NEW YORK, Nov. 17 /PRNewswire-FirstCall/ -- Clark Holdings Inc. ("Clark") (NYSE Amex: GLA) today announced preliminary unaudited financial results for the third quarter and nine months ended October 3, 2009.
Clark Holdings reported consolidated gross revenue of $17.2 million in the third quarter of 2009 compared to gross revenues of $22.3 million in the same period last year. Consolidated income from operations was $305,000 compared $813,000 in the year ago period. Net income in the third quarter, was $134,000, compared to net income of $523,000 in the same period last year. EPS per basic and diluted share was $0.01 compared to EPS per basic and diluted share of $0.05 in the third quarter of 2008.
Detailed financial data and other information is available in Clark's Form 10-Q for the quarterly period ended October 3, 2009, filed today with the Securities and Exchange Commission.
Summary of Consolidated Results: 13 Weeks 13 Weeks 39 Weeks 39 Weeks Ended Ended Ending Ending Oct. 3, Sept. 27, Oct. 3, Sept. 27, 2009 2008 2009 2008 ------- ------- ------- ------- Gross revenues $17,183 $22,318 $51,117 $62,830 Freight expense (10,453) (14,758) (32,011) (40,728) ------- ------- ------- ------- Gross profit 6,730 7,560 19,106 22,102 Depreciation and amortization (432) (661) (1,272) (1,693) Selling, operating and administrative expenses (5,993) (6,086) (19,410) (17,981) ------- ------- ------- ------- Income (loss) from operations 305 813 (1,576) 2,428 Interest income-trust - 1 1 290 Interest expense (82) (49) (145) (157) ------- ------- ------- ------- Income (loss) before income taxes and adjustments 223 765 (1,720) 2,561 Less: Clark Group Inc Income from 12/30/2007 to 2/11/2008 - - - (834) Income tax (expense) benefit (89) (242) 572 (685) ------- ------- ------- ------- Net income (loss) $134 $523 $(1,148) $1,042 ======= ======= ======= ======= Weighted average number of shares outstanding: Basic 10,859 10,859 10,859 11,467 Diluted 10,859 10,859 10,859 11,472 Net income (loss) per share: Basic $0.01 $0.05 $(0.11) $0.09 Diluted 0.01 0.05 (0.11) 0.09 About Clark
Over its 30-year history, Clark has built a position as the leading independent provider of value-added distribution, transportation management, and international air and ocean freight forwarding services to the print media industry.
This press release may contain certain forward-looking statements including statements with regard to the future performance of Clark Holdings Inc. Words such as "believes," "expects," "projects," and "future" or similar expressions are intended to identify forward-looking statements. These forward-looking statements inherently involve certain risks and uncertainties that are detailed in Clark Holdings Inc.'s filings with the Securities and Exchange Commission. Clark Holdings Inc. undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Clark Holdings Inc.
CONTACT: Stephen Spritzer, Vice President, Chief Financial Officer,
Clark Holdings Inc., +1-609-396-1100
Web Site: http://www.glacteam.com/
