Atlantic Express Transportation Corp. Reports Strong Quarterly Results.STATEN ISLAND Staten Island (1990 pop. 378,977), 59 sq mi (160 sq km), SE N.Y., in New York Bay, SW of Manhattan, forming Richmond co. of New York state and the borough of Staten Island of New York City. , N.Y. -- Atlantic Express Atlantic Express may refer to:
See 10-Q. filed with the Securities and Exchange Commission. HIGHLIGHTS * Increased income from operations by 257% to $7.1 million as compared to $2.0 million for the quarter ended December 31, 2005 * Minimal net loss as compared to a loss of $4.8 million for the quarter ended December 31, 2005 * Reported $25.3 million in borrowing availability at February 9, 2007 under the Company's revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. facility The Company reported revenues of $119.0 million for the three months ended December 31, 2006 as compared to $109.5 million for the three months ended December 31, 2005, an increase of $9.5 million, or 8.6%. 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. was $7.1 million, a 257% increase over operating income of $2.0 million in the prior year period. The net loss in the current period was minimal as compared to net loss in the prior year period of $4.8 million. In addition, the Company reported that as of February 9, 2007, it had a credit balance of $5.5 million and a borrowing availability of $25.3 million under its revolving credit facility, as well as $5.2 million invested in money market funds, due in part to the release of $10.0 million of collateral by one of the Company's insurance carriers. "We are extremely pleased with the company's performance during this past quarter," said Domenic Gatto Domenic "Mick" Gatto (Born circa 1952) is an Italian-Australian former heavyweight boxer, and a convicted criminal. He is a professional mediator within the building industry in Melbourne. , the Company's President and Chief Executive Officer, "and remain committed to providing safe and reliable services." For more detailed information please review the Company's Quarterly Report on Form 10-Q for the fiscal quarter ended December 31, 2006 as filed with the Securities and Exchange Commission on February 13, 2007. ABOUT ATLANTIC EXPRESS The Company is the fourth largest provider of school bus transportation in the United States This article or section has multiple issues: * It does not cite any references or sources. Please help improve this article by citing reliable sources. * It may need to be to meet Wikipedia's quality standards. and the leading provider in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. , the largest market in which it operates. The Company has contracts to provide school bus transportation in approximately 120 school districts in New York List of school districts in New York State, USA. The New York State Education Department (NYSED) divides the state into ten Joint Management Team (JMT) Regions.[1] Each JMT contains one or more BOCES and each BOCES supports several school districts. , Missouri, Massachusetts, California, Pennsylvania California is a borough in Washington County, Pennsylvania, along the Monongahela River. The population was 5,274 at the 2000 census. It includes the campus of California University of Pennsylvania. , New Jersey and Illinois. The Company generally provides services for the transportation of open enrollment students through the use of standard school buses, and the transportation of physically or mentally challenged students through the use of an assortment of vehicles, including standard school buses, passenger vans and lift-gate vehicles, which are capable of accommodating wheelchair-bound students. The Company has a fleet of approximately 5,800 vehicles, consisting of school buses, minivans and cars, lift and ramp-equipped vehicles, coaches and service and support vehicles. Information contained in this news release other than statements of historical fact are forward-looking statements subject to various risks and uncertainties. These statements relate to future events or the Company's future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause the Company's actual financial condition, results, levels of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove correct. The Company assumes no obligation to update or revise any forward-looking statements or to provide reasons why actual results may differ, except as required under federal securities laws. |
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