US 1 Industries Announces 1999 Second Quarter Results
16 August 1999
US 1 Industries Announces 1999 Second Quarter Results
GARY, Ind.--Aug. 16, 1999--US 1 Industries, Inc. (OTC BB:USOO) announced this week the results for its second quarter ended June 30, 1999. Revenues increased to $8.2 million compared to $8.1 in same period in 1998. The company had net income of $106,491 in the second quarter of this year compared to $77,264 in the same period in 1998.For the six months ending June 30, 1999, the company had net income of $149,962 compared to net income of $79,656 in the same period in 1998.
Increased profitability for the quarter and for the six-month period was primarily the result of improved cost control of the company's operations.
US 1, through its subsidiaries, is primarily a trucking and logistics company, operating in forty-eight states and in most Canadian provinces. The company obtains substantially all of its business through independent sales agents and contracts with independent truckers to haul its freight.
US 1 INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
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THREE MONTHS ENDED SIX MONTHS ENDED
(Dollars in thousands, JUNE 30, JUNE 30,
except per share data) 1999 1998 1999 1998
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Operating revenues $ 8,198 $ 8,082 $15,590 $15,208
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Operating expenses:
Purchased transportation 6,204 6,184 11,863 11,679
Insurance and claims 269 250 470 502
Salaries, wages, and other 304 277 632 524
Commissions 761 862 1,487 1,544
General and administrative 382 279 678 566
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Total operating expenses 7,920 7,852 15,130 14,815
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Operating income (loss) 278 230 460 393
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Total other income (expense) (172) (153) (310) (313)
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Net income (loss) $ 106 $ 77 $ 150 $ 80
Dividends on Preferred Shares 18 18 36 36
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Net Income to Common Shares $ 88 $ 59 $ 114 $ 44
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Earnings per Common Share: $ .01 $ .01 $ .01 $ .00
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Weighted average number
of common and common
equivalent shares 10,614,768 10,614,768 10,614,768 10,614,768
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CONSOLIDATED BALANCE SHEETS
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(Dollars in thousands) June 30, December 31,
1999 1998
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Assets:
Current assets $ 4,467 $ 4,262
Fixed assets 89 183
Net assets held for sale or investment 54 54
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Total assets $ 4,610 $ 4,499
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Liabilities and shareholders' deficiency:
Current liabilities 5,095 5,123
Long-Term Debt 2,838 2,849
Redeemable Preferred Stock 861 825
Shareholders' deficiency (4,184) (4,298)
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Total liabilities and shareholders' deficiency $ 4,610 $ 4,499
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