Integrated Freight Announces Fiscal Second Quarter 2012 Financial Results
Strong Sales Growth and Cash Flow From Operations Driven by Successful Acquisition & Integration Strategy
(firmenpresse) - SARASOTA, FL -- (Marketwire) -- 11/25/11 -- Integrated Freight Corporation ("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 fiscal second quarter and six months ended September 30, 2011.
Revenue for the second quarter increased 144.7% to $11.8 million
Revenue for the six months ended September 30, 2011 increased 158.6% to $24.8 million
Net cash provided by operating activities for the six months ended September 30, 2011 increased sharply to $946,485 versus $109,430 for the same period last year
"We achieved strong revenue growth for the second quarter and first half of the year as we better positioned the business for growth," stated Paul Henley, Chief Executive Officer of Integrated Freight. "Our net cash flow from operations increased significantly to $946,485 in the first half compared to $109,430 in the same period last year. Our strong cash flow from operations will allow us to finance our organic growth as we evaluate strategic acquisitions in our industry. During the first half of the year, we completed the acquisition of Cross Creek Trucking, our fourth subsidiary company, and saw increases in freight revenue and are encouraged by our profitability with Integrated Freight Services, our freight brokerage that we launched in March."
Revenues for the fiscal second quarter ended September 30, 2011 increased 144.7% to $11.8 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 growing brokerage operations, and an increase in freight revenue in correlation to the U.S. economy.
Operating expenses for the fiscal second quarter ended September 30, 2011 increased 132.5% to $11.8 million compared to $5.1 million for the three months ended September 30, 2010. The increase was less than the increase in revenue for the quarter and is due to increased fuel costs and transaction costs in connection with the acquisition of Cross Creek Trucking as well as higher wages, salaries and benefits and General and Administrative expenses. General and administrative costs for the three months ended September 30, 2011 increased 147% to $1.2 million compared to $468,902 for the same period a year ago. Fuel and fuel taxes for the three months ended September 30, 2011 increased 227.1% to $4.0 million, compared to $1.2 million for the three months ended September 30, 2010. Wages, salaries and benefits increased 188.5% to $3.8 million for the three months ended September 30, 2011 compared to $1.3 million for the same period last year.
The Company reported a net loss of $1.4 million for the fiscal second quarter ended September 30, 2011, or $0.04 per diluted share, compared to a net loss of $ 301,795, or $0.01 per diluted share, for the three months ended September 30, 2010, an increase of $1.1 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.
Revenue for six months ended September 30, 2011 increased 158.6% to $24.8 million from $9.6 million in the six months ended September 30, 2010. Operating expenses for the six months ended September 30, 2011 increased 162.6% to $26.7 million compared to $10.2 million for the six months ended September 30, 2010. Operating loss for the six months ended September 30, 2011 widened to $1.9 million from $566,342 for the six months ended September 30, 2010. The increase was due to the acquisition of Cross Creek Trucking, Inc. and included $795,000 of transactions costs related to the acquisition as well as an increase in fuel costs. The Company reported a net loss of $4.3 million for the six months ended September 30, 2011, or $0.12 per diluted share, compared to a net loss of $854,088, or $0.04 per diluted share, for the six months ended September 30, 2010, an increase of $3.4 million.
As of September 30, 2011, the Company had no cash nor cash equivalents versus cash and cash equivalents of $54,158 as of March 31, 2011. Total liabilities and stockholders' deficit was $19.1 million as of September 30, 2011 versus total liabilities and stockholders' deficit of $7.8 million for the period ended March 31, 2011. Net cash provided by operating activities for the six months ended September 30, 2011 was $946,485 compared to $109,430 for the six months ended September 30, 2010.
"We are confident about the prospects for our business for the remainder of the year as we execute our growth and integration strategy," stated Mr. Henley. "We made considerable strides in the first half of the year. We are achieving cost savings and efficiencies through the elimination of overlapping lanes, better customer utilization and lowering our fleet maintenance costs through bulk buying and nationwide service contracts. Our network of subsidiary companies is benefitting from our state-of-the-art trucking technology platform, which is helping us run more efficiently while controlling overhead. We are excited by the growth prospects for our business going forward and see solid opportunities to acquire additional niche trucking players and integrate them into our growing network."
Integrated Freight Corporation (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 .
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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.
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Datum: 25.11.2011 - 08:00 Uhr
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