Bankruptcy related charges to earnings pushed U.S. Trucking Inc.'s third quarter losses to $21.5 million.
Losses for the nine months ending Sept. 30, 2000, totaled almost $27 million. Revenues were $16.5 million for the quarter and $56.8 million for the nine months. Charges to earnings included a write down of goodwill on discontinued operations, increased reserves for bad debts, loss from discontinued operations and the loss on sale of equipment.
Chairman and sole Director Dan Pixler said the company took every charge possible in light of the recent bankruptcy filings on its four operating subsidiaries: UST Logistics, Mencor Inc., Prostar Inc. and Gulf Northern Transport.
"We wanted to make sure we created a clean base for the rebuilding that we are going through at this time," he noted. The operating subsidiaries will be liquidated but the holding company, U.S. Trucking, is not part of the bankruptcy proceedings. Pixler said they plan to rebuild around the agency concept, which creates no long-term equipment debt. He also said they are currently negotiating with several small carriers to establish agent programs.
Losses for the nine months ending Sept. 30, 2000, totaled almost $27 million. Revenues were $16.5 million for the quarter and $56.8 million for the nine months. Charges to earnings included a write down of goodwill on discontinued operations, increased reserves for bad debts, loss from discontinued operations and the loss on sale of equipment.
Chairman and sole Director Dan Pixler said the company took every charge possible in light of the recent bankruptcy filings on its four operating subsidiaries: UST Logistics, Mencor Inc., Prostar Inc. and Gulf Northern Transport.
"We wanted to make sure we created a clean base for the rebuilding that we are going through at this time," he noted. The operating subsidiaries will be liquidated but the holding company, U.S. Trucking, is not part of the bankruptcy proceedings. Pixler said they plan to rebuild around the agency concept, which creates no long-term equipment debt. He also said they are currently negotiating with several small carriers to establish agent programs.
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