US 1 Industries Announces 2009 Second Quarter and Six Month Results
VALPARAISO, Ind.--US 1 Industries, Inc. (OTCBB: USOO) announced today the results for its second quarter and six months ended June 30, 2009. The Company's operating revenues increased by $2.5 million to $89.2 million for the six months ended June 30, 2009 from $86.7 million for the same period in 2008. This is an increase of 2.9%. The Company's operating revenues increased by $0.07 million to $45.0 million for the three months ended June 30, 2009 from $44.9 million for the same period in 2008. This is an increase of 0.16%.
Operating income derived from operations decreased to a loss of $0.6 million for the six months ended June 30, 2009 from operating income of $2.2 million for the six months ended June 30, 2008. Operating income derived from operations for the three months ended June 30, 2009 was $0.2 million compared to $1.2 million for the three months ended June 30, 2008.
Results for the six months ended were impacted by a defalcation related to accounts receivable at one of the Company’s subsidiaries, increased fixed costs, and decreased sales for the first six months of 2009 for operations that existed in the first six months of 2008. The Company was not able to decrease its fixed costs in time to bring them inline with the revenue decreases. The Company experienced a net loss in the amount of $0.7 million for the six months ended June 30, 2009 compared to net income of $1.5 million for the six months ended June 30, 2008. For the three months ended June 30, 2009, the Company experienced net income in the amount of $0.25 million compared to net income of $0.81 million for the three months ended June 30, 2008.
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.
| US1 INDUSTRIES, INC AND SUBSIDIARIES | ||||||||||||||||
| CONSOLIDATED STATEMENT OF OPERATIONS | ||||||||||||||||
| (Dollars in thousands, | Three months ended June 30, | Six months ended June 30, | ||||||||||||||
| except per share data) | 2009 | 2008 | 2009 | 2008 | ||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||
| Operating Revenues | $ | 45,017 | $ | 44,947 | $ | 89,230 | $ | 86,687 | ||||||||
| Operating Expenses: | ||||||||||||||||
| Purchased Transportation/Commissions | 36,841 | 37,730 | 73,359 | 72,614 | ||||||||||||
| Insurance & Claims | 1,157 | 1,487 | 2,724 | 2,823 | ||||||||||||
| Salaries, Wages, and Other | 4,044 | 2,608 | 8,209 | 5,397 | ||||||||||||
| General and Administrative | 2,762 | 1,931 | 5,566 | 3,610 | ||||||||||||
| Total operating expenses | 44,804 | 43,756 | 89,858 | 84,444 | ||||||||||||
| Operating income | 213 | 1,191 | (628 | ) | 2,243 | |||||||||||
| Total other income (expense) | (238 | ) | 27 | (270 | ) | 45 | ||||||||||
| Net (Loss) Income before Noncontrolling Interest and taxes | $ | (25 | ) | $ | 1,218 | $ | (898 | ) | $ | 2,288 | ||||||
| Noncontrolling Interest (Income) Expense | (337 | ) | 335 | (314 | ) | 644 | ||||||||||
| Net (loss) income before Income Taxes | 312 | 883 | (584 | ) | 1,644 | |||||||||||
| Income taxes expense | 61 | 70 | 144 | 141 | ||||||||||||
| Net Income (Loss) | $ | 251 | $ | 813 | $ | (728 | ) | $ | 1,503 | |||||||
| Earnings Per Share - Basic and Diluted | $ | 0.02 | $ | 0.06 | $ | (0.05 | ) | $ | 0.11 | |||||||
| Weighted Average Shares Basic and Diluted | 14,243,409 | 14,243,409 | 14,243,409 | 14,243,409 | ||||||||||||
| US 1 INDUSTRIES, INC. | ||||||||||||||||
| CONSOLIDATED BALANCE SHEETS | ||||||||||||||||
| (Dollars in thousands) | June 30, | Dec. 31, | ||||||||||||||
| 2009 | 2008 | |||||||||||||||
| Assets: | ||||||||||||||||
| Current assets | $ | 34,691 | $ | 38,390 | ||||||||||||
| Fixed assets | 1,824 | 1,951 | ||||||||||||||
| Non-current deferred tax asset | - | 721 | ||||||||||||||
| Notes Receivable - Long Term | 886 | 1,314 | ||||||||||||||
| Intangible assets | 3,274 | 3,736 | ||||||||||||||
| Goodwill | 4,860 | 4,757 | ||||||||||||||
| Other assets | 9 | 135 | ||||||||||||||
| Total assets | $ | 45,544 | $ | 51,004 | ||||||||||||
| Liabilities | ||||||||||||||||
| Current Liabilities | $ | 25,908 | $ | 29,579 | ||||||||||||
| Long-term Liabilities | 595 | 817 | ||||||||||||||
| Capital Lease (less current portion) | 76 | 44 | ||||||||||||||
| Noncontrolling Interest | (79 | ) | 846 | |||||||||||||
| Shareholder's equity | 19,044 | 19,718 | ||||||||||||||
| Total liabilities and shareholder's Equity | $ | 45,544 | $ | 51,004 | ||||||||||||