Country Wide Transport Services reports year-end results.CORONA, Calif.--(BUSINESS WIRE)--Oct. 23, 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 ) Monday reported a 60 percent increase in transportation revenue to $54,744,000 for the year ended June 30, 1995, which includes the July 1994 acquisition of Vertex Transportation, compared with transportation revenue of $34,210,000 for the prior year. The closure of the company's Nationwide Produce subsidiary resulted in a loss from 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 $5,242,000, or $1.10 per share, for a net loss of $5,411,000, or $1.13 per share, for the year, compared with net income of $681,000, or 18 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. , for fiscal 1994. For the three months ended June 30, 1995, transportation revenue rose 48 percent to $13,865,000 over transportation revenue of $9,360,000 for the same period a year ago. The loss from discontinued operations amounted to $3,803,000, or 79 cents per share, resulting in a net loss of $4,325,000, or 90 cents per share, compared with net income of $313,000, or 7 cents per share, for the fourth quarter of last year. The increased revenues reflect Country Wide Transport's expansion of its transportation logistics division, including the acquisition of Vertex Transportation. As earlier reported, the losses incurred by the Nationwide Produce subsidiary during the second half of fiscal 1995 prompted the company to begin an orderly liquidation of the subsidiary that 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. The $169,000 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 for the year was due mainly to the extreme adverse weather conditions during the prime spring growing season growing season, period during which plant growth takes place. In temperate climates the growing season is limited by seasonal changes in temperature and is defined as the period between the last killing frost of spring and the first killing frost of autumn, at which in California, which directly impacted the company's temperature-controlled trucking operation. Higher costs were incurred relative to the expenditures for new equipment, and necessary increases in drivers' wages and purchased transportation. Timothy Lepper, newly appointed president and chief executive officer of Country Wide Transport Services, stated: ``Now that we are out of the produce and product sales business, we can concentrate on our transportation and logistics services. ``For a period of time, we will feel the effects of the discontinued business segment. However, we are focusing on cost controls, expanded marketing and better integration of the unpredictable produce transportation segment. Greater emphasis will also be placed on our logistics services, the most profitable part of our business. ``I am looking forward to re-establishing Country Wide Transport Services as a profitable transportation company.'' Country Wide Transport Services' subsidiary Country Wide Truck Service Inc. provides truckload truck·load n. The quantity that a truck can hold. truckload n → camión m lleno 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
Three months ended Year ended
June 30, June 30,
1995 1994 1995 1994
Transportation
revenue $13,865,000 $9,360,000 $54,744,000 $34,210,000
Income (loss) from
continuing operations $ (522,000) $ 274,000 $ (169,000)$ 677,000
Income (loss) from
discontinued
operations (3,803,000) 39,000 (5,242,000) 4,000
Net income (loss) $(4,325,000) $ 313,000 $(5,411,000)$ 681,000
Income (loss) per
common share:
Continuing operations (11 cents) 7 cents (3 cents) 18 cents
Discontinued operations (79 cents) -- $ (1.10) --
Net income (loss) (90 cents) 7 cents $ (1.13) 18 cents
Weighted average number
of common shares
outstanding 4,800,000 4,204,000 4,774,000 3,832,000
CONTACT: Country Wide Transport Services Inc., Corona Timothy Lepper, 800/421-2757 |
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