GEOLOGISTICS REPORTS $15-MILLION LOSS FOR 1ST QUARTER
GeoLogistics Corp., the Santa Ana, Calif.-based forwarding and logistics group, reported a $15.4-million net loss for the first quarter, virtually unchanged from the $15 million deficit in the same period of 1999.
The operating loss for the latest quarter was $10 million, as compared to a deficit of $7 million in the first quarter of 1999.
Group revenues decreased to $358 million from $365 million in the same period last year.
A statement filed by GeoLogistics with the U.S. Securities and Exchange Commission shows that the company had a negative cash flow from operating activities of $15 million in the first quarter.
GeoLogistics announced recently that it was relocating its corporate headquarters, Americas regional headquarters and service centers to Santa Ana. Previously, GeoLogistics’ corporate offices were in Golden, Colo. And Hillside, Ill., while the Americas regional office was in Atlanta, Ga.
The change does not affect the company’s two subsidiaries, The Bekins Co. and Matrix International, GeoLogistics said.