Country Wide Transport Reports Greatly Improved Third-Quarter Results.EAST ROCHESTER East Rochester is the name of the following places in the United States:
This compares with revenues of $6,149,000 and net income of $156,000 for the third quarter of last year. Basic earnings per share for the current quarter were 5 cents. For the nine months ended March 31, 1998, revenues amounted to $25,444,000, and net income was $628,000, or 15 cents per basic share, compared with revenues of $26,737,000, and a net loss of $4,138,000, or $4.31 per basic share, for the same period a year earlier. The increase in revenues for the quarter is due to the growth of the company, while the decrease in revenues for the nine-month period is the result of the liquidation The collection of assets belonging to a debtor to be applied to the discharge of his or her outstanding debts. A type of proceeding pursuant to federal Bankruptcy of a trucking subsidiary, effective Dec. 31, 1996. The improved net income is the result of the company's growth, together with greater efficiencies experienced throughout its operations. Timothy Lepper, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Country Wide Transport Services, commented: "We are please with the greatly improved results for the quarter, especially since we achieved these increases during the traditionally slow winter period for transportation services. We have expanded market share and upgraded our operations staff to efficiently accommodate the additional business. Management is looking forward to continued growth." Country Wide Transport Services' subsidiary, Vertex Transportation Inc., provides complete transportation logistics services throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , Canada and Mexico as a freight forwarder An individual who, as a regular business, assembles and combines small shipments into one lot and takes the responsibility for the transportation of such property from the place of receipt to the place of destination. and logistics management Logistics Management is that part of Supply Chain Management that plans, implements, and controls the efficient, effective, forward, and reverse flow and storage of goods, services, and related information between the point of origin and the point of consumption in order to meet company. -0- This news release contains forward-looking statements indicating that the company "anticipates," "expects" or "believes" certain events or results that have not yet occurred. Such forward-looking statements are made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of 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, Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. Forward-looking statements involve known and unknown factors, risks and uncertainties which may cause the company's actual results in future periods to differ materially from the results that the company now anticipates or believes will come to pass. -0-
Country Wide Transport Services Inc.
Financial Highlights
(unaudited)
(000 omitted)
Three Months Ended Nine Months Ended
March 31, March 31,
1998 1997 1998 1997
Revenues $8,291 $6,149 $25,444 $26,737
Net income (loss) 224 156 628 (4,138)
Income (loss) per common
share(a):
Net income (loss) -- basic $.05 $.16 $.15 $(4.31)
Net income (loss) -- diluted $.04 $.16 $.13 $(4.31)
Weighted average number
of common shares(a):
Basic 4,248 960 4,248 960
Diluted 5,003 960 4,984 960
(a) Common share data reflects a 1-for-5 reverse stock split effective
May 15, 1997.
CONTACT: Country Wide Transport Services Inc., East Rochester Timothy Lepper, 800/421-2757 |
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