US 1 Industries Announces Record 2001 First Quarter Earnings
GARY, Ind.--May 21, 2001--US 1 Industries, Inc. (OTCBB:USOO) announced today the results for the quarter ending March 31, 2001. Revenues in the first quarter increased seventy-one percent to $15.4 million compared to $9.0 million for same period in 2000. The company's operating income increased to $332,340 compared to operating income of $237,053. Net income increased one hundred eighty percent to $165,911 in the first quarter of 2001 compared to net income of $59,197 during the same period in 2000.Increased profitability was primarily the result of increased revenues and improved cost control of the company's operations. It is the tenth consecutive quarter in which the company's revenue and income has been greater than its comparable year-ago quarterly period.
US 1, through its subsidiaries, is primarily a non-asset based interstate trucking and logistics service company operating in the United States, Mexico and most Canadian provinces.
US 1 INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
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(Dollars in thousands, THREE MONTHS ENDED MARCH 31,
except per share data) 2001 2000
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Operating Revenues $ 15,451 $ 9,031
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Operating Expenses:
Purchased Transportation
& Commissions 13,547 7,823
Insurance and Claims 411 325
Salaries, wages, and other 540 389
General and administrative 481 163
Other expenses 140 94
Total operating expenses 15,119 8,794
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Operating Income 332 237
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Total other Income (expense) (140) (155)
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Net income before
Preferred Shares Dividend 192 82
Preferred Shares Dividend (26) (23)
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Net Income to common shares $ 166 $ 59
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Earnings per share:
Net Income:
Basic $ .02 $ .01
Diluted $ .02 $ .01
Net earnings per share $ .02 $ .01
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Weighted average number of common
And common equivalent shares 10,618,224 10,618,224
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CONSOLIDATED BALANCE SHEETS
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(Dollars in thousands) March 31, December 31,
2001 2000
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Assets:
Current Assets $ 10,886 $ 11,044
Fixed Assets 858 267
Net Assets held for sale
or investment 54 54
Non-current Assets 526 526
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Total Assets $ 12,324 $ 11,891
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Liabilities and
shareholders' deficiency:
Current liabilities $ 9,495 $ 9,324
Long-term debt 4,096 4,026
Redeemable Preferred Stock 1,026 1,000
Shareholders' deficiency (2,293) (2,459)
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Total liabilities and
shareholders' deficiency $ 12,324 $ 11,891
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