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US 1 Industries, Inc. Announces 2010 Fourth Quarter and Year End Results


us 1 (select to view enlarged photo)

VALPARAISO, Ind.--US 1 Industries, Inc. (OTCBB: USOO) announced today the results for its fourth quarter and fiscal year ended December 31, 2010. Operating revenues for the 2010 fiscal year were $211 million, an increase of $31.0 million, or 17.3%, from operating revenue for the 2009 fiscal year. Operating revenues for the three months ended December 31, 2010 increased 14.8% to $54.3 million compared to $47.3 million for the same period in 2009.

Based on the changes in revenue and expenses discussed above, operating income increased $6.7 million from 2009 to 2010. For the year ended December 31, 2010, the Company had operating income of 2.6% of operating revenues compared to an operating loss of (0.7%) of operating revenues for the same period of time in 2009. Fourth quarter operating results derived from operations increased $2.3 million to operating income of $1.2 million for the three months ended December 31, 2010 compared to an operating loss of $1.1 million for the three months ended December 31, 2009.

The Company had net income for the fourth quarter of 2010 of $0.3 million or $0.02 per common share compared to a loss for the fourth quarter of 2009 in the amount of $2.1 million or $0.15 per common share. For the year ended December 31, 2010, the Company had net income of $1.8 million or $0.12 per common share compared to the net loss of $2.6 million or $0.18 per common share as experienced for the year ended December 31, 2009.

In the fourth quarter of 2009, the company recorded a non-cash charge of $3.0 million for the impairment of goodwill related to ARL. The test as of December 31, 2009 indicated that the book value of ARL exceeded the fair value of the business. The impairment increased annual operating expenses by 1.7% of operating revenue. The Company had no such impairment at December 31, 2010.

Shareholder's Equity increase to $19.1 million for the year ended December 31, 2010 from $17.2 million for the year ended December 31, 2009.

The Operating Subsidiaries conduct business 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.