US 1 Industries Announces 2004 First Quarter Results
GARY, Ind.--May 1, 20048, 2004--US 1 Industries, Inc. (OTCBB:USOO) announced today the results for the quarter ending March 31, 2004. Revenue in the first quarter increased seven percent to $30.7 million compared to $28.6 million for same period in 2003. The company's operating income decreased to $299,945 compared to $527,359 in the first quarter of 2003. Net income decreased to $231,939 compared to net income of $487,079 in the first quarter of 2003.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, Three months ended March 31,
except per share data) 2004 2003
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Operating Revenues $ 30,730 $ 28,552
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Operating Expenses:
Purchased Transportation/Commissions 25,742 24,041
Insurance & Claims 1,317 1,116
Salaries, Wages, and Other 1,927 1,533
General and Administrative 1,444 1,335
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Total operating expenses 30,430 28,025
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Operating income (loss) 300 527
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Total other income (expense) (38) (10)
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Net income before Minority Interest 262 517
Minority Interest 30 30
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Net Income to common shares $ 232 $ 487
Earnings Per Share - Basic $ 0.02 $ 0.04
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Earnings Per Share - Diluted $ 0.02 $ 0.04
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Weighted Average Shares Basic 11,618,224 11,618,224
Weighted Average Shares Diluted 11,992,014 11,618,224
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US 1 INDUSTRIES, INC.
CONSOLIDATED BALANCE SHEETS
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(Dollars in thousands) March 31, Dec. 31,
2004 2003
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Assets:
Current assets $20,302 $20,054
Fixed assets 1,030 971
Net assets held sale or investment 54 54
Other assets 998 998
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Total assets $22,384 $22,077
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Liabilities
Current Liabilities $15,201 $15,166
Long term debt 3,130 3,176
Minority Interest 382 325
Shareholder's equity 3,671 3,410
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Total liabilities and shareholder's deficiency $22,384 $22,077
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