US 1 Industries, 866331
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866331 / berlin / 2,32 /
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.
-0-
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.
--------------------------------------------------
26-Mar-2004
Annual Report
Item 12. Security Ownership of Certain Beneficial Owners and Management.
Security Ownership of Management
The following table sets forth the number and percentage of shares of Common Stock that as of March 19, 2003 are deemed to be beneficially owned by each director of the company and director nominee, by each executive officer of the Company and by all directors and executive officers of the company as a group
Number of Shares of
Common Stock
Name and position Beneficially Owned Percentage of Class
----------------- ------------------ -------------------
Michael E Kibler 2,830,790 (1,2) 24%
Director, President and
Chief Executive Officer
Robert I. Scissors, 51,770 (4) *
Director
Lex L. Venditti 20,000 *
Director
Brad A. James 166,981 *
William Sullivan 18,000 (5) *
Harold E. Antonson 2,890,235 (1,2,3) 25%
Chief Financial Officer,
Treasurer and Director
All Directors and Executive Officers 3,135,863 27% * Indicates less than 1% ownership.
(1) As general partner of August Investment Partnership, August Investment Corporation may be deemed to be the beneficial owner of the shares of common stock of the Company owned by August Investment Partnership. Messrs. Kibler and Antonson own August Investment Corporation in equal shares and, as a result, may be deemed to be the beneficial owner of the shares of common stock of the Company owned by August Investment Partnership. (2) As Director of Eastern Refrigerated Express Inc, an entity under common control) Messrs. Kibler and Antonson may be deemed to be beneficial owner of 522,439 Shares of Common Stock owned by Eastern. (3) Mr. Antonson disclaims beneficial ownership of 197,500 shares of Common Stock owned by American Inter-Fidelity Exchange, of which Mr. Antonson is Secretary and Treasurer (4) Includes 11,770 shares held in the Saundra L. Scissors Trust of which Mr. and Mrs. Scissors are joint trustees. (5) Includes 18,000 shares owned by ERX, Inc. of which Mr. Sullivan is a controlling owner.
Security Ownership of Certain Beneficial Owners
The following table sets forth the number and percentage of shares of Common Stock beneficially owned as of December 31, 2003 by any person who is known to the Company to be the beneficial owner of more than five percent of the outstanding shares of Common Stock:
Number of Shares of
Name and Address of Common Stock Percentage
Beneficial Owner Beneficially Owned of Class
---------------- ------------------ --------
Harold E. Antonson 2,890,235 (1,2,3) 25%
8400 Louisiana Street
Merrillville, IN 46410
August Investment Partnership 1,150,946 10% 8400 Louisiana Street Merrillville, IN 46410
Michael Kibler 2,830,790 (1,3) 24%
8400 Louisiana Street
Merrillville, IN 46410
(1) As general partner of August Investment Partnership, August Investment Corporation may be deemed to be the beneficial owner of the shares of common stock of the Company owned by August Investment Partnership. Messrs. Kibler and Antonson own August Investment Corporation in equal shares and, as a result, may be deemed to be the beneficial owner of the shares of common stock of the Company owned by August Investment Partnership.
(2) Mr. Antonson disclaims beneficial ownership of 197,500 shares of Common Stock owned by American Inter-Fidelity Exchange, of which Mr. Antonson is Secretary and Treasurer.
(3) As directors of Eastern Refrigerated Express, Inc., Messrs. Antonson and Kibler may be deemed to be beneficial owners of 522,439 shares of Common Stock owned by Eastern.
Total Revenue 30,608 30,877 31,709 28,553
Cost of Revenue 20,335 25,874 27,554 22,764
Gross Profit 10,273 5,004 4,155 5,789
Operating Expenses
Research Development - - - -
Selling General and Administrative 10,027 4,680 3,529 5,262
Non Recurring - - - -
Others - - - -
Total Operating Expenses - - - -
Operating Income or Loss 246 324 626 527
Income from Continuing Operations
Total Other Income/Expenses Net 40 74 84 120
Earnings Before Interest And Taxes 232 297 710 647
Interest Expense 105 121 138 130
Income Before Tax 127 177 572 517
Income Tax Expense - - - -
Minority Interest (54) (39) (31) (30)
Net Income From Continuing Ops 127 238 540 487
Non-recurring Events
Discontinued Operations - - - -
Extraordinary Items - - - -
Effect Of Accounting Changes - - - -
Other Items - - - -
Net Income 127 238 540 487
Preferred Stock And Other Adjustments - - - -
Net Income Applicable To Common Shares $127 $238 $540 $487