregate amount that one or more Investor Subordinated Creditors elect to make.