Red Ink Flows At Matlack
January 17, 2000
Matlack Systems, Wilmington, DE, lost $8.7 million for its fourth fiscal quarter, compared with a net loss of nearly $3.8 million for the same period the previous year.
Results included several unusual charges, write-offs and expenses, such as severance associated with the company's terminal closures, reducing its workforce and modifying existing operations. Revenues for the fourth quarter were nearly $50.2 million, compared with nearly $55.2 million the previous year. Revenues for the year ended Sept. 30, 1999 were more than $205.9 million, compared with $238.9 million in the prior year, with a net loss of $16 million compared with a loss of more than $2 million in the prior year.