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Message #8
From: NewsBot
Date: March 19, 2007 10:01:00 AM

USOO News US 1 Industries Announces 2006 Year-End and Fourth Quarter Earnings

VALPARAISO, Ind.--(BUSINESS WIRE)--US 1 Industries, Inc. (OTCBB:USOO) announced today the results for its fourth quarter and fiscal year ended December 31, 2006. Operating revenues for the fourth quarter increased 1.9 percent to $48.6 million compared to $47.7 million in the same period in 2005.

Fourth quarter operating income (loss) derived from operations increased to $2.2 million compared to $0.3 million in the comparable quarter in 2005.

The Company had net income for the fourth quarter of 2006 of $1.4 million or $0.11 per share compared to $0.6 million or $0.05 per share in the comparable quarter in 2005.

For the year ended December 31, 2006, operating revenues were $191.0 million, an increase of 8.8 percent over 2005 revenues of $175.6 million. Excluding recovery of litigation expense, income from operations increased to $5.0 million for the year ended December 31, 2006 compared to $2.8 million for the same period of time in 2005.

Net income available to common shares in 2006 was $3.1 million or $0.25 per common share compared to $4.1 million ($2.4 million or $.20 per common share before recovery of litigation expense) or $0.34 per common share in 2005.

Shareholder’s Equity increased to $11.4 million for the year ended December 31, 2006 from $7.9 million for the year ended December 31, 2005.

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.

US 1 INDUSTRIES,INC AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
(Dollars in thousands, Three months ended December 31, Twelve months ended December 31,
except per share data)   2006   2005   2006   2005
Operating Revenues $ 48,569  $ 47,687  $ 190,976  $ 175,625 
Operating Expenses:

Purchased Transportation/
 Commissions

40,873  40,160  161,015  148,484 
Insurance & Claims 738  1,768  5,325  6,532 
Litigation Judgment Recovery 0  0  0  (1,700)
Salaries, Wages, and Other 2,797  3,297  11,699  10,442 
Other Operating Expenses 1,987  2,161  7,975  7,384 
Total operating expenses 46,395  47,386  186,014  171,142 
Operating income (loss) 2,174  301  4,962  4,483 
Total other income (expense) (151) (129) (611) (277)
Net Income (loss) before Minority Interest $ 2,023  $ 172  $ 4,351  $ 4,206 
Minority Interest Expense 446  (141) 989  35 
Provision for Taxes 193  (246) 260  54 
Net Income to common shares $ 1,384  $ 559  $ 3,102  $ 4,117 
 
Earnings Per Share - Basic and Diluted $ 0.11  $ 0.05  $ 0.25  $ 0.34 
 
 
Earnings Per Share - Basic $ 0.11  $ 0.05  $ 0.25  $ 0.20 
(excluding recovery of litigation reserve)
 
Earnings Per Share - Diluted $ 0.11  $ 0.05  $ 0.25  $ 0.20 
(excluding recovery of litigation reserve)
 
Weighted Average Shares Basic 12,169,739  12,018,224  12,169,739  12,018,224 
 
Weighted Average Shares Diluted   12,169,739    12,169,739    12,169,739    12,169,739 
US 1 INDUSTRIES, INC.
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands) December 31, December 31,
        2006   2005
Assets:
Current assets $ 30,291  $ 31,949 
Fixed assets 433  339 
Non-current deferred tax asset 717  600 
Notes Receivable - Long Term 595  0 
Other assets 386  402 
Total assets $ 32,422  $ 33,290 
 
Liabilities
Current Liabilities $ 19,878  $ 22,441 
Long term debt 0  2,770 
Minority Interest 1,160  170 
Shareholder's equity 11,384  7,909 
Total liabilities and shareholder's equity $ 32,422  $ 33,290 

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