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US 1 posts lower 3Q net income
By CCJ Staff
US 1 Industries Inc. announced Friday, Nov. 13, the results for its third quarter and nine months ended Sept. 30. Operating revenues decreased 0.2 percent to $132.4 million for the nine months from $132.7 million for the same period in 2008. Operating revenues decreased 2.9 percent to $44.7 million for the three months from $46.1 million for the same period in 2008.
Operating income derived from operations decreased to a loss of $0.2 million for the nine months from operating income of $3.7 million. Operating income for the three months was $0.4 million compared to $1.5 million. The company experienced a net loss in the amount of $0.5 million for the nine months compared to net income of $2.5 million. For the three months, the company experienced net income in the amount of $0.2 million compared to net income of $1.0 million.
Results for the nine months ended Sept. 30, 2009, were impacted by a defalcation related to accounts receivable at one of the company’s subsidiaries, increased fixed costs and decreased sales for the first nine months of 2009 for operations that existed in the first nine months of 2008. The company said it was not able to decrease its fixed costs in time to bring them inline with the revenue decreases.
US 1, through its subsidiaries, operates primarily as a nonasset-based service provider to independent businesses operating in the trucking and logistics industries. The Valparaiso, Ind.-based company offers financial resources, risk management services, insurance and information technology to small independent business owners. |
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