Country Wide Transport Services Reports First-Quarter Results.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 a 10 percent increase in revenues to $9,381,000 and a 9 percent improvement in net income to $211,000, or 5 cents per basic share, for the three months ended Sept. 30, 1998. This compares with revenues of $8,497,000 and net income of $193,000, or 5 cents per basic share, for the first quarter of last year. The higher revenues are the result of increased penetration of existing accounts, as well as new business. The net income, while improved, was impacted by costs for expanding personnel and structures in order to accommodate anticipated growth. 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 pleased to report our seventh consecutive quarter of profitability through improved results in our only remaining subsidiary, Vertex Transportation. With additional staffing and expanded facilities, we feel that we are well positioned to support future growth." Country Wide Transport Services' subsidiary, Vertex Transportation Inc., provides complete transportation logistics services throughout the United States, 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" 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)
Three Months Ended
Sept. 30,
1998 1997
Transportation revenue $ 9,381,000 $ 8,497,000
Operating income 260,000 258,000
Net income 211,000 193,000
Earnings per common share:
Basic $ .05 $ .05
Diluted $ .04 $ .04
Weighted average number
of common shares:
Basic 4,248,100 4,248,100
Diluted 5,005,373 4,983,173
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