US 1 Industries Announces 2003 Year-End and Fourth Quarter Earnings
Friday March 12, 12:41 pm ET
GARY, Ind.--(BUSINESS WIRE)--March 12, 2004--US 1 Industries, Inc. (OTCBB:USOO - News) announced today the results for its fourth quarter and fiscal year ended December 31, 2003. Revenues for the fourth quarter increased 9.5 percent to $30.6 million compared to $28 million in the same period in 2002. It is the twentieth consecutive quarter in which revenues have increased over the comparable previous year quarter.
Fourth quarter operating income derived from operations decreased to $245,726 compared to $632,287 in the comparable quarter in 2002.
Net income available to common shares in the fourth quarter was $127,365 or $.01 per share compared to $574,841 or $.05 per share in the comparable quarter in 2002.
For the year ended December 31, 2003, revenues were $121.7 million, an increase of 16.9 percent over 2002 revenues of $104.2 million. Income from operations decreased to $1.7 million in 2003, compared to $2.4 million in 2002.
Net income available to common shares in 2003 was $1.4 million or $0.12 per common share compared to $2.2 million or $0.20 per common share in 2002. Net income in 2002 included a benefit from the conversion of preferred shares into common, which increased earnings by $610,000 or $.05 per common share.
Shareholder's Equity increased to $3.4 million for the year ended December 31, 2003 from $1.9 million for the year ended December 31, 2002.
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.
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US 1 INDUSTRIES,INC AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
--------------------------------------------------
(Dollars in Three months ended Twelve months ended
thousands, December 31, December 31,
except per share
data) 2003 2002 2003 2002
--------------------------------------------------
Operating Revenues $30,608 $27,957 $121,747 $104,186
----------- ----------- -----------------------
Operating Expenses:
Purchased
Transportation/
Commissions 25,377 23,258 102,047 87,349
Insurance & Claims 1,414 1,213 5,293 4,342
Salaries, Wages, and
Other 1,975 1,504 6,828 5,050
General and
Administrative 1,596 1,349 5,856 5,043
----------- ----------- ----------- -----------
Total operating
expenses 30,362 27,324 120,024 101,784
----------- ----------- ----------- -----------
Operating income
(loss) 246 633 1,723 2,402
----------- ----------- ----------- -----------
Total other
income (expense) (65) (17) (176) (600)
----------- ----------- ----------- -----------
Net Income before
Minority Interest $181 $616 $1,547 $1,802
Minority
Interest Expense (54) (42) (154) (118)
Net income before
Preferred Shares
Dividend $127 $574 $1,393 $1,684
Preferred Share
Dividend - - - (57)
Gain on Redemption of
Preferred Shares - - - 610
----------- ----------- ----------- -----------
Net Income to
common shares $127 $574 $1,393 $2,237
----------- ----------- ----------- -----------
----------- ----------- ----------- -----------
Earnings per
share
Earnings derived
from Operations: $0.01 $0.05 $0.12 $0.15
Earnings derived
from Stock
Conversion: $- $- $- $0.05
Net Earnings Per
Share Basic $0.01 $0.05 $0.12 $0.20
Net Earnings Per
Share Diluted $0.01 $0.05 $0.11 $0.20
----------- ----------- ----------- -----------
----------- ----------- ----------- -----------
Weighted average
common shares
outstanding -
basic 11,618,224 11,618,224 11,618,224 11,075,758
----------- ----------- ----------- -----------
----------- ----------- ----------- -----------
Weighted average
common shares
outstanding -
diluted 11,940,416 11,618,224 11,940,416 11,075,758
----------- ----------- ----------- -----------
----------- ----------- ----------- -----------
US 1 INDUSTRIES, INC.
CONSOLIDATED BALANCE SHEETS
--------------------------------------------------
(Dollars in thousands) December 31, December 31,
2003 2002
--------------------------------------------------
Assets:
Current assets $20,054 $19,236
Fixed assets 971 1,157
Net assets held sale or investment 54 54
Non-current deferred tax asset 600 600
Other assets 398 397
-------- --------
Total assets $22,077 $21,444
======== ========
Liabilities
Current Liabilities $15,167 $16,270
Long term debt 3,176 3,114
Minority Interest 325 203
Redeemable Preferred Stock 0 0
Shareholder's equity 3,409 1,857
-------- --------
Total liabilities and
shareholder's equity $22,077 $21,444
======== ========
--------------------------------------------------
Contact:
US 1 Industries, Inc.
Michael Kibler, 219-977-5217
Email: mibler@us1industries.com
--------------------------------------------------
Source: US 1 Industries, Inc.
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