US 1 Industries Announces 2000 First Quarter Earnings
24 May 2000
US 1 Industries Announces 2000 First Quarter Earnings
GARY, Ind.--May 24, 2000--US 1 Industries, Inc. (OTCBB:USOO) announced today the results for the quarter ending March 31, 2000. Revenues in the first quarter increased twenty-two percent to $9.0 million compared to $7.4 million for same period in 1999. The company's operating income increased to $237,053 and net income increased to $82,340 in the first quarter of 2000 compared to operating income of $181,845 and net income of $43,471 during the same period in 1999.Increased profitability was primarily the result of increased revenue and improved cost control of the company's operations. It is the sixth consecutive quarter in which the company's income has been greater than its comparable year-ago quarterly period.
US 1, through its subsidiaries, is an interstate trucking, logistics, and service provider 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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(Dollars in thousands, THREE MONTHS ENDED MARCH 31,
except per share data) 2000 1999
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Operating Revenues $9,031 $7,392
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Operating Expenses:
Purchased Transportation 7,014 5,660
Insurance & Claims 325 200
Salaries, wages, and other 389 328
Commissions 808 726
General and administrative 163 296
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Total operating expenses 8,794 7,210
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Operating Income 237 182
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Total other Income (expense) (155) (139)
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Net income before Preferred Shares Dividend 82 43
Preferred Shares Dividend 23 18
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Net Income to common shares $ 59 $ 25
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Earnings per share:
Net Income:
Basic $ .01 $ .00
Diluted $ .01 $ .00
Net earnings per share $ .01 $ .00
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Weighted average number of common
And common equivalent shares 10,618,224 10,618,224
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CONSOLIDATED BALANCE SHEETS
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(Dollars in thousands) March 31, December 31,
2000 1999
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Assets:
Current Assets $5,861 $5,250
Fixed Assets 47 48
Net Assets held for sale or investment 54 54
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Total Assets $5,962 $5,352
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Liabilities and shareholders' deficiency:
Current liabilities $5,407 $5,961
Long-term debt 3,533 2,451
Redeemable Preferred Stock 931 908
Shareholders' deficiency (3,909) (3,968)
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Total liabilities and shareholders' deficiency $5,962 $5,352
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