Professional Transportation Group Ltd., Inc. Reports Operating Results for the Third Quarter and First Nine Months of 1997.
For the nine months ended September 30, 1997, revenue increased approximately $11 million, or 78% over the comparable period of the prior year, to approximately $25 million. Pro forma net income for the period increased approximately $192,000 to $77,000, or $.02 per share, compared to a pro forma loss of $115,000, or $(.04) per share for the prior year. Pro forma results for the period ended September 30, 1997 included a one-time charge of $246,000, or $.06 per share, related to the change of tax status of the Company and certain subsidiaries from S Corporation status effective January 1, 1997.
Dennis A. Bakal, President and Chairman of the Board of PROFESSIONAL TRANSPORTATION GROUP LTD., INC., stated, "Although we are pleased with the continuing progress being made by the Company, we are disappointed that the delays in the Company's initial public offering postponed the ordering and delivery of new, less expensive equipment to the fourth quarter, and the implementation of other cost saving programs which are now being phased in."
Mr. Bakal further stated, "The recent marketing agreement entered into with Carpet Transport, Inc. and certain of its affiliates will immediately increase the Company's fleet of modern over-the-road tractors from 200 to over 750 which will allow the Company to bring more of its brokerage work in-house and remove the need to outsource other work when operating needs dictate. This will then allow most of the Company's brokerage subsidiaries' freight to operate under direct Company control, which will improve service and overall profitability."
PROFESSIONAL TRANSPORTATION GROUP LTD., INC. STATEMENT OF OPERATIONS (unaudited) Nine Months Ended Three Months Ended September 30, September 30, 1997 1996 1997 1996 Revenues $24,971,000 $14,014,000 $9,113,000 $5,527,000 Pro Forma Net Income (Loss) $ 77,000 $ (115,000) $ 89,000 $ 44,000 Pro Forma Net Income (Loss) Per Share $.02 $(.04) $ .02 $ .01 Weighted Average Common Shares and Common Equivalent Shares 3,971,384 2,578,102 4,727,892 3,468,211
Headquartered in Atlanta, Georgia, PROFESSIONAL TRANSPORTATION GROUP LTD., INC. is a transportation services company which provides ground transportation and logistics services for the air freight industry throughout the continental United States through its subsidiaries: Timely Transportation, Inc. and Truck-Net, Inc.
Certain of the matters discussed in this news release are forward-looking statements with the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Those statements include statements regarding the intent, belief or current expectations of PTG and its management. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties, and that actual results could differ materially from those indicated by such forward-looking statements. Among the important factors that could cause actual results to differ materially from those indicated by such forward- looking statements are (i) that the information is of a preliminary nature and may be subject to further adjustment, (ii) variations in quarterly results, (iii) impact of competitors (iv) the management of PTG's growth and expansion, (v) dependence on key personnel, and (vi) the other risks and uncertainties detailed from time to time in PTG's periodic reports filed with the Securities Exchange Commission and in the Company's registration statement on Form SB-2, as amended, filed with the Securities Exchange Commission on April 4, 1997. -0- This release and others are available on the L.G. Zangani, Inc. Public Relations website at "www.zangani.com".
CONTACT: PROFESSIONAL TRANSPORTATION
PETER C. ROTH, 770/907 3360
LINDA DECKER, IR, 908/788-9660
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|Date:||Nov 4, 1997|
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