First quarter puts Ampace ahead of internal plans.KNOXVILLE Knoxville, city (1990 pop. 165,121), seat of Knox co., E Tenn., on the Tennessee River; inc. 1876. A port of entry, it is a trade and shipping center for a farm, bituminous-coal, and marble area. , Tenn.--(BUSINESS WIRE)--May 13, 1997--Ampace Corporation (NASDAQ/NMS: PACE) today announced for the first quarter of 1997, which ended on March 31, an increase in revenue of 15.7 percent, or $7.7 million, over the same period in 1996, in which Ampace had revenues of $6.6 million. As anticipated, the trucking acquisition-holding company reported a net loss of $138,000 for 1997's first quarter, or $.04 per share, compared to a net loss of $57,000, or $ .02 per share for the first quarter in 1996. Bruce Jones Bruce Jones may refer to the following:
To continue growing, Ampace is focused on acquisitions. It completed the acquisition of Bar J, a Calhoun Cal·houn , John Caldwell 1782-1850. Vice President of the United States (1825-1832) under John Quincy Adams and Andrew Jackson. In his political philosophy he maintained that the states had the right to nullify federal legislation that they deemed , Ga., trucking company, in late April, and expects to acquire more small-to-medium size trucking companies in 1997. "Achieving sufficient size is the key to our profit objectives for 1997," Jones said. "Our goal is to reach $40 million in annual revenue by the end of the year. This will help rationalize ra·tion·al·ize v. 1. To make rational. 2. To devise self-satisfying but false or inconsistent reasons for one's behavior, especially as an unconscious defense mechanism through which irrational acts or feelings are made to appear our cost structure and increase our ability to attract larger shipper SHIPPER. One who ships or puts goods on board of a vessel, to be carried to another place during her voyage. In general, the shipper is bound to pay for the hire of the vessel, or the freight of the goods. 1 Bouv. Inst. n. 1030. accounts." Ampace Corporation is based in Knoxville, Tenn. It operates a truckload carrier Merrian-Webster online dictionary defines truckload as " a load or amount that fills or could fill a truck". A truckload carrier is a trucking company that generally contracts an entire trailer-load to a single customer. , MDX (MultiDimensional EXpressions) A multidimensional query language. MDX uses syntax similar to SQL, but whereas SQL is used to query relational tables, MDX is used to query multidimensional cubes (OLAP databases). See SQL and OLAP. , based in Monroe Monroe. 1 Industrial city (1990 pop. 54,909), seat of Ouachita parish, SE La., on the Ouachita River; founded c.1785, inc. as a city 1900. The center of the great Monroe Natural Gas Field (discovered 1915), it has important chemical plants, as well as , La., and five short-haul, dedicated truckload truck·load n. The quantity that a truck can hold. truckload n → camión m lleno operations, which are part of the Ampace Dedicate ded·i·cate tr.v. ded·i·cat·ed, ded·i·cat·ing, ded·i·cates 1. To set apart for a deity or for religious purposes; consecrate. 2. Services network. The short-haul operations are based in: Orlando Orlando, city, United States Orlando (ôrlăn`dō), city (1990 pop. 164,693), seat of Orange co., central Fla., in a lake region; inc. 1875. In a citrus fruit and farm area, it is one of the world's most visited vacation spots. , Fla.; Atlanta; Dalton Dalton, city (1990 pop. 21,761), seat of Whitfield co., extreme NW Ga., in the Appalachian valley; inc. 1847. It is a highly industrialized city in a farm area. , Ga.; Asheboro, N.C.; and Cleveland, Ohio "Cleveland" redirects here. For the Cleveland metropolitan area, see . For other uses, see Cleveland (disambiguation). Cleveland is a city in the U.S. state of Ohio and the county seat of Cuyahoga County, the most populous county in the state. . The company's shares trade on the 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 : under the symbol PACE. -0-
AMPACE CORPORATION & SUBSIDIARY
Condensed Consolidated Statements of Operations
Three Months Ended March 31,
1996 and 1997
(Unaudited)
($000 except EPS)
1996 1997
------ ------
Operating Revenues $ 6,641 $ 7,686
Salaries, wages and employee
benefits 2,725 3,077
Other operating expenses including
general and administrative 3,817 4,469
------ ------
Total operating expenses 6,542 7,546
------ ------
Operating income 99 140
Other income (deductions):
Interest expense, net (172) (356)
------ ------
Income (loss) before taxes (73) (216)
Income taxes (16) (78)
------ ------
Net Income $ (57) $ (138)
--------- ------
--------- ------
Weighted average common shares 2,800,000 3,075,000
---------- ----------
---------- ----------
Income (loss) per shares $ (0.02) (0.04)
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AMPACE CORP. & SUBSIDIARY
Condensed Consolidated Balance Sheets
Dec. 31, 1996 and March 31, 1997
(Unaudited)
($000)
Assets Dec. 31, 1996 March 31, 1997
Current Assets
Cash and cash equivalents $ 534 --
Accounts receivable, net 3,308 3,954
Other current assets 1,073 629
----- -----
Total current assets $ 4,915 $ 4,583
------ ------
------ ------
Property and equipment, net 12,520 12,114
Other assets 2,260 2,260
------ ------
$ 19,695 $ 18,957
------ ------
------ ------
Liabilities and Stockholders' Equity
Current liabilities
Current installments of long-term debt
and capital lease obligations 5,002 4,788
Other current liabilities 1,944 2,033
----- -----
Total current liabilities 6,946 6,821
Long-term debt and capital lease
obligations excluding current
installments 6,387 5,912
------ ------
Total liabilities 13,333 12,733
------ ------
Stockholders' equity:
Common stock, $.0001 par. Value.
Authorized 10,000,000 shares at Dec. 31,
1996 and March 31, 1997
Additional paid-in capital 7,476 7,476
Accumulated deficit (1,114) (1,252)
------ ------
Total stockholders' equity 6,362 6,224
Commitments and contingencies ------- -------
$ 19,695 $ 18,957
------- -------
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CONTACT: Ampace Corporation Bruce Bruce, Scottish royal family descended from an 11th-century Norman duke, Robert de Brus. He aided William I in his conquest of England (1066) and was given lands in England. W. Jones, 423/691-5799 or Communication Resources, Inc. Molly molly see mare hinny. Remes, 804/560-4865 |
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