US 1 Industries Announces 2005 Second Quarter and Six Month Earnings
GARY, Ind.--Aug. 1, 20055, 2005--US 1 INDUSTRIES, INC. (OTCBB:USOO) announced today earning and revenue results for the second quarter and six month period ended June 30, 2005. Revenues for the second quarter of 2005 increased 16.4 percent to $41.9 million compared to $36.0 million for the same period in 2004. The Company's net income increased to $516,075 in the second quarter of 2005 compared to $99,883 for the same period in 2004.For the six months ended June 30, 2005, revenues increased 19.4 percent to $79.7 million compared with $66.7 million for the same period in 2004. For the six months ended June 30, 2005, the Company's net income increased to $1,232,660 compared to net income of $331,822 for the same period in 2004.
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 Six months ended
(Dollars in thousands, June 30, June 30,
except per share data) 2005 2004 2005 2004
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Operating Revenues $41,890 $35,975 $79,651 $66,705
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Operating Expenses:
Purchased
Transportation/
Commissions 35,434 30,337 67,007 56,078
Insurance & Claims 1,664 1,627 3,270 2,944
Salaries, Wages,
and Other 2,493 2,075 4,577 4,002
General and
Administrative 1,620 1,760 3,259 3,205
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Total operating
expenses 41,211 35,799 78,113 66,229
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Operating income (loss) 679 176 1,538 476
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Total other income
(expense) (3) (38) (38) (76)
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Net Income before
Minority Interest and
taxes $676 $138 $1,500 $400
Minority Interest
Expense (73) (38) (117) (68)
Income taxes (87) 0 (151) 0
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Net Income $516 $100 $1,232 $332
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Earnings Per Share -
Basic $0.04 $0.01 $0.10 $0.03
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Earnings Per Share -
Diluted $0.04 $0.01 $0.10 $0.03
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Weighted Average
Shares Basic 12,018,224 11,618,224 12,018,224 11,618,224
Weighted Average
Shares Diluted 12,018,224 11,946,664 12,018,224 11,934,339
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US 1 INDUSTRIES, INC.
CONSOLIDATED BALANCE SHEETS
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(Dollars in thousands) June 30, Dec. 31,
2005 2004
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Assets:
Current assets $26,670 $24,527
Fixed assets 409 546
Net assets held sale or investment 54 54
Non-current deferred tax asset 600 600
Other assets 392 392
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Total assets $28,125 $26,119
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Liabilities
Current Liabilities $20,158 $19,381
Long term debt 2,890 2,890
Minority Interest 252 255
Shareholder's equity 4,826 3,593
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Total liabilities and shareholder's equity $28,125 $26,119
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