US 1 Industries Announces 2003 Third Quarter and Nine Months Results
GARY, Ind.--Nov. 1, 20033, 2003--US 1 Industries, Inc. (OTCBB:USOO) announced today the results for its third quarter ended September 30, 2003. Revenues increased to $30.9 million compared to $28.6 million in the same period in 2002. The company's net income was $238,376 in the third quarter of 2003 compared to net income of $542,569 in the same period in 2002.For nine months ended September 30, 2003, revenues increased to $91.1 million compared to $76.2 million for the same period in 2002. Net income increased to $1.3 million compared to net income of $1.1 million for the same period in 2002.
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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Three months ended Nine months ended
(Dollars in thousands, September 30, September 30,
except per share data) 2003 2002 2003 2002
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Operating Revenues $30,877 $28,649 $91,139 $76,229
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Operating Expenses:
Purchased Transportation/
Commissions 26,036 24,003 76,669 64,091
Insurance & Claims 1,418 1,309 3,878 3,128
Salaries, Wages, and
Other 1,657 1,302 4,853 3,546
General and
Administrative 1,442 1,383 4,261 3,694
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Total operating
expenses 30,553 27,997 89,661 74,459
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Operating income (loss) 324 652 1,478 1,770
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Total other income
(expense) (47) (78) (112) (584)
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Net Income before
Minority Interest $277 $574 $1,366 $1,186
Minority Interest
Expense (39) (32) (101) (76)
Net income before
Preferred Shares
Dividend $238 $542 $1,265 $1,110
Preferred Share
Dividend 0 - 0 (57)
Gain on Redemption of
Preferred Shares 0 610 0 610
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Net Income to common
shares $238 $1,152 $1,265 $1,663
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Earnings per share
Earnings derived from
Operations: $0.02 $0.05 $0.11 $0.10
Earnings derived from
Stock Conversion: $- $0.05 $- $0.05
Net Earnings Per Share
Basic $0.02 $0.10 $0.11 $0.15
Net Earnings Per Share
Diluted $0.02 $0.10 $0.10 $0.14
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Weighted average common
shares outstanding -
basic 11,618,224 11,433,441 11,618,224 10,892,949
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Weighted average common
shares outstanding -
diluted 12,018,224 11,433,441 11,914,195 10,892,949
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US 1 INDUSTRIES, INC.
CONSOLIDATED BALANCE SHEETS
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(Dollars in thousands) September 30, Dec. 31,
2003 2002
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Assets:
Current assets $20,901 $19,236
Fixed assets 1,062 1,157
Net assets held sale or investment 54 54
Non-current deferred tax asset 600 600
Other assets 398 397
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Total assets $23,015 $21,444
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Liabilities
Current Liabilities $16,308 $16,270
Long term debt 3,222 3,114
Minority Interest 250 203
Redeemable Preferred Stock 0 0
Shareholder's equity (deficiency) 3,235 1,857
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Total liabilities and shareholder's deficiency $23,015 $21,444
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