US 1 Industries Announces 2005 Third Quarter and Nine Month Earnings
GARY, Ind.--Nov. 1, 20055, 2005--US 1 INDUSTRIES, INC. (OTCBB:USOO) announced today earning and revenue results for the third quarter and nine month period ended September 30, 2005. Revenues for the third quarter of 2005 increased 13.0 percent to $41.8 million compared to $37.0 million for the same period in 2004. The Company's net income increased to $2,325,637 in the third quarter of 2005 compared to $507,967 for the same period in 2004.For the nine months ended September 30, 2005, revenues increased 17.2 percent to $121.5 million compared with $103.7 million for the same period in 2004. For the nine months ended September 30, 2005, the Company's net income increased to $3,558,295 compared to net income of $839,789 for the same period in 2004.
The Company had reserved $1.7 million with respect to a jury verdict in its financial statements for the year ended December 31, 2004. The Company has reversed that reserve in the period ended September 30, 2005. Excluding the recovery on litigation settlement, net income for the third quarter ending September 30, 2005 was 625,637 or $.05 per share. Excluding the recovery on litigation settlement, net income for nine months ended September 30, 2005 was $1,858,295 or $.15 per share.
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) 2005 2004 2005 2004
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Operating Revenues $41,844 $36,994 $121,496 $103,699
Recovery on Litigation
Settlement 1,700 0 1,700 0
Operating Expenses:
Purchased
Transportation/
Commissions 34,879 30,850 101,888 86,929
Insurance & Claims 1,494 1,485 4,764 4,429
Salaries, Wages,
and Other 2,659 2,230 7,236 6,231
General and
Administrative 1,874 1,851 5,132 5,056
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Total operating
expenses 40,906 36,416 119,020 102,645
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Operating income 2,638 578 4,176 1,054
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Total other income
(expense) (104) (23) (142) (99)
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Net Income before
Minority Interest and
taxes $2,534 $555 $4,034 $955
Minority Interest
Expense (59) (47) (176) (115)
Income taxes (149) 0 (300) 0
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Net Income $2,326 $508 $3,558 $840
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Earnings Per Share -
Basic $0.19 $0.04 $0.30 $0.07
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Earnings Per Share -
Diluted $0.19 $0.04 $0.30 $0.07
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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 11,969,793 12,018,224 11,946,157
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US 1 INDUSTRIES, INC.
CONSOLIDATED BALANCE SHEETS
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(Dollars in thousands) Sept. 30, Dec. 31,
2005 2004
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Assets:
Current assets $29,577 $24,527
Fixed assets 340 546
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 $30,963 $26,119
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Liabilities
Current Liabilities $20,731 $19,381
Long term debt 2,770 2,890
Minority Interest 311 255
Shareholder's equity 7,151 3,593
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Total liabilities and shareholder's equity $30,963 $26,119
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