US 1 Industries Announces 2001 Third Quarter and Nine Months Results
GARY, Ind.--Nov. 12, 2001--US 1 Industries, Inc. (OTCBB:USOO) announced today the results for its third quarter ended September 30, 2001. Revenues increased 37 percent to $18.4 million compared to $13.4 million in the same period in 2000. The company's net income increased 10 percent to $292,669 in the third quarter compared to net income of $266,752 in the same period in 2000.For nine months, revenues increased 51 percent to $51.4 million compared to $34.1 million for the same period in 2000. Net income increased 36 percent to $644,458 compared to income of $472,718 for 2000.
Increased profitability for the quarter and for the nine-month period were primarily the result of increased revenues, lower financing costs, and improved cost control of the Company's operations. It is the twelfth consecutive quarter in which the Company's net income has been greater than the comparable prior year's 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.
Statements in this news release that relate to future plans, financial results or projections, events or performance, are forward-looking statements subject to a number of known and unknown risks and uncertainties that could cause actual operations or results to differ materially from those described or anticipated.
US 1 INDUSTRIES,INC AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
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(Dollars in thousands,
except per share data)
Three months ended Nine months ended
Sept 30, Sept 30,
2001 2000 2001 2000
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Operating
Revenues $ 18,428 $ 13,488 $ 51,415 $ 34,112
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Operating
Expenses:
Purchased
Transportation/
Commissions 16,113 11,147 45,159 29,038
Insurance
& Claims 554 418 1,423 1,051
Salaries, Wages,
and Other 506 705 1,576 1,560
General and
Administrative 825 702 2,191 1,428
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Total operating
expenses 17,998 12,972 50,349 33,077
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Operating income
(loss) 429 516 1,066 1,035
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Total other
income (expense) (111) (226) (344) (493)
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Net income (loss)
before Preferred
Shares Dividend $ 318 $ 290 $ 722 $ 542
Preferred Shares
Dividend (26) (23) (77) (69)
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Net Income (loss)
to common shares $ 293 $ 267 $ 644 $ 473
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Earning per
share: $ 0.03 $ 0.03 $ 0.06 $ 0.04
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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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US 1 INDUSTRIES, INC.
CONSOLIDATED BALANCE SHEETS
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(Dollars in thousands) Sept 30, Dec. 31,
2001 2000
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Assets:
Current assets $ 12,539 $ 11,044
Fixed assets 1,255 267
Net assets held sale or investment 54 54
Other assets 526 526
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Total assets $ 14,375 $ 11,891
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Liabilities
Current Liabilities $ 11,470 $ 9,324
Long term debt 3,642 4,026
Redeemable Preferred Stock 1,077 1,000
Shareholder's deficiency (1,815) (2,459)
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Total liabilities and shareholder's deficiency $ 14,375 $ 11,891
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