Integrated Freight Announces Fiscal Year 2011 Financial Results
Record Revenues Driven by Successful Acquisition and Integration Strategy
(firmenpresse) - SARASOTA, FL -- (Marketwire) -- 07/19/11 -- Integrated Freight Corporation () (OTCBB: IFCR) (OTCQB: IFCR), announced today its financial results for the 2011 fiscal year ended March 31, 2011.
Full year fiscal 2011 revenues increased 8.6% to a record $18.8 million
Finalized acquisition of Cross Creek Trucking ($28mm 2010 revenue; $4mm EBITDA) for an April 1, 2011 close
Launched new freight brokerage service, Integrated Freight Services (IFS)
Appointed transportation industry veteran, Hank Hoffman, President and COO
Executed LOI agreements with multiple target companies
Paul Henley, CEO of Integrated Freight, commented, "Our top-line results for the year reflect the successful execution of our strategy in building our revenues and infrastructure. We made significant progress in 2010 and 2011 as we moved towards adding our fourth acquisition - Cross Creek Trucking - and executed new LOI agreements with multiple target companies. Our appointment of Hank Hoffman as President and COO, a 25-year trucking and freight industry veteran, underlies our commitment to putting the executive leadership in place necessary to assist IFC in delivering on its goals. The collective experience of our executive team will be invaluable as we move forward with our nationwide expansion plans."
Revenues for fiscal year ended March 31, 2011 increased 8.6% to a record $18.8 million from $17.3 million for the fiscal year ended March 31, 2010. This change is due to the increase in freight revenue in correlation to the improving U.S. economy, the application of fuel surcharges and rate increases by the Company, and organic growth within the fleet.
Operating expenses for the fiscal year ended March 31, 2011 increased 13% to $22.8 million compared to $19.6 million for the fiscal year ended March 31, 2010. The increase was primarily due to higher fuel and fuel taxes combined with higher general and administrative costs. General and administrative costs increased 111.2% to $4.0 million in fiscal 2011 from $1.9 million for the fiscal year ended March 31, 2011. This rise resulted primarily from a $2.4 million increase in non-cash compensation and non-cash professional services expenses paid in the form of stock, options, and warrants related to financing activities.
The Company reported a net loss of $7.7 million for the fiscal year ended March 31, 2011 compared to a net loss of $3.1 million for the fiscal year ended March 31, 2010. The increase in the net loss was primarily attributable to the higher general and administration costs described above as well as a non-cash reserve of $1.8 million to cover any potential liabilities related to the discontinuation of one of its operations during the fiscal year.
As of March 31, 2011, the Company had cash and cash equivalents of $54,158 versus cash and cash equivalents of $48,101 as of March 31, 2010. Net cash used in operating activities for the twelve months ended March 31, 2011 was $296,195, down from $694,386 for the twelve months ended March 31, 2010. Total liabilities and stockholders' deficit was $7.8 million as of March 31, 2011 versus total liabilities and stockholders' deficit of $9.3 million for the period ended March 31, 2010.
"We are excited to move forward and execute our growth and integration strategy," stated Mr. Henley. "Notwithstanding our operating losses for the year, we continue to increase our revenue run rate and are working to achieve increased cost savings through elimination of overlapping lanes and equipment, reducing our SG&A costs by streamlining redundant tasks and lowering overall fleet maintenance expenses through nationwide service contracts. We have invested in state-of-the-art technology systems that allow our network of companies to become strong together, helping us to become even more efficient and lower costs. In addition, the launch of our new freight brokerage service in March, Integrated Fright Services (IFC), is allowing us to increase our revenue capture and effective carrier capacity by connecting customers and outside shipping partners. This is an exciting time in our industry. The increase in demand we are experiencing from the recovery in the U.S. economy bodes well for the fundamentals of our business. Pricing is firming up and improvements in freight shipments from the resumption in business and consumer activity are taking place as capacity in our industry remains fairly tight. We are continuing to maintain and increase our positions in consolidating markets to take advantage of this backdrop and acquiring quality transportation companies at deep discounts as we position and grow the business."
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 .
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.
Integrated Freight Corporation Investor Relations
941-907-8372 x 6
Investor Relations Contact:
The Eversull Group, Inc.
Jack Eversull
President
972-571-1624
214-469-2361 (fax)
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Datum: 19.07.2011 - 13:00 Uhr
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News-ID 35790
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