SOURCE: Integrated Freight Corporation
TAMPA, FL--(Marketwired - Dec 12, 2013) - 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 March FYE 2013.
Hank Hoffman, President of Integrated Freight, said, "Integrated continued to generate over twenty million dollars ($20.4MM) in revenues last year despite the distractions associated with the turnaround activities of the last eighteen months. However, these results demonstrate that our operations are clearly back on the right track."
While the unaudited financial statements for IFCR show revenues of $20.4 million for FYE 2013, relatively unchanged from $20.7 million the previous year, the Company posted a near breakeven loss of $32.7K compared to previous years' losses of $14.3 million and $7.8 million. Additionally, the Company's net capital deficit improved $10.5 million from a $17.5 million deficit to a deficit of $7.0 million.
David Fuselier, IFCR's Chairman and CEO, stated, "We mentioned in previous press releases that critical steps were taken to resolve parent company-related lawsuits and long-outstanding claims. It is evident from our results that these steps have significantly enhanced Integrated's operations. We continue to discuss with lenders, funds and acquisition targets, our plans and anticipate these activities to be productive in fiscal 2014. Overall, we're ecstatic that our company has executed a successful turnaround plan and that our 'tiny' loss and large increase in net equity is evidence of that work. We think that's attractive to our shareholders, creditors, lenders and the financial markets."
IFCR shuttered two of its four operations in early 2012 and eliminated most of its overhead, while focusing attention on its two remaining operating companies. After its 2012 fiscal year end, the Company reached agreements on the resolution of debt, notes and claims with numerous former employees, creditors and note holders. With solid revenues continuing from its operations, the Company believes it is now the value play in the small cap transportation market.
FYE 2013 Financial Results (unaudited):
Revenues: During the year ended March 31, 2013, revenue was $20,353,364, as compared to $20,714,988 for the year ending March 31, 2012.
Operating Expenses: Operating expenses for FY 2013 totaled $20,066,744 as compared to $24,293,753 for FY 2013. A significant portion of this decrease was attributable to reduced overhead and cost related to debt.
Net Loss: The Company recorded a net loss of $32,629 for FY 2013, as compared to a net loss of $14,357,266 for FY 2012, respectively. This reduced net loss was due to substantially reduced overhead, improved operating practices, and lower costs related to old debts.
Integrated Freight Corporation (OTCQB: 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.