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TAMPA, FLORIDA--(May 13, 1999) -- The
Freight Connection, Inc. OTC BB: FTCN) (TFC), an intermodal marketing company (IMC) and
transportation broker, today announced operating results for the first quarter ended June
30, 1999.
Revenues for the 1999 second quarter were $7.34
million, compared to $6.57 million for the 1998 first quarter, an increase of 12%.
Revenues increased from the prior year due to the additional business gained from the
opening of the new offices during 1998, as well as increased marketing efforts. As part of
its overall expansion plan, the Company is also continuing to develop its highway
brokerage division. Revenues generated by this division for the three months ended March
31, 1999 grew by 68% from the prior year period. Net revenues for the quarter ended March
31, 1999 rose 2% to $630,000 compared to $618,000 for the prior year period.
The Company had net income for the 1999 first
quarter of $1,000 or $.00 per share compared to net income $73,000, or $0.02 per share for
the comparable 1998 period. Per share results are based on 4,825,630 weighted average
shares outstanding for both periods. The Company is continuing to improve upon the
operating costs of the new offices, however the residual effects of opening these offices
impacted the results for the first quarter of 1999.
The Freight Connection is an intermodal marketing
company (IMC) and transportation broker, servicing clients throughout North America from
its Tamp (headquarters), Atlanta, Los Angeles, San Francisco, Chicago and Minneapolis
offices. TFC is an 81% subsidiary of Vitran Corporation Inc. (NASDAQ: VVN, TSE: VTN.A), a multi-service North American
transportation firm. The TFC headquarters can be reached at (813) 854-1500 or (800)
332-5004.
This news announcement contains certain
forward-looking information that is subject to certain risks and uncertainties as
indicated from time to time in the Company's 10-K and other filings with the Securities
and Exchange Commission. Included among these risks and uncertainties are the future
performance of the economy, competitive and pricing pressures, fuel costs and other
factors impacting the transportation industry.
The Freight
Connection, Inc.
Balance Sheet
March 31, 1999 (unaudited)
(in thousands of Canadian dollars) |
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