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Message #6
From: NewsBot
Date: November 14, 2006 03:17:00 PM

USOO News US 1 Industries Announces 2006 Third Quarter and Nine Month Earnings

VALPARAISO, Ind.--(BUSINESS WIRE)--US 1 INDUSTRIES, INC. (OTCBB:USOO) announced today earning and revenue results for the third quarter and nine month period ended September 30, 2006. Operating revenues for the third quarter of 2006 increased 11.5 percent to $49.5 million compared to $44.4 million for the same period in 2005. The Company’s net income was $706,327 in the third quarter of 2006 compared to $2,325,637 for the same period in 2005.

For the nine months ended September 30, 2006, operating revenues increased 11.3 percent to $142.4 million compared with $127.9 million for the same period in 2005. For the nine months ended September 30, 2006, the Company’s net income was $1,718,565 compared with $3,558,295 for the same period in 2005.

The Company had reserved $1.7 million with respect to a jury verdict in its financial statements for the year ended December 31, 2004. The Company has reversed that reserve in the period ending September 30, 2005. Excluding the legal settlement, net income for the third quarter ending September 30, 2005 was $625,637 or $.05 per share. Excluding the legal settlement, net income for nine months ended September 30, 2005 was $1,858,295 or $.15 per share.

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
September 30,

Nine months ended
September 30,

(Dollars in thousands, except per share data)

2006 2005

2006 2005
Operating Revenues $ 49,505  $ 44,447  $ 142,407  $ 127,938 
 
Recovery on Litigation Settlement 0  1,700  0  1,700 
Operating Expenses:

Purchased Transportation/
 Commissions

42,073  37,483  120,142  108,323 
Insurance & Claims 1,524  1,494  4,587  4,764 
Salaries, Wages, and Other 2,792  2,637  8,902  7,145 
General and Administrative 1,909  1,895  5,988  5,224 
Total operating expenses 48,298  43,509  139,619  125,456 
Operating income 1,207  2,638  2,788  4,182 
Total other income (expense) (153) (104) (459) (148)
Net Income before Minority Interest and taxes $ 1,054  $ 2,534  $ 2,329  $ 4,034 
Minority Interest Expense (328) (59) (543) (176)
Income taxes (20) (149) (67) (300)
Net Income $ 706  $ 2,326  $ 1,719  $ 3,558 
 
Earnings Per Share - Basic and Diluted $ 0.06  $ 0.19  $ 0.14  $ 0.30 
 
 
Weighted Average Shares Basic and Diluted 12,018,224  12,018,224  12,018,224  12,018,224 
US 1 INDUSTRIES, INC.
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands) Sept. 30, Dec. 31,
  2006 2005
Assets:
Current assets $ 35,068  $ 31,949 
Fixed assets 358  285 
Net assets held sale or investment 54  54 
Non-current deferred tax asset 600  600 
Notes receivable long term 485  0 
Other assets 386  402 
Total assets $ 36,951  $ 33,290 
 
Liabilities
Current Liabilities $ 26,610  $ 22,441 
Long term debt 0  2,770 
Minority Interest 713  170 
Shareholder's equity 9,628  7,909 
Total liabilities and shareholder's equity $ 36,951  $ 33,290 

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