UNITED STATES SECURITIES
AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
CURRENT REPORT
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-
16 UNDER THE SECURITIES EXCHANGE ACT OF 1934
For August 6, 2002
Commercial Consolidators Corp.
(Translation of registrant's name into English)
39 Rivalda Road, 2nd Floor, Toronto, Ontario, Canada M9M 2M4
(Address of principal executive office)
[Indicate by check mark whether the registrant files or will file
annual reports under cover of Form 20-F or Form 40-F]
Form 20-F [x] Form 40-F [ ]
[Indicate by check mark whether the registrant by furnishing the
information contained in this Form is also thereby furnishing the
information to the Commission pursuant to Rule 12g3-2(b) under
the Securities Exchange Act of 1934.
Yes [ ] No [x]
[If "Yes" is marked, indicate below the file number assigned to the registrant
in connection with Rule 12g3-2(b):
82 -.]
Commercial Consolidators Corp announced its unaudited financial results for the
three months ended May 31,2002.
Copy of the News Release and BC FORM 53-901F are attached hereto and filed
as Exhibits to this filing on Form 6-K.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
COMMERCIAL CONSOLIDATORS CORP.
/s/ Leonard S. Black
Leonard S.Black, President and Director
Date: August 6, 2002
Exhibit 1
News Release
August 6, 2002
COMMERCIAL CONSOLIDATORS CORP. REPORTS FIRST QUARTER 2003 RESULTS
TORONTO - August 2,2002 - COMMERCIAL CONSOLIDATORS CORP. (ZCC:AMEX;
CJ9:Frankfurt), is a diversified distributor of business technologies (cellular
phones and accessories, computer hardware, software and solutions) and consumer
electronics to the Americas (North, South and Central). The Company's head
office is located in Toronto, Ontario.
Today the Company announced its unaudited financial results for the three months
ended May 31,2002.
The Company's first quarter unaudited financial results are summarized in the
following table:
Three months ended Three months ended
May 31, 2002 May 31, 2001
(CDN$'s----CDN GAAP)
- -------------------------------------------------------------------------------
Sales $21,489,214 $34,147,693
Cost of Sales 18,188,799 27,234,047
Gross Profit 3,300,415 6,913,646
Gross Margin 15.4% 20.1%
Expenses 6,185,303 4,809,336
Income - before foreign
Exchange, income taxes, (2,884,888) 2,104,310
and amortization
Net Income (1,896,606) 2,002,441
Net earnings (loss) per share (basic) (0.10) 0.14
For the first quarter of fiscal 2003 ended May 31, 2002, sales revenue decreased
by approximately $12.6 million, or 37% from approximately $34.1 million to
approximately $21.5 million. The decrease was driven by the Company's decision
to close the assembly plant in Cuba and reduce operations in Panama. In
addition, the wireless products division experienced decreased sales in its core
markets.
Overall operating and finance expenses as a percentage of sales increased in the
first quarter of fiscal 2003 compared to the first quarter of fiscal 2002. This
was due to addition of one acquisition and increased interest costs.
For further information, please contact investor relations at 1-800-968-1727; or
visit the Company's website at www.commercialconsolidator.com.
ON BEHALF OF THE BOARD OF DIRECTORS
"Leonard S. Black"
- ---------------------------------------
Leonard S. Black, President and Director
Statements about the Company's future expectations, including future revenues
and earnings, and all other statements in this press release other than
historical facts, are "forward-looking statements" within the meaning of Section
27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of
1934, and as that term is defined in the Private Securities Litigation Reform
Act of 1995. The Company intends that such forward-looking statements be
subject to the safe harbors created thereby. Since these statements involve
risks and uncertainties and are subject to change at any time, the Company's
actual results could differ materially from expected results.
Exhibit 2
BC FORM 53-901F
August 6, 2002
BC FORM 53-901F (Previously Form 27)
Securities Act
Material Change Report Under Section 85(1) of the Act
ITEM 1 REPORTING ISSUER
COMMERCIAL CONSOLIDATORS CORP.
39 Rivalda Road, 2nd Floor
Toronto, Ontario, Canada M9M 2M4
ITEM 2 DATE OF MATERIAL CHANGE
August 6, 2002
ITEM 3 PRESS RELEASE
Issued August 6, 2002 at Vancouver, BC
ITEM 4 SUMMARY OF MATERIAL CHANGE
Commercial Consolidators Corp announced its unaudited financial results for the
three months ended May 31,2002.
ITEM 5 FULL DESCRIPTION OF MATERIAL CHANGE
See attached Schedule A.
ITEM 6 RELIANCE ON SECTION 85(2) OF THE ACT
This report is not being filed on a confidential basis.
ITEM 7 OMITTED INFORMATION
There are no significant facts required to be disclosed herein
which have been omitted.
ITEM 8 DIRECTOR/SENIOR OFFICER
Contact: Leonard S. Black
Telephone: (416) 512-8299
ITEM 9 STATEMENT OF SENIOR OFFICER/DIRECTOR
The foregoing accurately discloses the material change referred to
herein.
DATED at Vancouver, BC this 6th day of August 2002.
"Leonard S. Black"
_______________________________
Leonard S. Black
President and Director
Schedule A
COMMERCIAL CONSOLIDATORS CORP. REPORTS FIRST QUARTER 2003 RESULTS
TORONTO - August 2,2002 - COMMERCIAL CONSOLIDATORS CORP. (ZCC:AMEX;
CJ9:Frankfurt), is a diversified distributor of business technologies (cellular
phones and accessories, computer hardware, software and solutions) and consumer
electronics to the Americas (North, South and Central). The Company's head
office is located in Toronto, Ontario.
Today the Company announced its unaudited financial results for the three months
ended May 31,2002.
The Company's first quarter unaudited financial results are summarized in the
following table:
Three months ended Three months ended
May 31, 2002 May 31, 2001
(CDN$'s ----CDN GAAP)
- -------------------------------------------------------------------------------
Sales $21,489,214 $34,147,693
Cost of Sales 18,188,799 27,234,047
Gross Profit 3,300,415 6,913,646
Gross Margin 15.4% 20.1%
Expenses 6,185,303 4,809,336
Income - before foreign
Exchange, income taxes, (2,884,888) 2,104,310
and amortization
Net Income (1,896,606) 2,002,441
Net earnings (loss) per share (basic) (0.10) 0.14
- -------------------------------------------------------------------------------
For the first quarter of fiscal 2003 ended May 31, 2002, sales revenue decreased
by approximately $12.6 million, or 37% from approximately $34.1 million to
approximately $21.5 million. The decrease was driven by the Company's decision
to close the assembly plant in Cuba and reduce operations in Panama. In
addition, the wireless products division experienced decreased sales in its core
markets.
Overall operating and finance expenses as a percentage of sales increased in the
first quarter of fiscal 2003 compared to the first quarter of fiscal 2002. This
was due to addition of one acquisition and increased interest costs.
ON BEHALF OF THE BOARD OF DIRECTORS
"Leonard S. Black"
- ---------------------------------------
Leonard S. Black, President and Director
Statements about the Company's future expectations, including future revenues
and earnings, and all other statements in this press release other than
historical facts, are "forward-looking statements" within the meaning of Section
27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of
1934, and as that term is defined in the Private Securities Litigation Reform
Act of 1995. The Company intends that such forward-looking statements be
subject to the safe harbors created thereby. Since these statements involve
risks and uncertainties and are subject to change at any time, the Company's
actual results could differ materially from expected results.