Message #5 From:
NewsBot Date: August 14, 2006 12:48:00 PM
USOO News US 1 Industries Announces 2006 Second Quarter and Six Month Earnings
GARY, Ind.--(BUSINESS WIRE)--Aug. 14, 2006--US 1 INDUSTRIES, INC. (OTCBB:USOO) announced today earning and revenue results for the second quarter and six month period ended June 30, 2006. Revenues for the second quarter of 2006 increased 9.8 percent to $48.3 million compared to $44.0 million for the same period in 2005. The Company's net income decreased to $316,931 in the second quarter of 2006 compared to $516,075 for the same period in 2005.
For the six months ended June 30, 2006, revenues increased 11.3 percent to $92.9 million compared with $83.5 million for the same period in 2005. For the six months ended June 30, 2006, the Company's net income decreased to $1,012,238 compared to net income of $1,232,660 for the same period in 2005.
During the second quarter of 2006, the Company booked an accrual for a potential litigation judgment. This accrual resulted in an increase to other operating expenses for the three months ended and six months ended June 30, 2006 in the amount of $315,000.
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 Six months ended
(Dollars in thousands, June 30, June 30,
except per share data) 2006 2005 2006 2005
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
----------------------------------------------------------------------
Operating Revenues $48,327 $43,991 $92,902 $83,491
Operating Expenses:
Purchased
Transportation/
Commissions 40,869 37,530 78,069 70,841
Insurance & Claims 1,530 1,664 3,063 3,270
Salaries, Wages, and
Other 3,107 2,424 6,110 4,508
General and
Administrative 2,363 1,689 4,079 3,328
----------- ----------- ----------- -----------
Total operating
expenses 47,869 43,307 91,321 81,947
----------- ----------- ----------- -----------
Operating income 458 684 1,581 1,544
----------- ----------- ----------- -----------
Total other income
(expense) (170) (8) (307) (43)
----------- ----------- ----------- -----------
Net Income before
Minority Interest and
taxes $288 $676 $1,274 $1,501
Minority Interest
Expense 89 73 215 117
Income taxes
(benefit) (118) 87 47 151
----------- ----------- ----------- -----------
Net Income $317 $516 $1,012 $1,233
=========== =========== =========== ===========
Earnings Per Share -
Basic $0.03 $0.04 $0.08 $0.10
=========== =========== =========== ===========
Earnings Per Share -
Diluted $0.03 $0.04 $0.08 $0.10
=========== =========== =========== ===========
Weighted Average Shares
Basic 12,018,224 12,018,224 12,018,224 12,018,224
Weighted Average Shares
Diluted 12,018,224 12,018,224 12,018,224 12,018,224
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US 1 INDUSTRIES, INC.
CONSOLIDATED BALANCE SHEETS
----------------------------------------------------------------------
(Dollars in thousands) June 30, Dec. 31,
2006 2005
(Unaudited) (Unaudited)
----------------------------------------------------------------------
Assets:
Current assets $32,856 $31,949
Fixed assets 355 285
Net assets held sale or investment 54 54
Non-current deferred tax asset 600 600
Notes receivable long term 414 0
Other assets 386 402
------------ -----------
Total assets $34,665 $33,290
============ ===========
Liabilities
Current Liabilities $22,609 $22,441
Long term debt 2,749 2,770
Minority Interest 385 170
Shareholder's equity 8,922 7,909
------------ -----------
Total liabilities and shareholder's equity $34,665 $33,290
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