Tropic Air Cargo Inc. Announces Second Quarter Profit.MIAMI--(BUSINESS WIRE)--Dec. 16, 1997--Tropic Air Cargo Inc Aircargo Communities Inc known as Air Cargo Inc, is the largest network of Air Freight Cartage agents and trucking companies providing services to the airline and freight forwarding community in North America. . (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:TRPC TRPC Thurston Regional Planning Council TRPC Transaction Remote Procedure Call ) (the "Company") announced today that for the three months ended Oct. 31, 1997, the Company earned $4,698,000 in gross air cargo air cargo: see aviation. revenue with total after tax net income from continuing air cargo operations for the three months of $125,016 equal to 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. . During the current period the Company completed the disposition of its equipment leasing Equipment Leasing is a financing option to lease equipment for a certain amount of time. Leasing Benefits
Please [ improve this article] or discuss the issue on the talk page. business activities recognizing for the six months ended Oct. 31, 1997, approximately $1,442,000 in operating losses and approximately $1,833,000 in gain from the disposition of these discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. . The Company is an SEC registered and public reporting company. Copies of the Company's SEC Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. and SEC Form 10-Q Form 10-Q See 10-Q. can be retrieved on the world wide web site of the Securities and Exchange Commission at http://www.sec.gov/ by retrieving Tropic Air Cargo Inc. in the SEC's EDGAR Edgar or Eadgar (both: ĕd`gər), 943?–975, king of the English (959–75), son of Edmund, king of Wessex. In 957 the Mercians and Northumbrians rebelled against Edgar's brother Edwy and chose Edgar as their king. archive files. The Company serves as an air freight consolidator Air Freight Consolidator An air freight carrier that does not own or operate its own aircraft but ships its cargo with actual equipment operating carriers. Consolidators issue house air waybills to their customers and receive master air waybills from the actual carriers. through its wholly-owned subsidiary B. Airways Air Cargo Inc., which operates scheduled cargo service from Miami International Airport Miami International Airport (IATA: MIA, ICAO: KMIA, FAA LID: MIA) is a public airport located eight miles (13 km) northwest of the central business district of Miami, in unincorporated Miami-Dade County, Florida, United States. to and from South America via a leased Boeing 747-200 all cargo aircraft. This release contains forward-looking statements, including but not limited to those regarding the business of the Company. Actual results could vary materially from the description contained herein due to many factors including changing market conditions and other risks. The Company does not undertake any obligation to update the information contained herein, which speaks only as of this date. We refer you to the documents the Company files from time to time with the Securities and Exchange Commission, specifically, the Company's most recent Form 10-K and Form 10-Q. These documents contain and identify important factors that could cause the actual results to differ materially from those contained in our projections or forward-looking statements. -0-
Tropic Air Cargo Inc. and Subsidiaries
Condensed Unaudited Consolidated Balance Sheets
_______________________________________________
Oct. 31, April 30,
1997 1997
Total Assets $ 8,230,640 $ 769,743
___________ ____________
___________ ____________
Total Liabilities $ 4,594,560 $ 1,584,215
Total Stockholders' Equity 3,636,080 (814,472)
___________ ____________
Total Liabilities Stockholders'
Equity $ 8,230,640 $ 769,743
___________ ____________
___________ ____________
___________________________________________________________________
Tropic Air Cargo Inc. and Subsidiaries
Condensed Unaudited Statements of Consolidated Operations
_________________________________________________________
Three Months Ended Six Months Ended
Oct. 31, Oct. 31,
_______________________ _______________________
1997 1996 1997 1996
Total Revenue $4,698,574 $4,698,574
Total Expenses 4,204,186 4,204,186
___________ ___________ ___________ ___________
Income (Loss) From
Continuing Activities 178,616 178,616
Provision for
Income Taxes (53,600) (53,600)
___________ ___________ ___________ ___________
Net Income (Loss) From
Continuing Activities 125,016 125,016
Discontinued Business
Segments:
Operating Income
(Loss) (751,749) (320,770) (1,442,318) 134,521
Gain On Disposal 1,832,905 1,832,905
___________ ___________ ___________ ___________
Net Income (Loss) $1,206,172 $ (320,770) $ 515,602 $ 134,521
___________ ___________ ___________ ___________
___________ ___________ ___________ ___________
Primary and Fully Diluted
Net Income (Loss) Per
Share:
Income (Loss) From
Continuing
Operations $ 0.04 $ 0.06
Income (Loss) From
Discontinued
Operations 0.32 $ (0.52) 0.20 $ 0.23
___________ ___________ ___________ ___________
$ 0.36 $ (0.52) $ 0.26 $ 0.23
___________ ___________ ___________ ___________
___________ ___________ ___________ ___________
Average Number of
Common and Common
Equivalent Shares
Outstanding 3,362,963 613,579 1,990,579 587,316
CONTACT: Tropic Air Cargo Inc. Angel Munoz, 305/639-2720 Fax: 305/591-1332 |
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