SOURCE: Integrated Freight Corp

March 12, 2015 13:17 ET

Integrated Freight Corp 10-K Reflects Key Milestones

SOUTHBURY, CT--(Marketwired - Mar 12, 2015) -  Integrated Freight Corporation (OTC PINK: IFCR), a motor freight carrier providing services on key routes throughout the United States announced its FY2013 audited financial results. Completing this annual report is the Company's first major milestone in reestablishing compliance with its reporting requirements to the Securities and Exchange Commission as a public company. The following information depicts several achievements accomplished during the period reported in its Form 10-K for the year ended March 31, 2013:

  • Consistent revenues during corporate restructuring. Integrated Freight 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.

  • Positive EBITDA. For the first time in the Company's history, it generated EBITDA of approximately $1.5 million exclusive of any gains associated with disposal of discontinued operations or debt restructures. This compares to an EBITDA net loss of over $1 million from operations, exclusive of other income and expense items, for the prior year ended March 31, 2012.

  • Maintenance of loan covenants. At the subsidiary level, the Company continued to fund its $5.6 million of operating debt while maintaining its working capital, equipment financing, and leasing obligations with no events of default.

  • Increase in Equity. As a result of the Company's operational success combined with management's restructuring efforts, net equity increased over $5 million during the reporting period ended March 31, 2013.

  • Balance sheet improvement. Overall indebtedness has been reduced by approximately $7.5 million through operations and the Company's restructuring efforts.

  • Cash. The Company generated approximately $1 million dollars in cash from operations for the fiscal year ended March 31, 2013.

  • Compliance milestones. In achieving this first milestone, the Company has established a clear path to full SEC compliance and expects to file its FY2014 soon.

"Integrated continued to generate revenues over $20.1 million while maintaining margin and improving EBITDA," said Integrated's President Hank Hoffman. "These results demonstrate that our operations are clearly on the right track for our customers, 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 be productive in fiscal years 2014 and 2015. We're pleased that during the 2013 period our operations supported $5.6 million in 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 is now the value play in the small cap 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."

About Integrated Freight Corporation
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 Information

  • Contact:
    Henry P. (Hank) Hoffman
    Integrated Freight Corporation
    President and COO