For the nine months ended September 30, 2007, revenues decreased 1.5 percent to $140.2 million compared with $142.4 million for the same period in 2006. For the nine months ended September 30, 2007, the Company’s net income increased to $2,274,185 compared to net income of $1,718,565 for the same period in 2006.
During the third quarter of 2007, the Company purchased, from an unrelated party, 595,248 shares of its common stock for a total of $952,513. These shares are reflected as treasury stock in the Company’s balance sheet and statement of shareholders equity as of and for the nine months ended September 30, 2007.
In September 2007, the Company’s Chief Executive Officer and Chief Financial Officer elected to exercise the conversion feature on certain convertible debt held by these individuals. As a result, the debt with a principal value of $3,950,000 was converted into 2,668,918 shares of the Company’s common stock.
The Company renewed its revolving line of credit during the third quarter of 2007, increasing the availability from $10.0 million to $15.0 million. Unused availability under this line of credit was $12.1 million at September 30, 2007.
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.

