Country Wide Transport Services reports first-quarter results.CORONA, Calif.--(BUSINESS WIRE)--Nov. 15, 1995--Country Wide Transport Services The collective functions of layers 1 through 4 of the OSI model. Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CWTS CWTS Civic Welfare Training Service (Phillipines) CWTS Christian Witness Theological Seminary (Concord, CA) CWTS Chinese Wireless Telecommunication Standard ) Wednesday reported results for the three months ended Sept. 30, 1995, with transportation revenue of $12.95 million, 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 $194,000, or 4 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 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 $2.37 million, or 50 cents per share. This compares with transportation revenue of $14.21 million, income from continuing operations of $209,000, or 4 cents per share, and net income of $256,000, or 5 cents per share, for the first quarter of the prior year. As earlier reported, the losses incurred by the Nationwide Produce Co. subsidiary during the second half of fiscal 1995 prompted the company to begin an orderly liquidation of the subsidiary which culminated in the filing of a general assignment during September 1995 of all assets of Nationwide Produce for the pro rata [Latin, Proportionately.] A phrase that describes a division made according to a certain rate, percentage, or share. In a Bankruptcy case, when the debtor is insolvent, creditors generally agree to accept a pro rata share of what is owed to them. benefit of all creditors of this subsidiary. During the first quarter, the company recognized a gain on forgiveness of debt related to the discontinued operations. Timothy Lepper, newly appointed president and chief executive officer of Country Wide Transport Services, commented, "while we can now concentrate on our core business of transportation and logistics services, we still feel the effects of the discontinued business segment. Management's attention during the quarter was diverted to the Nationwide Produce problem. "However, we have started to refocus on cost controls, expanded marketing and greater emphasis on our logistics services. We are looking forward to building Country Wide Transport Services into a successful transportation logistics company as well as a niche carrier in the temperature-controlled truckload truck·load n. The quantity that a truck can hold. truckload n → camión m lleno transportation business." Country Wide Transport Services' subsidiary, Country Wide Truck Service Inc., provides truckload transportation of temperature- controlled commodities Controlled commodities Commodities regulated by the Commodities Exchange Act of 1936 in order to prevent fraud and manipulation in commodities futures markets. as well as a complete logistics service for its customers 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. and Canada. -0-
COUNTRY WIDE TRANSPORT SERVICES INC.
FINANCIAL HIGHLIGHTS
(Unaudited)
Three Months Ended
Sept. 30,
1995 1994
Transportation revenue $12,950,000 $14,210,000 Income (loss) from continuing operations (194,000) 209,000 Income (loss) from discontinued operations (762,000) 47,000 Extraordinary item: gain on forgiveness of debt of discontinued operations, net of income tax 2,370,000 -- Net income $ 1,414,000 $ 256,000 Income (loss) per common share: Continued operations (4 cents) 4 cents Discontinued operations (16 cents) 1 cent Extraordinary item 50 cents -- Net income 30 cents 5 cents Weighted average number of common shares outstanding 4,801,000 4,750,000 CONTACT: Country Wide Transport Services Inc., Corona Timothy Lepper, 800/421-2757 |
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