TORONTO, Aug. 14, 2007 (PRIME NEWSWIRE) -- Consolidated Mercantile Incorporated (TSX:CMC) (Nasdaq:CSLMF) announced today revenues for the six months ended June 30, 2007 decreased to approximately $10.8 million from $14.7 million in the comparable 2006 period. Sales reflect the consolidation of Distinctive Designs Furniture Inc., the Company's furniture manufacturing subsidiary. Competitive market conditions resulted in reduced sales volumes at Distinctive. As previously announced, Distinctive has filed a Proposal to restructure its unsecured liabilities but intends to continue conducting its business in the normal course while management works towards acceptance and court approval thereof.
Net Earnings for the six months were $68,602 compared to a loss of $4,162,647 in the comparable 2006 period. Results for the period were impacted by the furniture operations and the Company's equity position at Polyair Inter Pack Inc. Earnings per share for the six months was $0.01 compared with a loss of $(0.82) in the comparable 2006 period. The earnings per share for the period represents a loss per share of ($0.11) from continuing operations and earnings per share of $0.12 from discontinued operations compared to a loss from continuing operations of ($0.59) and discontinued operations of ($0.23) for the comparable 2006 period.
Consolidated Mercantile Incorporated is a management holding company which provides merchant banking and effects its investment strategy through investment in and management of its investee companies.
"Safe Harbor" statement under the Private Securities Reform Act of 1995: This release contains forward-looking statements which reflect management's current views of future events and operation. These forward-looking statements are based on assumption and external factors, including assumptions relating to product pricing, competitive market conditions, financial data and other risks or uncertainties detailed from time to time in the Company's filings with the Securities and Exchange Commission. These forward-looking statements represent the Company's judgment as of the date of this release and any changes in the assumptions or external factors could produce significantly different results.