Message #1 From:
NewsBot Date: March 24, 2005 07:00:48 PM
USOO US 1 Industries Inc, Stock Trading Message Board News
US 1 Industries Announces 2004 Year-End and Fourth Quarter Earnings
GARY, Ind.
US 1 Industries, Inc.
Michael Kibler, 219/977-5217
Email: mibler@us1industries.com
US 1 Industries, Inc. (OTCBB:USOO) announced today the results for its fourth quarter and fiscal year ended December 31, 2004. Revenues for the fourth quarter increased 29.4 percent to $39.6 million compared to $30.6 million in the same period in 2003.
Fourth quarter operating (loss) income derived from operations decreased to ($997,599) compared to $245,726 in the comparable quarter in 2003.
The Company had a net loss for the fourth quarter of 2004 of ($825,267) or ($0.07) per share primarily attributable to a $1.7 million litigation judgment the Company accrued for in December 2004. Net income available to common shares in the fourth quarter of 2003 was $127,365 or $.01 per share.
For the year ended December 31, 2004, revenues were $143.3 million, an increase of 17.7 percent over 2003 revenues of $121.7 million. Income from operations increased to $1,756,347 for the year ended December 31, 2004 compared to $1,723,381 for the same period of time in 2003.
Net income available to common shares in 2004 was $14,522 or $0.00 per common share compared to $1,392,986 or $0.12 per common share in 2003.
Shareholder's Equity increased to $3.6 million for the year ended December 31, 2004 from $3.4 million for the year ended December 31, 2003.
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 Twelve months ended
except per share data) December 31, December 31,
2004 2003 2004 2003
----------------------------------------------------------------------
Operating Revenues $39,614 $30,608 $143,313 $121,747
----------- ----------- ----------- -----------
Operating Expenses:
Purchased
Transportation/
Commissions 32,902 25,377 119,831 102,046
Insurance & Claims 1,638 1,414 6,069 5,293
Litigation Judgment 1,700 0 1,700 0
Salaries, Wages,
and Other 2,763 1,975 8,994 6,828
General and
Administrative 1,608 1,596 6,663 5,857
----------- ----------- ----------- -----------
Total operating
expenses 40,611 30,363 143,257 120,024
----------- ----------- ----------- -----------
Operating income (997) 245 56 1,723
----------- ----------- ----------- -----------
Total other income
(expense) 172 (65) 73 (176)
----------- ----------- ----------- -----------
Net Income before
Minority Interest $(825) $180 $129 $1,547
Minority Interest
Expense 87 (54) (28) (155)
Provision for Taxes (87) (87)
----------- ----------- ----------- -----------
Net Income to common
shares $(825) $126 $14 $1,392
=========== =========== =========== ===========
Earnings Per Share -
Basic $(0.07) $0.01 $- $0.12
=========== =========== =========== ===========
Earnings Per Share -
Diluted $(0.07) $0.01 $- $0.11
=========== =========== =========== ===========
Weighted Average
Shares Basic 11,618,224 11,618,224 11,618,224 11,618,224
Weighted Average
Shares Diluted 11,964,174 11,852,507 11,964,174 11,852,507
----------------------------------------------------------------------
US 1 INDUSTRIES, INC.
CONSOLIDATED BALANCE SHEETS
----------------------------------------------------------------------
(Dollars in thousands) December 31, December 31,
2004 2003
----------------------------------------------------------------------
Assets:
Current assets $24,527 $20,054
Fixed assets 546 971
Net assets held sale
or investment 54 54
Non-current deferred
tax asset 600 600
Other assets 392 398
----------- -----------
Total assets $26,119 $22,077
=========== ===========
Liabilities
Current Liabilities $19,381 $15,166
Long term debt 2,890 3,176
Minority Interest 255 325
Shareholder's equity 3,593 3,410
----------- -----------
Total liabilities and
shareholder's equity $26,119 $22,077
=========== ===========
