Target Logistics, Inc. Second Quarter Net Income Grows 79%.BALTIMORE Baltimore, city (1990 pop. 736,014), N central Md., surrounded by but politically independent of Baltimore co., on the Patapsco River estuary, an arm of Chesapeake Bay; inc. 1745. -- Quarterly Highlights: --Revenue up 25.5% --Gross Profit up 21.5% --Operating Income up 73% Target Logistics, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB: TARG TARG Tatra Area Research Group TARG Telescoped Ammunition Revolver Gun TARG Transportability Analysis Reports Generator TARG Target Alternative Relevant Groups ), a domestic and international freight forwarder An individual who, as a regular business, assembles and combines small shipments into one lot and takes the responsibility for the transportation of such property from the place of receipt to the place of destination. and logistics provider, today announced net income for the second quarter of FY 2006, ended December December: see month. 31, 2005 of $976,314 or $.05 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share ($0.05 per basic share), an increase of 79% compared to $545,241 or $.03 per diluted and basic share reported in the second quarter ended December 31, 2004. Second quarter revenue was $46.7 million, an increase of 25.5% from the $37.2 million reported in the comparable 2005 fiscal period. 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. for the 2006 second quarter was $1,767,117 reflecting an increase of 73% over the $1,022,703 reported in the comparable 2005 second quarter. For the six month period ended December 31, 2005, net income increased 84% to $1.45 million, or $.07 per diluted share ($0.08 per basic share); compared to $790,964 or $.04 per diluted share ($0.04 per basic share) for the six month period ended December 31, 2004. Six month revenue increased 18% to $82.8 million from the $70.3 million reported in the comparable FY 2005 period. Operating income for the six month period of FY 2006 was $2,647,636, increasing 74% from the $1,522,639 reported in the FY2005 comparable six month period. "By any measure, our performance for both the second quarter and the half year is outstanding. Most importantly Adv. 1. most importantly - above and beyond all other consideration; "above all, you must be independent" above all, most especially , it reflects the ability to leverage our existing markets through internal growth and adding higher-margined value added Value Added The enhancement a company gives its product or service before offering the product to customers. Notes: This can either increase the products price or value. services--both essential components of our strategy," said Stuart Hettleman, President and Chief Executive Officer. "To put it in perspective, operating and net income for the first six months of FY 2006 almost equal our full year performance in FY 2005. These results speak to the strength of leverage in our business model, with incremental Additional or increased growth, bulk, quantity, number, or value; enlarged. Incremental cost is additional or increased cost of an item or service apart from its actual cost. increases in revenue." "As we noted before, we expect that the trends we have established in consistent top line revenue growth providing accelerating bottom line performance are sustainable. This steady improvement in our performance should provide for increasing value for our shareholders," Mr. Hettleman concluded. "We are on track to achieve a yearly net income increase of 70 to 110%." Philip Philip, tetrarch of Ituraea Philip, d. A.D. 34, tetrarch of Ituraea, son of Herod the Great. He was perhaps the ablest of the Herod dynasty. He is mentioned in the Gospel of St. Luke. Dubato, Chief Financial Officer of Target Logistics said, "Our strong growth and company wide focus on profitable business opportunities drove SG&A as a percentage of revenue down to 26.6% for the quarter, a record for the company." Target Logistics will hold a conference call at 4:00 PM ET on Wednesday Wednesday: see week. , February 1, 2006. Interested parties are invited to listen to the call live, over the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the at www.targetlogistics.com. The live call may also be accessed at http://phx.corporate-ir.net/playerlink.zhtml?c=62341&s=wm&e=1202826. The call will also be available by dialing (866) 270-6057, or for international callers, (617) 213-8891 and by using the confirmation code 30150117. A replay of the teleconference will be available until February 28, 2006 at www.targetlogistics.com. A replay will also be available by dialing (888) 286 8010 (domestic) or 617 801 6888 (international) and by using confirmation code 94984270. Target Logistics, Inc. provides domestic and international time definite freight forwarding and logistics services through its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , Target Logistic lo·gis·tic also lo·gis·ti·cal adj. 1. Of or relating to symbolic logic. 2. Of or relating to logistics. [Medieval Latin logisticus, of calculation Services, Inc. Target has a network of offices in 34 cities 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 a worldwide agent network with coverage in over 70 countries. Its freight forwarding services include arranging for the total transport of customers' freight, including providing door to door service, distributions and reverse logistics This article or section needs sources or references that appear in reliable, third-party publications. Alone, primary sources and sources affiliated with the subject of this article are not sufficient for an accurate encyclopedia article. . Statements contained in this press release that are not historical facts are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. as that term is defined in the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Although Target Logistics believes that the expectations reflected in such forward-looking statements are reasonable, the forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projections.
Target Logistics, Inc. and Subsidiaries
Consolidated Statements of Operations
(unaudited)
Three months ended Six months ended
December 31, December 31,
------------------------- -------------------------
2005 2004 2005 2004
------------ ------------ ------------ ------------
Operating revenues $46,704,140 $37,223,219 $82,849,925 $70,259,796
Cost of
transportation 32,497,640 25,526,615 56,802,839 48,213,747
------------ ------------ ------------ ------------
Gross profit 14,206,500 11,696,604 26,047,086 22,046,049
------------ ------------ ------------ ------------
Selling, general and
administrative
expenses ("SG&A"):
Target subsidiary
(exclusive
forwarder
commissions) 4,887,904 4,335,279 8,785,827 8,270,975
SG&A - Target
subsidiary 7,016,417 5,913,876 13,668,280 11,468,334
SG&A - Corporate 376,348 310,122 664,507 557,912
Depreciation and
amortization 158,714 114,624 280,836 226,189
------------ ------------ ------------ ------------
Selling,
general and
administrative
expenses 12,439,383 10,673,901 23,399,450 20,523,410
------------ ------------ ------------ ------------
Operating income 1,767,117 1,022,703 2,647,636 1,522,639
Other income
(expense):
Interest
(expense) (43,825) (14,337) (77,908) (52,853)
------------ ------------ ------------ ------------
Income before taxes 1,723,292 1,008,366 2,569,728 1,469,786
Provision for
income taxes 746,978 463,125 1,116,336 678,822
------------ ------------ ------------ ------------
Net income $976,314 $545,241 $1,453,392 $790,964
------------ ------------ ------------ ------------
Net Income per share
attributable to
common shareholders:
Basic $0.05 $0.03 $0.08 $0.04
------------ ------------ ------------ ------------
Diluted $0.05 $0.03 $0.07 $0.04
------------ ------------ ------------ ------------
Weighted average
shares outstanding:
Basic 16,070,811 15,827,278 15,964,619 15,827,278
------------ ------------ ------------ ------------
Diluted 21,490,385 21,469,959 21,490,343 21,470,028
------------ ------------ ------------ ------------
Target Logistics, Inc. and Subsidiaries
Selected Balance Sheet Data
December 31, June 30,
2005 2005
------------ ------------
(unaudited) (audited)
Cash and cash Equivalents $6,228,759 $6,525,577
Total Current Assets $33,317,058 $28,789,386
Total Assets $48,721,864 $42,599,718
Current Liabilities $27,654,094 $23,004,905
Long Term Liabilities $583,467 $435,054
Working Capital $5,662,964 $5,784,481
Shareholders' Equity $20,484,303 $19,159,759
Credit Line Availability $11,861,798 $10,256,965
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