IFCR. This just out 20 minutes ago. Nice. PRESS R
Post# of 1873
Posted On: 04/06/2016 12:22:43 PM
IFCR. This just out 20 minutes ago. Nice.
PRESS RELEASE
IFCR Issues Update of Company's Progress
Published: Apr 6, 2016 11:57 a.m. ET
Continues Execution of Debt Reduction and Profitability Plan
DANBURY, CT, Apr 06, 2016 (Marketwired via COMTEX) -- Integrated Freight Corporation (otc pink:IFCR) today issued a recap of the results of its three-year turnaround and recovery effort. This recap serves as an interim report to shareholders prior to the Company's release of its SEC 10-K audited financials.
"Through Integrated Freight's first five years of operations from FY2008 through FY2012, the Company amassed long-term debt in excess of $20 million and had never achieved profitability. At the beginning of FY2013, the Company's new management team initiated its turnaround plan," stated David N. Fuselier, CEO of Integrated Freight. "Since that time, IFCR's debt has been reduced by half to less than $10 million. Moreover, the Company has operated profitably and has posted positive EBITDA since the initiation of the turnaround. Today, even in a difficult but improving operating environment, our enterprise value is above $10,000,000 but we trade at a market capitalization of less than $100,000. We don't expect these economics to always be this way as we will no longer be patient with creditors who choose not to negotiate in good faith. To be clear, all alternatives are on the table to ensure that Integrated's inherent enterprise value and shareholders are protected."
According to Jace Simmons, IFCR Chief Financial Officer, "Even with our progress, we have had difficulty with ongoing financing efforts due to our required restructuring effort and, most recently, critical filing delays caused by SEC sanctions of our former audit firm (see recent SEC 8-K dated March 4, 2016). While the SEC's administrative action in no way reflects upon IFCR's business or our restructuring efforts, it has created a filing delay which has substantially impacted our timeliness in capital formation and growth capabilities."
–– ADVERTISEMENT ––
"We believe that our business is substantially undervalued," said Hank Hoffman, IFCR COO. "For example, P/E ratios in the trucking industry are typically in the 17-18 range. Our company is a small but profitable niche motor carrier with run rate revenues in excess of $24 million. However, on a fully diluted basis we continue to trade at a P/E below 1.0. We believe that upon our filings becoming current that our valuation may recover to a level commensurate with a more typical truckload industry P/E multiple."
PRESS RELEASE
IFCR Issues Update of Company's Progress
Published: Apr 6, 2016 11:57 a.m. ET
Continues Execution of Debt Reduction and Profitability Plan
DANBURY, CT, Apr 06, 2016 (Marketwired via COMTEX) -- Integrated Freight Corporation (otc pink:IFCR) today issued a recap of the results of its three-year turnaround and recovery effort. This recap serves as an interim report to shareholders prior to the Company's release of its SEC 10-K audited financials.
"Through Integrated Freight's first five years of operations from FY2008 through FY2012, the Company amassed long-term debt in excess of $20 million and had never achieved profitability. At the beginning of FY2013, the Company's new management team initiated its turnaround plan," stated David N. Fuselier, CEO of Integrated Freight. "Since that time, IFCR's debt has been reduced by half to less than $10 million. Moreover, the Company has operated profitably and has posted positive EBITDA since the initiation of the turnaround. Today, even in a difficult but improving operating environment, our enterprise value is above $10,000,000 but we trade at a market capitalization of less than $100,000. We don't expect these economics to always be this way as we will no longer be patient with creditors who choose not to negotiate in good faith. To be clear, all alternatives are on the table to ensure that Integrated's inherent enterprise value and shareholders are protected."
According to Jace Simmons, IFCR Chief Financial Officer, "Even with our progress, we have had difficulty with ongoing financing efforts due to our required restructuring effort and, most recently, critical filing delays caused by SEC sanctions of our former audit firm (see recent SEC 8-K dated March 4, 2016). While the SEC's administrative action in no way reflects upon IFCR's business or our restructuring efforts, it has created a filing delay which has substantially impacted our timeliness in capital formation and growth capabilities."
–– ADVERTISEMENT ––
"We believe that our business is substantially undervalued," said Hank Hoffman, IFCR COO. "For example, P/E ratios in the trucking industry are typically in the 17-18 range. Our company is a small but profitable niche motor carrier with run rate revenues in excess of $24 million. However, on a fully diluted basis we continue to trade at a P/E below 1.0. We believe that upon our filings becoming current that our valuation may recover to a level commensurate with a more typical truckload industry P/E multiple."
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