Country Wide Transport Services Reports Year-End 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). :CWTV CWTV Child Witness to Violence Program ) Tuesday reported revenues of $34,035,000 for the year ended June 30, 1997, and a net loss of $3,698,000, or $2.37 per share, 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 share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. . This compares with revenues of $47,356,000 and a net loss of $1,470,000, or $1.53 per share, which included a gain on forgiveness of debt of discontinued operations of $2,370,000, or $2.47 per share for the prior year. Due to an increase in the number of shares outstanding as well as a 1-for-5 reverse stock split effective May 15, 1997, the weighted average number of shares outstanding for fiscal 1997 was increased by 62 percent. For the three months ended June 30, 1997, revenues were $7,385,000, and net income was $86,076, or 4 cents per share (based on a 114 percent increase in the number of weighted shares outstanding), which compares with revenues of $10,744,000 and a net loss of $419,000, or 44 cents per share for the same period a year earlier and reflects the 1-for-5 reverse stock split. The lower revenues were due to the discontinuance Cessation; ending; giving up. The discontinuance of a lawsuit, also known as a dismissal or a non-suit, is the voluntary or involuntary termination of an action. DISCONTINUANCE, pleading. A chasm or interruption in the pleading. 2. of the company's subsidiary, Country Wide Truck, effective Jan. 3, 1997. The net loss for the year was primarily generated by Country Wide Truck, which had a pretax loss pretax loss A loss reported before tax benefits are considered. of $4,820,000. Timothy Lepper, president and chief executive officer of Country Wide Transport Services, stated: "We have now achieved two profitable quarters with our only remaining subsidiary, Vertex Transportation, which also generated an 8.5 percent increase in its revenues for the year. By liquidating our money-losing subsidiaries, raising new capital, and establishing a new banking relationship, management believes that the company is now positioned for future growth and profitability." Country Wide Transport Services' subsidiary, Vertex Transportation, provides complete transportation logistics services across the United States and into 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 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-
Country Wide Transport Services Inc.
Financial Highlights
Three Months Ended June 30, Year Ended June 30,
1997 1996 1997 1996
Revenues $7,385,000 $10,744,000 $34,035,000 $47,356,000
Income (loss) from
continuing operations 86,076 (410,000) (4,581,000) (2,552,000)
Loss from discontinued
operations -- (9,000) (15,000) (1,288,000)
Extraordinary item: gain
on forgiveness of debt
of discontinued operations,
net of tax -- -- 898,000 2,370,000
Net income (loss) $86,076 $ (419,000) $(3,698,000) $(1,470,000)
Income (loss) per common
share (a):
Continuing operations $.04 $(.43) $(2.94) $(2.66)
Discontinued operations -- (.01) (.01) (1.34)
Extraordinary item -- -- .58 2.47
Net income (loss) $.04 $(.44) $(2.37) $(1.53)
Weighted average number
of common shares
outstanding (a) 2,056,200 960,097 1,556,000 960,200
(a) All common share data was adjusted to reflect 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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