Country Wide Transport Services reports first quarter results.CORONA, Calif.--(BUSINESS WIRE)--Nov. 14, 1996--Country Wide Transport Services Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). :CWTS CWTS Civic Welfare Training Service (Phillipines) CWTS Christian Witness Theological Seminary (Concord, CA) CWTS Chinese Wireless Telecommunication Standard ) Thursday reported results for the three months ended Sept. 30, 1996, with transportation revenue of $10,547,000, 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. of $64,000, a loss from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the of $96,000 or 2 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. , and a net loss of $96,000 or 2 cents per share. This compares with transportation revenue of $12,950,000, an operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. of $90,000, a loss from continuing operations of $194,000 or 4 cents per share, and net income of $1,414,000 or 30 cents per share which includes 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 $2,370,000 or 50 cents per share for the first quarter of the prior year. The lower revenue for the quarter reflects the company's efforts to downsize Downsize Reducing the size of a company by eliminating workers and/or divisions within the company. Notes: When a company downsizes, it is attempting to find ways to improve efficiency and increase profitability. It is sometimes referred to as trimming the fat. its trucking operation. The improved results from continuing operations are primarily attributable to ongoing cost reduction measures as well as an increase in pricing. Timothy Lepper, president and chief executive officer of Country Wide Transport Services, commented that "we reduced our loss to the point where we can report an operating income. Our logistics subsidiary continues to be profitable and we are concentrating our efforts in this area. "Through significant downsizing (1) Converting mainframe and mini-based systems to client/server LANs. (2) To reduce equipment and associated costs by switching to a less-expensive system. (jargon) downsizing and reorganization, we have now reached a platform from which to grow our trucking operation. The anticipated merger with Continental American Transportation Inc. will have a positive effect for growth in both segments of our company." Country Wide Transport Services, through its subsidiary Country Wide Truck Service Inc., provides truckload transportation of temperature controlled commodities throughout the United States and Canada, as well as complete logistics services for its customers through its Vertex Transportation Inc. subsidiary. -0-
COUNTRY WIDE TRANSPORT SERVICES INC.
FINANCIAL HIGHLIGHTS
(Unaudited)
Three Months Ended
Sept. 30,
1996 1995
Transportation revenue $10,547,000 $12,950,000
Operating income (loss) $ 64,000 $ (90,000)
Loss from continuing operations (96,000) (194,000)
Loss from discontinued operations -- (762,000)
Extraordinary item: Gain on
forgiveness of debt of discontinued
operations, net of tax -- 2,370,000
Net income (loss) $ (96,000) 1,414,000
Income (loss) per common share:
Continuing operations (2 cents) (4 cents)
Discontinued operations -- (16 cents)
Extraordinary item -- 50 cents
Net income (loss) (2 cents) 30 cents
Weighted average number of common
shares outstanding 4,800,487 4,800,487
-0- CONTACT: Country Wide Transport Services Inc., Corona Timothy Lepper, 800/421-2757 |
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