TAMPA, FL -- (Marketwired) -- 06/26/13 -- Integrated Freight Corporation (OTCQB: IFCR), an integrated motor freight carrier providing services on key routes throughout the United States has filed its results for March FYE 2012.
Our company generated 20.7 million in revenues last year, but "Our 10-K reflects the challenges Integrated faced throughout calendar 2011 and into fiscal year end March 2012. It was a tumultuous fiscal year and we're glad it's behind us," said Integrated's President Hank Hoffman.
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 revenue continuing from its operations, the Company believes it is now emerging as a value play in the small cap public 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."
IFCR's Chairman and CEO, David N. Fuselier, said, "We mentioned in previous press releases that critical steps were taken to resolve both parent company-related lawsuits and long-outstanding claims. Creditors, for the most part, have recognized our substantial progress and have either agreed to debt reductions, or will receive Integrated's equity, in exchange for their debt. These are positive steps and, when coupled with our acquisition plans, increase significantly Integrated's net equity for fiscal 2013. Nonetheless, our March 2012 fiscal year end revenues are satisfactory, but results are grossly unacceptable and do not reflect our concerted improvements during fiscal 2013."
FYE 2012 Financial Results:
Revenues: During the year ended March 31, 2012, revenue was $20,714,998, as compared to $18,827,367 for the year ending March 31, 2011.
Operating Expenses: Operating expenses for FY 2012 totaled $24,293,753 as compared to $22,545,470 for FY 2011. A significant portion of this increase was attributable to increased fuel costs.
Gross Loss: Gross loss for FY 2012 was $3,578,775, as compared to $3,718,103 for FY 2011.
Net Loss: The Company recorded a net loss of $14,357,256 for FY 2012, as compared to a net loss of $7,761,200 for FY 2011, or ($0.36) and ($0.31) per diluted share, respectively. This increased net loss was primarily due to the recognition of the costs of discontinued operations.
About Integrated Freight Corporation
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.
Henry P. (Hank) Hoffman
Integrated Freight Corporation
President and COO
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