SOURCE: Integrated Freight Corporation

June 16, 2015 14:46 ET

Integrated Freight Corporation Turns Right

Generates $260,000 Net Income as It Announces 10-Q Filing

DANBURY, CT--(Marketwired - Jun 16, 2015) - Integrated Freight Corporation (OTC PINK: IFCR), a niche motor freight carrier providing transportation and logistics services on key routes throughout the United States, announced the filing of its SEC 10-Q report for the period ended June 30, 2014.

David N. Fuselier, CEO of Integrated Freight, stated, "Today we are reporting the latest significant step in our Company's remarkable turnaround. The filing of this 10-Q is representative of our commitment to becoming SEC compliant. Moreover, the financial results contained in this report demonstrate that our strategy and business development plans have been effective. Two years ago our Company was swamped with losses and substantial debt. Today we are profitable thanks to the efforts of our dedicated employees and stakeholders and our aggressive turnaround plan. We're pleased to announce our first quarterly profit."

Financial Summary:

For the QE 6/30/2014 revenue decreased slightly from the same period the previous year to $4,986,000. However, Operating Expenses were down over 5% for the quarter resulting in a 12% improvement in operating profit and a net income of $268,000 compared to a quarterly loss the previous year. Key areas of Operating Expense improvement in the quarter were General and Administrative, Fuel, and Insurance/Claims which combined totaled 74% of the cost reductions. For the quarter the Company posted EBITDA of $720,000, a 25% increase over the same period last year. The Company also reported settlements with creditors and noteholders totaling over $1,600,000 for $188,000 cash and the issuance of IFCR stock.

"Successfully executing a turnaround plan is tough business and we still have much more to do," said Hank Hoffman, IFCR president. "However, we believe that our organic and acquisition growth strategies are sound and that we are well-positioned in our specialty truckload markets to prosper. With the bulk of the turnaround effort behind us, our focus is now on hitting the numbers that our employees and shareholders deserve."

About Integrated Freight Corporation
Integrated Freight Corporation (OTC PINK: IFCR) provides niche 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:

    Hank Hoffman
    President and COO
    Integrated Freight Corporation

    David Fuselier
    Integrated Freight Corporation