~ IFCR = NEWS! = Integrated Freight~Delivers~Year-End==Results!! wink
Change in Net Income Increases Over $1,700,000 and Net Equity Is up Nearly $2,000,000
DANBURY, CT -- (Marketwired) -- 07/15/15 -- 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 release of an unaudited annual report for the period ended March 31, 2015.
David N. Fuselier, CEO of Integrated Freight, stated, "In keeping our shareholders fully informed, we have issued an unaudited annual financial report with an explanatory note outlining the circumstances pertaining to the resignation of our independent auditor. As stated in our Form 8-K, filed yesterday, we have engaged a new auditor, however, the timing of these transactions impeded our ability to have the audit completed timely."
"In light of all we have accomplished over the past six months, in bringing the Company's financial reporting to current, we clearly would have preferred the issuance of our 10-K with audited financial statements as planned. Under the circumstances, we determined it to be in the best interest of our shareholders to issue this Form 10-K with unaudited financial statements, rather than awaiting the completion of the audit. Upon completion of the audit, we will file an amended Form 10-K to include the independent auditor's report. We do not anticipate any material changes to the information included in this annual report," Mr. Fuselier emphasized.
In its filing, the Company reported the following:
~ For the fiscal year ended March 31, 2015 the Company achieved total revenues of $18,970,809, representing a slight decrease when compared to the previous year due largely to reduced fuel surcharges related to lower market diesel fuel prices and somewhat weaker seasonal demand.
~ Total Operating Expenses were down 7.4% for the year as compared to the previous year, resulting in a loss from operations of $91,321 as compared to the prior year loss from operations of $429,650, an improvement of $338,290.
~ General and Administrative costs, a key to the Integrated turnaround thus far, remain low and continue to set the tone for future business results improvements.
~ Exclusive of non-operating income and expense, the Company posted an EBITDA of $1,181,830 for the year ended March 31, 2015 as compared to $867,533 for the previous year, a very strong increase of 36.2% increase.
~ An improvement of approximately $2,500,000 in the Company's working capital position, primarily influenced by a reduction in notes payable of the same amount.
~Similarly, the net equity position of the Company was increased by approximately $2,000,000.
"In the last two years our team at Integrated Freight has made very substantial progress and improvements and we believe it is appropriate to share the details of this really great work. We expect to file the final audited financials soon," said Fuselier.
About Integrated Freight Corporation
Integrated Freight Corporation (OTC PINK: 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.
President and COO
Integrated Freight Corporation
Integrated Freight Corporation
Source: Integrated Freight Corporation