Professional Transportation Group Reports Results for Quarter
18 April 2000
Professional Transportation Group Ltd., Inc. Reports Results for Quarter And 12 Months Ended December 31 1999
MARIETTA, Ga., April 17 Professional Transportation Group,
Ltd., Inc. (Nasdaq: TRUC, TRUCW) today announced results for the quarter and
year ended December 31, 1999. The net loss per share on a basic and diluted
basis declined from $0.90 for the year ended December 31, 1998 to a loss in
the year ended December 31, 1999 of $0.67 per share. The Company's net loss
for 1999 declined to $2,894,637 from its 1998 loss of $3,498,411.
Nonetheless, after achieving an operating profit in each of the first three
fiscal quarters of 1999, the Company sustained a net loss for its three months
ended December 31, 1999 of $3,297,735 as compared to a net loss in the quarter
ending December 31, 1998 of $1,833,413. In addition, the Company's revenues
declined from $55,066,949 in 1998 to $41,356,478 in 1999, principally as a
result of the discontinuation on April 1, 1998 of the Company's Timely North
subsidiary and the conduct of Timely North's less-than-truckload operations
(which alone was responsible for approximately $10,000,000 of the decline) as
well as the loss of the business of a significant customer, Panalpina, in
August 1999. The Company's revenue for the three months ended December 31,
1999 declined to $8,158,186 from $9,940,576 for the quarter ended December 31,
1998. This decline in revenue is primarily attributable to an adjustment in
the quarter ended December 31, 1999 to revenue based upon management's review
of sales that were recorded in error in prior quarters, and to the Company's
loss of the Panalpina business (which declined by $1,900,000 in 1999 over
1998). The increased loss for the quarter is principally attributable to a
year-end bad debt adjustment and the sales adjustment described above.
"1999 has been filled with challenges and opportunities," said Chief
Executive Officer Dennis A. Bakal. "We have made a concerted effort to
discard the final remnants of our association with Carpet Transport so that
from this point forward we can truly move forward."
"Over the last few months, we have increased our focus on improving our
margins and returns. We contacted our customers to explain the critical need
for improved fuel surcharge reimbursement and our customers responded
favorably with their support. We expect that demand for our services will
remain strong in 2000 and our Agent Program has continued to grow. In fact,
we anticipate that revenue in the first quarter of 2000 will exceed first
quarter 1999 revenue by over 30%, and will exceed fourth quarter 1999 revenue
by over 60%. Our recent announcement of entry into web-based
TranzPartners.com and Application Service Provider ("ASP") capabilities has
generated enormous interest and we should begin to reflect revenue as soon as
May 2000. We continue our focus on non-asset based and 'tuck-in' acquisitions
such as ATECH whose operations we successfully acquired in January 2000."
Professional Transportation Group Ltd., Inc., is headquartered in
Marietta, Georgia. The Company provides ground transportation and logistics
services for the airfreight and trucking industry in the continental United
States through its subsidiaries, Timely Transportation, Inc. ('Almost as Fast
as Air') and Truck-Net, Inc. A partial list of PTG customers includes Federal
Express, US Airways, Airborne Express, UPS, Emery Worldwide, Nippon Air Cargo
and Air Express International.
Financial Table:
Three Months Three Months Twelve Months Twelve Months
Ended Ended Ended Ended
December 31 December 31 December 31 December 31
1999 1998 1999 1998
Operating
Revenues $8,158,186 $9,940,576 $41,356,478 $55,066,949
Operating
Expenses 11,234,647 9,719,481 43,491,845 55,878,673
Non-operating
expense 221,274 2,054,508 759,270 2,686,687
Net income
(loss) $(3,297,735) $(1,833,413) $(2,894,637) $(3,498,411)
Basic and diluted
net loss per
common share $(0.72) $(0.47) $(0.67) $(0.90)
Weighted average
common shares
outstanding 4,599,631 3,868,160 4,301,551 3,867,883
(TRUC is a client of Internet Stock Market Resources, Inc.)
http://www.internetstockmarket.com/corpprof/t/truc.html
This release contains statements which constitute forward-looking
statements within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as amended.
These statements appear in a number of places in this release and include all
statements that are not statements of historical fact regarding the intent,
belief or current expectations of the Company, its directors or its officers
with respect to, among other things: (i) the Company's financing plans; (ii)
trends affecting the Company's financial condition or results of operations;
(iii) the Company's growth strategy and operating strategy; and (iv) the
declaration and payment of dividends. The words "may," "would," "will,"
"expect," "estimate," "anticipate," "believe," "intend," and similar
expressions and variation thereof are intended to identify forward-looking
statements. Investors are cautioned that any such forward-looking statements
are not guarantees of future performance and involve risks and uncertainties,
many of which are beyond the Company's ability to control, and that actual
results may differ materially from those projected in the forward-looking
statements as a result of various factors discussed herein and those factors
discussed in detail in the Company's filings with the Securities and Exchange
Commission, including the "Risk Factors" section of the Company's Registration
Statement on Form S-3 (Registration Number 333-70985), as declared effective
by the Securities and Exchange Commission on February 5, 1999.