Clark Holdings Inc. Reports Third Quarter Fiscal Year 2010 Financial Results
TRENTON, N.J., Nov. 16, 2010 /PRNewswire-FirstCall/ -- Clark Holdings Inc. ("Clark") (NYSEAMEX: GLA; GLA.U; GLA.WS), a non-asset-based provider of mission-critical supply chain solutions, today announced operating results for the 13 and 39 weeks ended October 2, 2010. Net loss attributable to Clark's common stockholders for the 13 weeks ended October 2, 2010 was $1,194,000 ($0.11 per diluted common share) compared to net income for the 13 weeks ended October 3, 2009 of $134,000 ($0.01 per diluted common share). The net loss reported for the 13 weeks ended October 2, 2010 included $498,000 ($0.05 per diluted common share) of after tax loss associated with discontinued operations.
For more information on the Company's results of operations for the third quarter of 2010, please see the Company's Form 10-Q for the 13 and 39 weeks ended October 2, 2010, which was filed with the Securities and Exchange Commission today.
CLARK HOLDINGS INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (In Thousands) |
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13 Weeks Ended |
39 Weeks Ended |
|||||||
October 2, 2010 |
October 3, 2009 |
October 2, 2010 |
October 3, 2009 |
|||||
Gross Revenues |
$ 17,052 |
$ 17,183 |
$ 48,917 |
$ 51,117 |
||||
Freight expense |
(12,134) |
(10,453) |
(34,303) |
(32,011) |
||||
Depreciation and amortization |
(406) |
(432) |
(1,226) |
(1,272) |
||||
Operating, selling and administrative expense |
(5,261) |
(5,992) |
(15,858) |
(19,410) |
||||
Restructuring charges |
(324) |
– |
(543) |
– |
||||
Impairment charge |
– |
– |
(594) |
– |
||||
Operating income (loss) |
(1,073) |
305 |
(3,607) |
(1,576) |
||||
Interest income |
– |
– |
2 |
1 |
||||
Interest expense |
(41) |
(82) |
(121) |
(145) |
||||
(Loss) income before income taxes |
(1,114) |
223 |
(3,726) |
(1,720) |
||||
Benefit (provision) for income taxes |
418 |
(89) |
1,842 |
572 |
||||
Income (loss) from continuing operations |
$ (696) |
$ 134 |
$ (1,884) |
$ (1,148) |
||||
Loss from discontinued operations, net of tax |
(498) |
– |
(1,213) |
– |
||||
Net income (loss) |
$ (1,194) |
$ 134 |
$ (3,097) |
$ (1,148) |
||||
Basic & diluted income (loss) per share |
||||||||
Income (loss) from continuing operations |
$ (0.06) |
$ 0.01 |
$(0.18) |
$ (0.11) |
||||
Loss from discontinued operations |
(0.05) |
– |
(0.11) |
– |
||||
Net income (loss) |
$ (0.11) |
$ 0.01 |
$(0.29) |
$ (0.11) |
||||
Weighted average shares used to compute income (loss) per share |
||||||||
Basic and diluted |
10,859 |
10,859 |
10,859 |
10,859 |
||||
This press release may contain certain forward-looking statements including statements with regard to the future performance of Clark. Words such as "believes," "expects," "projects," and "future" or similar expressions are intended to identify forward-looking statements. These forward-looking statements inherently involve certain risks and uncertainties that are detailed in Clark's filings with the Securities and Exchange Commission. Clark undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE Clark Holdings Inc.
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