In the fourth quarter of its fiscal year ended January 31, the company had of revenue $20.4 million, compared to $12.8 million for the same period in fiscal 1999, an increase of 59.4%.Total revenue for the year ended Jan. 31, 2000 was $74.2 million compared to $47.4 million for the same period in fiscal 2000, an increase of 56.5%.
The net loss for the fourth quarter was $363,000, compared to a net loss of $505,000 for the same period a year earlier. For the year ended January 31, 2000, net income was $472,000, compared to a net loss of $1.1 million for the same period a year earlier.
Stanley H. Streicher, president and CEO, said, "We are pleased to report both a 41.8% increase in gallons of fuel delivered and profitable operations for the fiscal year ended January 31, 2000 despite severe challenges experienced in the fourth quarter. Our fourth quarter results were negatively impacted by a greater than expected reduction in deliveries over the Thanksgiving, Christmas and New Year's holidays, costs incurred in preparing for potential Year 2000 service to our customers and dramatic increases in fuel costs during the latter part of the quarter, which led to higher operating costs for the company. Higher fuel costs, costs associated with the company's continued expansion of its vehicle fleet, increases in interest rates, marketing and promotion expenses and decreases in higher margin mobile fueling gallonage have continued to affect our operating results since year end. While numerous steps have been taken to correct these problems, I expect the company will also report a loss for the first quarter which ends April 30, 2000."