US 1 Industries Announces 2001 Second Quarter and Six Month Earnings
GARY, Ind.--Aug. 13, 2001--US 1 Industries, Inc. (OTCBB:USOO) announced today earnings and revenues for the second quarter and six month period ending June 30, 2001.Revenues for the second quarter increased 51 percent to $17.5 million compared to $11.6 in same period in 2000. The Company's net income increased 27 percent to $185,871 in the second quarter of this year compared to $146,769 in the same period in 2000.
For the six months ending June 30, 2001, revenues increased 59 percent to $33 million compared with $20.6 million in 2000. The company's net income increased 70 percent to $351,786 compared to net income of $206,962 in the same period in 2000.
Increased profitability for the quarter and for the six-month period was primarily the result of increased revenues and improved cost control of the Company's operations. It is the eleventh consecutive quarter in which the revenue and net income has been greater than the comparable year-ago quarterly period.
US 1, through its subsidiaries, operates primarily as a non-asset based service provider to independent businesses operating in the trucking and logistics industries. It offers financial resources, risk management services, insurance and information technology to small independent business owners enhancing their ability to compete in the trucking and logistics industry.
US 1 INDUSTRIES, INC AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
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(Dollars in thousands, Three months ended Six months ended
except per share data) June 30, Sept 30,
2001 2000 2001 2000
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Operating Revenues $ 17,537 $ 11,593 $ 32,987 $ 20,624
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Operating Expenses:
Purchased
Transportation/Commissions 15,499 10,068 29,046 17,891
Insurance & Claims 458 308 869 633
Salaries, wages, and other 530 466 1,070 855
General and Administrative 745 469 1,365 726
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Total operating expenses 17,232 11,311 32,350 20,105
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Operating income (loss) 305 282 637 519
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Total other income (expense) ( 93) (112) (234) (267)
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Net income (loss) before
Preferred Shares Dividend $ 212 $ 170 $ 403 $ 252
Preferred Shares Dividend (26) (23) (51) (46)
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Net Income (loss)
to common shares $ 186 $ 147 $ 352 $ 206
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Earnings per share: $ .02 $ .01 $ .03 $ .02
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Weighted average number
of common And common
equivalent shares 10,618,224 10,618,224 10,618,224 10,618,224
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CONSOLIDATED BALANCE SHEETS
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(Dollars in thousands) June 30, December 31,
2001 2000
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Assets:
Current assets $ 11,514 $ 11,044
Fixed assets 1,151 267
Net assets held sale or investment 54 54
Other assets 526 526
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Total assets $ 13,245 $ 11,891
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Liabilities
Current Liabilites $ 10,599 $ 9,324
Long term debt 3,701 4,026
Redeemable Preferred Stock 1,052 1,000
Shareholder's deficiency (2,107) (2,459)
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Total liabilities and shareholder's deficiency $ 13,245 $ 11,891
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