Amertranz Worldwide Holding Corp. Announces Fiscal Third Quarter and Nine Months Results.BALTIMORE--(BUSINESS WIRE)--April 30, 1998-- Company Reports Third Consecutive Quarterly Profit Amertranz Worldwide Holding Corp., (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :AMTZC) announced today results for the fiscal third quarter and nine months ended March 31, 1998. For the fiscal third quarter ended March 31, 1998, the company reported net income of $104,811, compared with a net loss of $(968,852), or $(0.16) per share for the fiscal third quarter ended March 31, 1997. The company reported operating revenues operating revenue Revenue from any regular source. Revenue from sales is adjusted for discounts and returns when calculating operating revenue. Compare other revenue. for the third fiscal quarter of $23,825,874 compared with operating revenues of $18,546,423 reported for the fiscal third quarter ended March 31, 1997. For the fiscal nine months ended March 31, 1998, the company reported net income of $648,573 or $0.03 per share (on a diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. basis), compared with a net loss of $(3,928,463) or $(0.67) per share for the fiscal nine month period ended March 31, 1997. Operating revenues for the fiscal nine months were $74,000,028, compared with $53,266,287, for the fiscal nine months ended March 31, 1997. Stuart Hettleman, President and Chief Executive Officer said, "We are pleased with the results for both the third quarter and nine months. Our ability to put together three consecutive quarters of profits demonstrates the success of our restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). of June June: see month. 1997." Amertranz Worldwide Holding Corp. provides freight forwarding services through its wholly-owned subsidiaries, Caribbean Air Services, Inc. and Target AirFreight air·freight n. 1. A system of transporting freight by air. 2. The amount charged for transporting freight by air. air , Inc. The company also provides total logistics services. -0- Statements contained in this press release that are not historical facts are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. as that term is defined in the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Although Amertranz Worldwide believes that the expectations reflected in such forward-looking statements are reasonable, the forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projections. This release is available on the KCSA KCSA Krannert Center Student Association KCSA Kentucky Crushed Stone Association (Frankfort, KY) KCSA Kyiv City State Administration KCSA Kalamazoo Christian School Association KCSA Kentucky-Canadian Studies Association Worldwide website at www.kcsa.com. -T- Financial Summary Amertranz Worldwide Holding Corp. Consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: Statement of Operations See Income statement. (Unaudited) Three Months Ended March 31, 1998 1997 Operating revenues $23,825,874 $18,546,423 Direct costs 18,785,521 13,515,324 Gross profit 5,040,353 5,031,099 Operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. Selling, general and admin. 4,407,011 5,546,425 Amortization of goodwill 149,089 127,422 Total operating expenses 4,556,100 5,673,847 Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. (loss) 484,253 (642,748) Interest (expense) (329,160) (307,117) Other (expense) income (20,282) (7,170) Income (loss) before income taxes 134,811 (957,035) Provision for income taxes 30,000 11,817 Net income (loss) $104,811 $(968,852) Net income (loss) per share Basic $0.00 $(0.16) Diluted(1) $0.00 $- Weighted average number of shares outstanding Basic 8,371,663 5,926,504 Diluted(1) 15,109,576 - (1) Diluted loss per share in 1997 was anti-dilutive Nine Months Ended March 31, 1998 1997 Operating revenues $74,000,028 $53,266,287 Direct costs 57,829,361 39,807,691 Gross profit 16,170,667 13,458,596 Operating expenses Selling, general and admin. 14,082,356 15,985,535 Amortization of goodwill 447,265 375,766 Total operating expenses 14,529,621 16,361,301 Operating income (loss) 1,641,046 (2,902,705) Interest (expense) (1,066,256) (1,089,254) Other (expense) income 168,783 75,313 Income (loss) before income taxes 743,573 (3,916,646) Provision for income taxes 95,000 11,817 Net income (loss) $648,573 $(3,928,463) Net income (loss) per share Basic $0.05 $(0.67) Diluted(1) $0.03 $- Weighted average number of shares outstanding Basic 7,793,813 5,901,322 Diluted(1) 13,212,070 - (1) Diluted loss per share in 1997 was anti-dilutive CONTACT: Amertranz Worldwide Holding Corp. Stuart Hettleman, 410/338-0127 or KCSA Joseph A. Mansi, Robert Robert, Henry Martyn 1837-1923. American army engineer and parliamentary authority. He designed the defenses for Washington, D.C., during the Civil War and later wrote Robert's Rules of Order (1876). Noun 1. Giordano 212/682-6300 ext. 205/289 |
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