Country Wide Transport Reports Greatly Improved Year-End Results; Retains Investment Bank.EAST ROCHESTER East Rochester is the name of the following places in the United States:
See: Over-the-counter. OTC See over-the-counter market (OTC). BB:CWTV CWTV Child Witness to Violence Program ) Thursday reported revenues of $34,283,000 and net income $940,000 or 22 cents per basic share for the year ended June 30, 1998. This compares with revenues of $34,035,000 and a loss of $3,698,000 or $2.38 per basic share for the prior year, which included a gain on forgiveness of debt of discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. of $898,000 or 58 cents per basic share. For the three months ended June 30, 1998, revenues increased 20 percent to $8,839,000 and net income was $402,000 or 9 cents per basic share, which included a onetime gain of $144,000 as well as tax benefits of $125,000. This compares with revenues of $7,385,000 and net income of $86,000 or 6 cents per basic share for the fourth quarter of last year. The substantially improved results are attributable to the company's only remaining subsidiary, Vertex Transportation Inc., which increased its revenues by 21 percent to $34,283,000, and raised its net income 77 percent to $1,121,000 for fiscal 1998 over fiscal 1997. In addition, the company retained the prominent 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. investment banking firm of Gerard Klauer Mattison & Co. Inc. as exclusive advisor to work closely with management to maximize stockholder value. Timothy Lepper, president and chief executive officer of Country Wide Transport Services, commented: "We have achieved six consecutive profitable quarters to date, with Vertex Transportation showing considerable improvements in both revenues and earnings. "Now that we have firmly returned to our roots as a non-asset-based logistics company, we expect to continue our profitable business levels, in addition to investigating new services to be offered to our customers," Lepper added. Country Wide Transport Services' subsidiary, Vertex Transportation, 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 company. This news release contains forward-looking statements indicating that the company "anticipates," "expects" or "believes in" 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 that 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-
FINANCIAL HIGHLIGHTS COUNTRY WIDE TRANSPORT SERVICES INC.
(000 omitted)
Three Months Ended Year Ended
June 30, June 30,
1998 1997 1998 1997
Revenues $8,839 $7,385 $34,283 $34,035
Net income (loss) 402 86 940 (3,698)
Income (loss)
per common share: (a)
Net income (loss) -- basic $.09 $.06 $.22 $(2.38)
Net income (loss) -- diluted $.08 $.06 $.19 $(2.38)
Weighted average number
of common shares:(a)
Basic 4,248 1,556 4,248 1,556
Diluted 4,999 1,556 4,999 1,556
(a): Common share data reflects a 1-for-5 reverse stock split
effective May 15, 1997.
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