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INTRENET REPORTS PROFITABLE SECOND QUARTER AND FIRST HALF

 EAST BRUNSWICK, N.J., Aug. 2 /PRNewswire/ -- Intrenet, Inc. (NASDAQ: INET) reported today that second quarter 1993 operating revenues increased 6.7 percent to $48,813,000 compared to $45,725,000 for the same period in 1992. Net earnings also improved to $715,000, or $0.07 per share in the second quarter from $709,000, or $.14 per share, for the same period in 1992. The present earnings 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 to enjoy a growth in revenues as a result of the expansion in the company's owned tractor fleet," explained Jackson A. Baker, CEO and president, "and we anticipate continued positive results for the balance of 1993."
 First Half Results
 Revenues for the first six months of 1993 were $92,316,000, up 5.4 percent, from $87,578,000 in 1992. Net earnings for the first six months of 1993 were up over five times to $1,530,000 from $227,000 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 pre-tax gain in the first quarter of 1993. The favorable effect of the pre-tax gain was offset by a one-time charge of $769,000 related to executive management changes and other changes.
 Intrenet, Inc., a holding company, trades under the symbol of INET and is a listed issue on the NASD Small Cap Market(R). Intrenet is presently headquartered in East Brunswick, N.J., with five wholly owned full truckload carriers servicing 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 per share data)
 Periods ended Three months Six months
 June 30 1993 1992 1993 1992
 Operating revenues $48,813 $45,725 $92,316 $87,578
 Operating expenses before
 management costs
 & other charges (46,575) (43,610) (88,648) (84,815)
 Management change costs &
 other charges 0 0 (769) 0
 Operating income 2,238 2,115 2,899 2,763
 Interest and other expenses (1,095) (1,206) (2,272) (2,336)
 Earnings (loss) before
 income taxes & extraord.
 items 1,142 909 627 427
 Non-cash charge in lieu of
 Federal income taxes (427) (200) (285) (200)
 Earnings (loss) before
 extraordinary items 715 709 342 227
 Extraordinary gain on
 retirement of debt, net
 of related non-cash tax
 charge of $612,000 0 0 1,188 0
 Net earnings 715 709 1,530 227
 Earnings per common and
 common equivalent share
 Primary:
 Before extraordinary items $0.07 $0.14 $0.04 $0.04
 Extraordinary gain, net -- -- 0.13 --
 Net earnings (loss) 0.07 0.14 0.17 0.04
 Fully diluted:
 Before extraordinary items $0.06 $0.14 $0.04 $0.04
 Extraordinary gain -- -- 0.10 --
 Net earnings (loss) 0.06 0.14 0.14 0.04
 Primary shares 9,734,885 5,219,358 9,193,046 5,219,358
 Fully diluted 13,371,249 5,219,358 12,445,571 5,219,358
 -0- 8/2/93
 /CONTACT: Jonathan G. Usher, chief financial officer of Intrenet, Inc., 908-651-0099, or (investors) Anthony J. DiMaio of Anthem Communications, 212-943-8998, for Intrenet/
 (INET)


CO: Intrenet, Inc. ST: New Jersey IN: TRN SU: ERN

MP-OS -- NY061 -- 8376 08/02/93 12:41 EDT
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Publication:PR Newswire
Date:Aug 2, 1993
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