TAMPA, FL / ACCESSWIRE / March 10, 2014/ Integrated Freight Corporation (OTCQB: IFCR), a niche motor freight carrier providing services on key routes throughout the United States, announced today its unaudited financial results for First Quarter FY 2014.
Hank Hoffman, President of Integrated Freight said, “Last year’s break-even performance was an enormous improvement over prior years’ substantial losses. We are pleased to announce that for first quarter FY 2014, our Company posted a nice profit of $165,009 or, 3.2%, and continued to strengthen its base revenue. The Integrated Freight management team committed itself to this difficult turnaround and these results demonstrate that our operations are clearly on the right track.”
IFCR’s unaudited financial statements for the first quarter of FY 2014 show revenues of $5,154,479, relatively unchanged from the previous year. However, the Company’s $165,009 of net income, its first ever profitable quarter, is a confirmation of improving operations. Additionally, the Company’s net capital deficit improved further from a $17.48 million deficit two years ago to under $6.34 million in the current period, or an increase of $11.14 million.
David N. Fuselier, IFCR’s Chairman and CEO, stated, “It is evident from these results that our corporate re-structuring strategy has significantly enhanced Integrated’s market value. Previously, our market capitalization was less than $75,000 and our enterprise value languished far below our current $16.29 million. It is now clear that Integrated Freight is the value play in the transportation industry as most of the major carriers have attained their growth targets and are maintaining operations for growth only. We believe Integrated remains under-valued when compared to its peers and we’ll seek strategic acquisitions that build on value versus growth. We think that’s attractive to our shareholders, creditors, lenders and the financial markets.”
First Quarter FY 2014 Financial Results (unaudited):
REVENUES: During the period ended June 30, 2014, revenue was $5,154,479.
Operating Expenses: Operating expenses for first quarter FY 2014 were $4,761,765. A significant portion of this decrease was attributable to reduced overhead and expense related to debt. The Company’s Operating Ratio, an industry standard measure, was a very healthy 92.4%.
NET INCOME: The Company recorded net income of $165,009, or just over 3.2%, of revenue.
EBITDA: $660,446 or 12.8%. This improvement is a result of management’s continued focus on substantially reducing overhead, improving operating practices, and reducing expenses related to legacy debts.
About Integrated Freight Corporation:
Integrated Freight Corporation (OTCQB: IFCR) provides long-haul, regional and local motor freight service throughout the United States. 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.
Forward Looking Statements: 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.
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SOURCE: Integrated Freight Corporation