Printer Friendly

INTRENET, INC. REPORTS PROFITABLE THIRD QUARTER AND FIRST NINE MONTHS; NET EARNINGS FOR THE THIRD QUARTER CLIMB 140 PERCENT

 MILFORD, Ohio, Nov. 5 /PRNewswire/ -- Intrenet, Inc. (NASDAQ: INET) reported today third quarter 1993 revenues increased 9 percent to $49.7 million, compared to $45.6 million for the same period in 1992. Net earnings improved 140 percent to $658,000, or 7 cents per share, for the third quarter from $278,000, or 5 cents per share, for the same period in 1992.
 Nine Month Results
 Revenues for the first nine months of 1993 were $142.1 million, up 7 percent, from $133.1 million in 1992. Net earnings for the first nine months of 1993 were up over three times to $2.2 million, or 23 cents per share, from $505,000, or 10 cents per share, for 1992. As previously announced, in 1993 a group of private investors provided $12 million of new capital consisting of $6 million of common stock and an equal amount of convertible subordinated debentures. A portion of these funds were used to retire in full $7.2 million of bank debt, yielding a $1.8 million pretax gain in the first quarter of 1993. The favorable effect of the pretax gain was offset by a one-time charge of $769,000 related to executive management changes and other charges. Notwithstanding these extraordinary items, the current nine month results represent a significant operational improvement from 1992, since during the prior comparative period the company recorded a one-time $381,000 favorable settlement with the U.S. government. Intrenet continues its record of consistently improving results from the nine month periods of 1991 and 1990 in which it reported consecutive losses of $742,000 and $6,937,000, respectively.
 "The improved third quarter and nine month results reflect the impact of the 240 tractors added in 1993. We expect this to be our first profitable year since 1987," explained Jackson A. Baker, CEO and president.
 Intrenet, Inc., a holding company, trades under the symbol INET, is a listed issue on the NASD Small Cap Market(R). Intrenet, headquartered in Milford, is the parent company for five wholly owned full truckload carriers serving all 48 contiguous states, Canada and Mexico. Aluminum, building materials, steel and auto parts are among the primary products hauled by the company's five subsidiaries: Roadrunner Trucking, Inc., Roadrunner Distribution Services, Inc., Eck Miller Transportation Corporation, Advanced Distribution System, Inc. and C.I. Whitten Transfer Company, Inc.
 INTRENET, INC.
 Summary Financial Information
 (In thousands, except for per-share data)
 Periods ended Three Months Nine Months
 Sept. 30 1993 1992 1993 1992
 Operating revenues $49,746 $45,556 $142,062 $133,134
 Operating expenses before
 management costs and
 other charges (47,637) (43,761) (136,285) (128,574)
 Management change costs
 and other charges 0 0 (769) 0
 Operating income 2,109 1,795 5,008 4,560
 Interest & other expenses (1,052) (1,267) (3,324) (3,605)
 Earnings (loss) before
 income taxes and
 extraordinary items 1,057 528 1,684 955
 Non-cash charge in lieu
 of federal income taxes (399) (250) (684) (450)
 Earnings (loss) before
 extraordinary items 658 278 1,000 505
 Extraordinary gain on
 retirement of debt, net of
 related non-cash tax charge
 of $812,000 0 0 1,188 0
 Net earnings 658 278 2,188 505
 Earnings per common and
 common equivalent share:
 Primary:
 Bef. extraordinary items $0.07 $0.05 $0.10 $0.10
 Extraordinary gain, net -- -- 0.13 --
 Net earnings (loss) 0.07 0.05 0.23 0.10
 Fully diluted:
 Before extraordinary items 0.06 0.05 0.10 0.10
 Extraordinary gain -- -- 0.09 --
 Net earnings (loss) 0.06 0.05 0.19 0.10
 Primary shares 9,754,632 5,219,358 9,193,046 5,219,358
 Fully diluted 13,390,996 5,219,358 12,807,222 5,219,358
 -0- 11/5/93
 /CONTACT: Jonathan G. Usher, CFO of Intrenet, 513-576-6666, or (investors) Anthony J. DiMaio, 212-943-8998/
 (INET)


CO: Intrenet, Inc. ST: Ohio IN: TRN SU: ERN

TW-CK -- NY047 -- 1272 11/05/93 13:53 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 5, 1993
Words:664
Previous Article:DORCHESTER HUGOTON, LTD. ANNOUNCES NET EARNINGS FOR THE THIRD QUARTER ENDED SEPT. 30, 1993
Next Article:BENSON EYECARE REPORTS THIRD QUARTER RESULTS
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters