TARGET LOGISTICS BOOSTS REVENUE, NET INCOME IN SEPTEMBER/DECEMBER

TARGET LOGISTICS BOOSTS REVENUE, NET INCOME IN SEPTEMBER/DECEMBER

   Target Logistics, the fast-growing U.S.-based international forwarder and logistics provider, reported a 136-percent increase in operating revenues for its fiscal second quarter, ended Dec. 31, 1999.

   The company reported operating revenues for the second fiscal quarter of $24.9 million, compared to operating revenues of $10.5 million in September-December 1998.

   Target Logistics said that this was its fourth successive quarter of double- or triple-digit percentage of revenue increases.

   For the latest quarter, net income was $137,687, compared with a net loss of $632,297 for the same period in 1998.

   Despite the strong result in the September-December quarter, the company reported a net loss of $99,592 for the latest six-month period.

   This compared with net income of $14.2 million in the June-December 1998, when results included a gain of $24.8 million on the sale of the company’s Caribbean subsidiary.

   For the six-month period ended Dec. 31, operating revenues were up 102 percent, to $43.9 million, compared with $21.8 million in the year-earlier period.

   The company said that earnings before interest, taxes, depreciation and amortization for the six months were positive.

   Stuart Hettleman, president and chief executive officer, said that the results experienced in the latest quarter are evidence of the success of the company’s revised strategy. Target Logistics has been “de-leveraging” its balance sheet by the sale of the Caribbean subsidiary, increasing revenues, improving profit margins and expanding its worldwide network, the company said.