Aug. 17, 2010 (PR Newswire) --
TRENTON, N.J. -- Clark Holdings Inc. ("Clark") (NYSE Amex: GLA; GLA.U; GLA.WS), a non-asset-based provider of mission-critical supply chain solutions, today announced operating results for the 13 and 26 weeks ended July 3, 2010. Net loss attributable to Clark's common stockholders for the 13 weeks ended July 3, 2010 was $649,000 ($0.06 per diluted common share) compared to a net loss for the 13 weeks ended July 4, 2009 of $751,000 ($0.07 per diluted common share).
For more information on the Company's results of operations for the second quarter of 2010, please see the Company's Form 10-Q for the 13 and 26 weeks ended July 3, 2010, which was filed with the Securities and Exchange Commission today.
CLARK HOLDINGS INC. AND SUBSIDIARIES | ||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||
(UNAUDITED) | ||||||||
(In Thousands) | ||||||||
13 Weeks Ended | 26 Weeks Ended | |||||||
July 3, 2010 | July 4, 2009 | July 3, 2010 | July 4, 2009 | |||||
Gross Revenues | $ 18,837 | $ 16,491 | $ 34,377 | $ 33,934 | ||||
Freight expense | (13,465) | (10,310) | (24,410) | (21,558) | ||||
Depreciation and amortization | (414) | (425) | (820) | (840) | ||||
Operating, selling and administrative expense | (6,127) | (6,906) | (12,279) | (13,417) | ||||
Impairment charge | (594) | – | (594) | – | ||||
Loss from operations | (1,763) | (1,150) | (3,726) | (1,881) | ||||
Interest income | – | 1 | 2 | 1 | ||||
Interest expense | (39) | (40) | (80) | (63) | ||||
Loss before income taxes | (1,802) | (1,189) | (3,804) | (1,943) | ||||
Benefit for income taxes | 1,153 | 438 | 1,902 | 660 | ||||
Net loss | $ (649) | $ (751) | $ (1,902) | $ (1,283) | ||||
Loss per share | ||||||||
Basic and diluted | $(0.06) | $(0.07) | $(0.18) | $ (0.12) | ||||
Weighted average shares used to compute loss per share | ||||||||
Basic and diluted | 10,859 | 10,859 | 10,859 | 10,859 | ||||
This press release may contain certain forward-looking statements including statements with regard to the future performance of Clark. 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's filings with the Securities and Exchange Commission. Clark undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE Clark Holdings Inc.
Gregory Burns, Chief Executive Officer, Clark Holdings Inc., +1-646-495-5094
