Ampace Corporation Announces Results for the Second Quarter and Six Months ended June 30, 1998.KNOXVILLE Knoxville, city (1990 pop. 165,121), seat of Knox co., E Tenn., on the Tennessee River; inc. 1876. A port of entry, it is a trade and shipping center for a farm, bituminous-coal, and marble area. , Tenn.--(BUSINESS WIRE)--Aug. 13, 1998--Ampace Corporation (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 : PACE) announced today that the operating results for the second quarter and six months ended June June: see month. 30, 1998 were adversely affected by the January January: see month. 1998 acquisition of Roy Roy, city (1990 pop. 24,603), Weber co., N Utah, near Great Salt Lake; settled by Mormons 1877, inc. 1937. Computer equipment is manufactured, and many residents work at nearby Hill Air Force Base. Widener Widener can refer to: Places
1 Town (1990 pop. 16,189), seat of Morris co., N N.J., on the Whippany River; settled c.1710, inc. 1865. Although chiefly residential, it has diverse manufactures, including electronic products, health and beauty aids, auto parts, and Transportation as well as restructuring charges restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. taken in June. The Company reported a 22 percent increase in revenues and a $2.7 million or $0.90 per share loss for the second quarter of 1998. Revenues for the quarter were $11.0 million compared to $8.8 million for the same quarter a year ago. The loss was due primarily to losses generated by the Company's most recent acquisition, caused by a continuing shortage of drivers to move freight The price or compensation paid for the transportation of goods by a carrier. Freight is also applied to the goods transported by such carriers. The liability of a carrier for freight damaged, lost, or destroyed during shipment is determined by contract, statute, or and a $1.5 million 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). reserve that was recorded to capture costs associated with the Company's financial restructuring. Chief Executive Officer David Freeman Freeman can mean:
v. cen·tral·ized, cen·tral·iz·ing, cen·tral·iz·es v.tr. 1. To draw into or toward a center; consolidate. 2. freight network, disposing of excess equipment, recruiting drivers and managing costs and liquidity." Ampace Corporation is a transportation acquisition holding company based in Knoxville, Tenn. The Company's shares trade on the Nasdaq:NMS See NetWare Management System. under the symbol PACE. -0-
AMPACE CORPORATION
& SUBSIDIARIES
Condensed Consolidated Balance Sheets
December 31, 1997 and June 30, 1998
(Unaudited)
December 31, June 30,
1997 1998
Assets ------------- -------------
Current Assets:
Cash and cash equivalents $ 539,165 $ --
Accounts Receivable, net 4,084,210 5,004,200
Other current assets 1,066,138 862,287
------------- -------------
Total Current assets 5,689,513 5,866,487
------------- -------------
Property and equipment, net 10,146,259 16,203,123
Other assets 2,295,674 2,562,823
------------- -------------
$ 18,131,446 $ 24,632,433
============= =============
Liabilities and Stockholders' Equity
Current liabilities:
Current installments of long-term
debt and capital lease
obligations 4,233,820 9,885,467
Other current liabilities 2,558,626 6,488,369
------------- -------------
Total current liabilities 6,792,446 16,373,836
Long-term debt and capital lease
obligations excluding current
installments 6,277,118 7,109,632
------------- -------------
Total liabilities 13,069,564 23,483,468
------------- -------------
Stockholders' equity:
Common stock, $.0001 par Value
Authorized 10,000,000 and issued
3,075,000 shares respectively - 308 310
Additional paid in capital 7,475,874 7,475,872
Accumulated deficit (2,371,147) (6,284,064)
Treasury stock, 24,000 shares
at cost (43,153) (43,153)
------------- -------------
Total stockholders' equity 5,061,882 1,148,965
Commitments and contingencies $ 18,131,446 $ 24,632,433
============= =============
See accompanying notes to condensed consolidated financial
statements.
AMPACE CORPORATION
& SUBSIDIARIES
Condensed Consolidated Statements of Operations
Three Months Ended June 30, 1997 and 1998
(Unaudited)
1997 1998
---- ----
Operating Revenues $ 8,817,233 $ 11,005,643
Operating expenses:
Salaries, wages and employee
benefits 3,455,362 4,357,842
Other Operating Expenses 5,406,602 9,028,256
--------- ---------
Total Operating Expenses 8,861,964 13,386,098
--------- ----------
Operating loss (44,731) (2,380,455)
Interest expense, net 352,735 369,145
---------- ----------
Loss before taxes (397,466) (2,749,600)
Income taxes (138,591) -
---------- ----------
Net loss $ (258,875) $ (2,749,600)
========== ==========
Weighted average common
shares-basic and diluted 3,100,000 3,062,713
========= =========
Loss per share - basic and diluted $ (.08) $ (.90)
=== ===
AMPACE CORPORATION
& SUBSIDIARIES
Condensed Consolidated Statements of Operations
Six Months Ended June 30, 1997 and 1998
(Unaudited)
1997 1998
---- ----
Operating revenues $ 16,503,323 $ 21,261,648
Operating expenses:
Salaries, wages and employee
benefits 6,532,411 8,641,959
Other Operating Expenses 9,875,350 15,861,563
--------- ----------
Total operating expenses 16,407,761 24,503,522
---------- ----------
Operating income (loss) 95,562 (3,241,874)
Interest expense, net 708,856 671,043
--------- ---------
Loss before taxes (613,294) (3,912,917)
Income taxes (217,852) -
--------- ---------
Net loss $ (395,442) $ (3,912,917)
========== ==========
Weighted average common shares-basic
and diluted 3,100,000 3,062,713
========= =========
Loss per share - basic and diluted $ (.13) $ (1.28)
=== ====
CONTACT: Ampace Corporation, Knoxville Dave Freeman Dave Freeman may refer to:
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