Integrated Freight Announces Fiscal First Quarter 2012 Financial Results
Record First Quarter Revenue Driven by Successful Acquisition & Integration Strategy
(firmenpresse) - SARASOTA, FL -- (Marketwire) -- 08/24/11 -- ("Integrated Freight" or the "Company") (OTCQB: IFCR) (OTCBB: IFCR) a rapidly growing motor freight company providing long-haul, regional and local service to its customers in the U.S., today announced its financial results for its first quarter ended June 30, 2011.
First quarter fiscal 2012 revenues increased 172.7% to a record $13.0 million
Completed acquisition of Cross Creek Trucking, an Oregon-based refrigerated freight hauler ($28mm 2010 revenue; $4mm EBITDA)
Load ratio reached all time high during quarter
Continued profitability of all operating segments of the Company
Added to M&A and financial reporting staff by appointing Matthew Veal as Vice President and Treasurer
"We made significant progress in the first quarter and positioned the business for further growth," stated Paul Henley, Chief Executive Officer of Integrated Freight. "We achieved strong top line results as we completed our fourth acquisition, Cross Creek Trucking, and saw increases in freight revenue along with greater revenue capture from the launch of our new freight brokerage in March, called Integrated Freight Services. This has allowed us to increase our effective carrier capacity by connecting customers and outside shipping partners. We saw continued profitability of all operating segments of the Company. In addition, we strengthened our mergers and acquisitions and financial reporting functions by appointing Matthew Veal as Vice President and Treasurer. We believe we have assembled a proven team with the experience necessary to drive our acquisition and integration strategy and to achieve solid organic growth."
Revenues for the fiscal first quarter ended June 30, 2011, increase 172.7% to a record $13.0 million from $4.8 million in the same quarter last year. The increase is due primarily to the acquisition of Cross Creek Trucking, Inc. on April 1, 2011, positive effects from the Company's brokerage operations, and an increase in freight revenue in correlation to the U.S. economy.
Operating expenses for the fiscal first quarter ended June 30, 2011 increased 194.2% to $14.8 million compared to $5 million for the three months ended June 30, 2010. The increase is due to increased fuel costs and purchase price amortization in connection with the acquisition of Cross Creek Trucking and approximately $800,000 of additional transactions costs from the acquisition of Cross Creek Trucking, Inc. General and administrative expenses (including transaction costs) for the three months ended June 30, 2011 increased 304% to $1.9 million compared to $475,207 for the same period a year ago. Fuel and fuel taxes for the three months ended June 30, 2011 increased 237.6% to $4.9 million, compared to $1.5 million for the three months ended June 30, 2010. Wages, salaries and benefits increased 202.9% to $4 million for the three months ended June 30, 2011 compared to $1.3 million for the same period last year. Loss from discontinued operations was $420,756.
The Company reported a net loss of $2.9 million for the fiscal first quarter ended June 30, 2011, or $0.08 per diluted share, compared to a net loss of $329,388, or $0.02 per diluted share, for the three months ended June 30, 2010, an increase of $2.5 million. The increase was primarily due to fuel cost increases, higher expenses associated with the acquisition of Cross Creek Trucking, Inc. and higher operating and interest expenses. Net cash used in operating activities for the three months ended June 30, 2011 was $130,519 compared to net cash provided by operating activities of $109,430 for the three months ended June 30, 2010.
As of June 30, 2011, the Company had cash and cash equivalents of $131,386 versus cash and cash equivalents of $54,158 as of March 31, 2011. Total liabilities and stockholders' deficit was $21.4 million as of June 30, 2011 versus total liabilities and stockholders' deficit of $7.8 million for the period ended March 31, 2011.
"We are excited by the outlook for our business going forward," stated Paul Henley, CEO of Integrated Freight. "Notwithstanding our operating losses for the period, we experienced strong revenue in the first quarter, positive cash flows and improvements in our working capital positions at the subsidiary level compared to the same quarter in 2010. We are achieving cost savings and efficiencies through the elimination of overlapping lanes and better customer utilization and through lowering our fleet maintenance cost through bulk buying and nationwide service contracts. Our network companies are benefitting from a state-of-the-art technology platform that helps them to grow stronger together." Mr. Henley added, "Going forward, we expect the truckload freight market to continue to improve. We see solid opportunities to acquire niche players with loyal customer bases and integrate these businesses successfully and grow organically as the market for freight shipments improves."
Integrated Freight Corporation (OTCQB: IFCR) (OTCBB: IFCR) is a Sarasota, Florida headquartered motor freight company providing long-haul, regional and local service to its customers. The Company specializes in dry and refrigerated truckload services, operating primarily in well-established traffic lanes in the Upper Midwest, Pacific Northwest, Texas, California and the Atlantic seaboard. Integrated Freight was formed for the purpose of acquiring and consolidating operating motor freight companies and incorporated in the state of Florida in 2008. Integrated Freight's mission is to build a safe, reliable, high-quality national freight carrier and customized logistics service with a diverse customer base that is well-positioned in growing profitable markets. For more information, please visit .
To be added to the Company's email distribution for future news releases, please send your request to .
The foregoing press release contains forward-looking statements, including statements regarding the company's expectation of its future business and earnings, subject to the safe-harbor provisions for forward-looking statements provided in the Securities Exchange Act and the regulations there under. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the company's control. Actual results could differ materially from these forward-looking statements. Additional risks that could affect our future operating results are more fully described in our filings with United States Securities and Exchange Commission. These filings are available at .
We may, from time to time, make additional written and oral forward-looking statements, including statements contained in our filings with the Securities and Exchange Commission and our reports to shareholders. We do not undertake to update any forward-looking statements that may be made from time to time by us or on our behalf.
-- FINANCIAL TABLES FOLLOW --
Andrew Haag
Managing Partner, USA
Hampton Growth, LLC
Tel: +1-877-368-3566
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Datum: 24.08.2011 - 05:00 Uhr
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