IFCR Releases FY2014 SEC 10-K Annual Report
Integrated Freight Corp 10-K Reflects Company Milestones
(firmenpresse) - SOUTHBURY, CT -- (Marketwired) -- 04/30/15 -- Integrated Freight Corporation (OTC PINK: IFCR), a niche freight carrier providing services on key routes throughout the United States, announced its FY2014 audited financial results. Completing this annual report is the Company''s second major milestone in re-establishing compliance with its reporting requirements to the Securities and Exchange Commission. The following information depicts several achievements during the period reported today in its Form 10-K for the year ended March 31, 2014:
IFCR continued to generate in excess of $20 million in revenues during a difficult period while maintaining gross margin levels consistent with its history and the industry.
In accomplishing our second major milestone, the Company again generated a positive EBITDA, this year approximately $0.5 million.
At the subsidiary level, the Company continued to fund its $4.9 million of operating debt while maintaining its working capital, equipment financing, and leasing obligations with no events of default.
Overall indebtedness including trade payables and other accruals has been reduced by approximately $1 million through operations and the Company''s restructuring efforts.
The Company generated in excess of $350,000 dollars in cash from operations for the fiscal year ended March 31, 2014.
In achieving this second milestone, the Company has established a clear path to full SEC compliance and expects to file its FY2015 soon.
"A turnaround environment is clearly difficult and challenging for the operating subsidiaries," stated Integrated''s president Hank Hoffman. "In spite of severely limited capital resources, the Company continued to generate revenues over $20 million while maintaining positive EBITDA. These results demonstrate that our operations are clearly on the right track for our customers, shareholders, employees, and future business results."
IFCR''s Chairman and CEO, David N. Fuselier, said, "We continue to work closely with lenders, funds, and other stakeholders regarding our plans and anticipate these activities to continue to be productive in not only achieving our restructure goals, but also establishing a solid foundation for the future. We''re pleased that our operations continue to support our ability to satisfy our debt service. We will need our current and future credit facilities to support Integrated''s ever-demanding need for equipment and working capital."
"With solid revenues continuing from operations, the Company remains the value play in the small cap niche transportation market," Hoffman continued. "We are determined to position Integrated Freight for growth and profitability, built on the strength of our existing operations and our industry-low fixed overhead expense."
Integrated Freight Corporation (OTC PINK: IFCR) provides long-haul, regional and local motor freight service. For its customers, the Company provides dry van and hazardous waste truckload services in well-established traffic lanes in the Upper Midwest, Texas, California and along the Atlantic seaboard. For its shareholders, Integrated Freight acquires operating motor freight companies that build, maintain and deliver shareholder value. The Company''s corporate mission is to be the best niche motor carrier in North America.
This press release may contain forward-looking statements, made in reliance upon Section 21D of the Exchange Act of 1934, which involve known and unknown risks, uncertainties or other factors that could cause actual results to differ materially from the results, performance, or expectations implied by these forward-looking statements. The Company''s expectations, among other things, are dependent upon economic conditions, continued demand for its products, the availability of raw materials, retention of its key management and operating personnel, its ability to operate its subsidiary companies effectively, need for and availability of more capital as well as other uncontrollable or unknown factors which are more fully disclosed in the Company''s 10-Ks and 10-Qs on file with the Securities and Exchange Commission.
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.
Contact:
Henry P. (Hank) Hoffman
Integrated Freight Corporation
President and COO
417-434-1782
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Datum: 30.04.2015 - 09:57 Uhr
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