Fourth quarter operating income derived from operations decreased to $1.3 million compared to $2.2 million in the comparable quarter in 2006.
The Company had net income for the fourth quarter of 2007 of $0.6 million or $0.05 per share compared to $1.4 million or $0.11 per share in the comparable quarter in 2006.
The Company’s operating revenues for the 2007 fiscal year were $184.6 million, a decrease of $6.4 million, or 3.3%, from operating revenue of $191.0 million for the 2006 fiscal year.
Net income available to common shares in 2007 was $2.9 million or $0.23 per common share compared to $3.1 million or $.25 per common shares in 2006.
Shareholder’s Equity increased to $16.7 million for the year ended December 31, 2007 from $11.4 million for the year ended December 31, 2006.
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 | ||||||||||||||||
|
|
Three months ended |
Twelve months ended |
||||||||||||||
|
(Dollars in thousands, except per share data) |
2007 | 2006 | 2007 | 2006 | ||||||||||||
| Operating Revenues |
|
$ | 44,478 | $ | 48,569 |
|
$ | 184,677 | $ | 190,976 | ||||||
| Operating Expenses: |
|
|
|
|
|
|
|
|
||||||||
|
Purchased Transportation / Commissions |
|
|
37,063 |
|
|
|
40,873 |
|
|
|
154,850 |
|
|
|
161,015 |
|
| Insurance & Claims |
|
|
1,176 |
|
|
|
738 |
|
|
|
5,816 |
|
|
|
5,325 |
|
| Salaries, Wages, and Other |
|
|
2,893 |
|
|
|
2,797 |
|
|
|
11,281 |
|
|
|
11,699 |
|
| Other Operating Expenses |
|
2,072 |
|
1,987 |
|
7,729 |
|
7,975 | ||||||||
| Total operating expenses |
|
43,204 |
|
46,395 |
|
179,676 |
|
186,014 | ||||||||
| Operating income (loss) |
|
1,274 |
|
2,174 |
|
5,001 |
|
4,962 | ||||||||
| Total other income (expense) |
|
(236 | ) |
|
(151 | ) |
|
(604 | ) |
|
(611 | ) | ||||
| Net Income (loss) before Minority Interest |
|
$ | 1,038 |
|
|
$ | 2,023 |
|
|
$ | 4,397 |
|
|
$ | 4,351 |
|
| Minority Interest Expense |
|
|
277 |
|
|
|
446 |
|
|
|
1,176 |
|
|
|
989 |
|
| Provision for Taxes |
|
181 |
|
193 |
|
368 |
|
260 | ||||||||
| Net Income to common shares |
|
$ | 580 |
|
$ | 1,384 |
|
$ | 2,853 |
|
$ | 3,102 | ||||
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Earnings Per Share - Basic |
|
$ | 0.05 |
|
$ | 0.11 |
|
$ | 0.23 |
|
$ | 0.25 | ||||
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Earnings Per Share - Diluted |
|
$ | 0.05 |
|
$ | 0.11 |
|
$ | 0.23 |
|
$ | 0.25 | ||||
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Weighted Average Shares Basic |
|
|
12,679,087 |
|
|
|
12,169,739 |
|
|
|
12,679,087 |
|
|
|
12,169,739 |
|
|
|
|
|
|
|
|
|
|
|||||||||
| Weighted Average Shares Diluted | 12,679,087 | 12,169,739 | 12,679,087 | 12,169,739 | ||||||||||||
| US 1 INDUSTRIES, INC. | ||||||
| CONSOLIDATED BALANCE SHEETS | ||||||
| (Dollars in thousands) | December 31, | December 31, | ||||
| 2007 | 2006 | |||||
| Assets: |
|
|
|
|
||
| Current assets |
|
$ | 30,073 |
|
$ | 30,291 |
| Fixed assets |
|
|
763 |
|
|
575 |
| Non-current deferred tax asset |
|
|
717 |
|
|
717 |
| Notes Receivable - Long Term |
|
|
458 |
|
|
595 |
| Other assets |
|
145 |
|
386 | ||
| Total assets |
|
$ | 32,156 |
|
$ | 32,564 |
|
|
|
|
|
|||
| Liabilities |
|
|
|
|
||
| Current Liabilities |
|
$ | 14,927 |
|
$ | 20,019 |
| Minority Interest |
|
|
569 |
|
|
1,160 |
| Shareholder's equity |
|
16,660 |
|
11,385 | ||
| Total liabilities and shareholder's equity |
|
$ | 32,156 |
|
$ | 32,564 |
US 1 Industries, Inc.
Michael Kibler, 219-476-1320
Email: mibler@us1industries.com