Attached files
| file | filename |
|---|---|
| 8-K - Clark Holdings Inc. | v176141_8k.htm |
| EX-10.1 - Clark Holdings Inc. | v176141_ex10-1.htm |
EXHIBIT
99.1
For
Immediate Release
Clark
Holdings Inc. Announces Preliminary
Fourth
Quarter and 2009 Year End Results
New York,
NY, March XX, 2010 – Clark Holdings Inc. (“Clark”)(NYSE AMEX: GLA; GLA.U;
GLA.WS), a non-asset-based provider of mission-critical supply chain solutions,
today announced preliminary unaudited financial results for the fourth quarter
and fiscal year ended January 2, 2010.
Net loss
attributable to Clark’s common stockholders for the 13 weeks ended January 2,
2010 was $497,000 ($0.05 per diluted common share) and net loss for the 14 weeks
ended January 3, 2009 was and $64,270,000 ($5.92 per diluted common share).
Clark incurred several non-recurring expenses during the 13 weeks ended January
2, 2010 that, in aggregate, reduced income by $680,000. During the
quarter, Clark entered into severance and non-compete agreements with three
members of management at a total cost of $466,000. The company
incurred $214,000 in legal and professional fees to reach an agreement with the
sellers of the Clark Group, Inc that reduced the original purchase price paid by
Clark by $1,275,000.
Net loss
attributable to Clark’s common stockholders for the 52 weeks ended January 2,
2010 was $1,530,000 ($0.14 per diluted common share) and net loss for the 53
weeks ended January 3, 2009 was and $63,661,000 ($5.63 per diluted common
share).
Clark
also announced that it has obtained a commitment letter from Cole Taylor Bank
for a new $6,000,000 revolving credit facility and an extension until March 9,
2010 of its existing credit arrangements with Bank of America,
N.A. Clark expects to close the new revolving facility prior to such
date.
Summarized
preliminary unaudited financial results of Clark for the quarter and fiscal year
ended January 2, 2010 and January 3, 2009 are as follows (dollars in
thousands):
CLARK
HOLDINGS INC.
CONSOLIDATED
STATEMENTS OF OPERATIONS
(UNAUDITED)
(In
Thousands)
|
13
Weeks Ended
|
14
Weeks Ended
|
52
Weeks Ended
|
52
Weeks Ended
|
|||||||||||||
|
January
2, 2010
|
January
3, 2009
|
January
2, 2010
|
January
3, 2009
|
|||||||||||||
|
Gross
revenues
|
$ | 15,054 | $ | 21,337 | $ | 66,170 | $ | 84,167 | ||||||||
|
Freight
expense
|
(9,574 | ) | (13,974 | ) | (41,584 | ) | (54,702 | ) | ||||||||
|
Gross
profit/Net Revenue
|
5,480 | 7,363 | 24,586 | 29,465 | ||||||||||||
|
Depreciation
and amortization
|
(443 | ) | 242 | (1,715 | ) | (1,451 | ) | |||||||||
|
Impairment
of goodwill and intangible assets
|
(66,568 | ) | (66,568 | ) | ||||||||||||
|
Selling,
operating and
|
||||||||||||||||
|
administrative
expenses
|
(5,807 | ) | (6,741 | ) | (25,216 | ) | (24,722 | ) | ||||||||
|
Income
(loss) from operations
|
(770 | ) | (65,704 | ) | (2,345 | ) | (63,276 | ) | ||||||||
|
Interest
income-trust
|
0 | - | 1 | 290 | ||||||||||||
|
Interest
expense
|
(61 | ) | (10 | ) | (206 | ) | (167 | ) | ||||||||
|
(Loss)income
before income taxes and adjustments
|
(831 | ) | (65,714 | ) | (2,550 | ) | (63,153 | ) | ||||||||
|
Less:
Clark Group Inc Income from 12/30/2007 to 2/11/2008
|
- | - | - | (834 | ) | |||||||||||
|
(Loss)
income before income tax
|
(831 | ) | (65,714 | ) | (2,550 | ) | (63,987 | ) | ||||||||
|
Income
tax (expense) benefit
|
334 | 1,444 | 1,020 | 326 | ||||||||||||
|
Net
income (loss)
|
$ | (497 | ) | $ | (64,270 | ) | $ | (1,530 | ) | $ | (63,661 | ) | ||||
|
Weighted
average number of shares outstanding:
|
||||||||||||||||
|
Basic
|
10,859 | 10,859 | 10,859 | 11,306 | ||||||||||||
|
Diluted
|
10,859 | 10,859 | 10,859 | 11,306 | ||||||||||||
|
Net
income ( loss ) per share:
|
||||||||||||||||
|
Basic
|
$ | (0.05 | ) | $ | (5.92 | ) | $ | (0.14 | ) | $ | (5.63 | ) | ||||
|
Diluted
|
(0.05 | ) | (5.92 | ) | (0.14 | ) | $ | (5.63 | ) | |||||||
|
See
Notes to Consolidated Financial Statements
|
||||||||||||||||
CLARK
HOLDINGS INC.
CONSOLIDATED
BALANCE SHEETS
(In
Thousands)
|
(UNAUDITED)
|
||||||||
|
January
2, 2010
|
January
3, 2009
|
|||||||
|
ASSETS
|
||||||||
|
CURRENT
ASSETS:
|
||||||||
|
Cash
and equivalents
|
$ | 3,597 | $ | 3,915 | ||||
|
Accounts
receivable, net of allowance for doubtful accounts of
|
4,956 | 5,557 | ||||||
|
$369
and $348, respectively
|
||||||||
|
Other
receivables
|
(7 | ) | 62 | |||||
|
Prepaid
expenses
|
1,299 | 1,594 | ||||||
|
Deferred
tax assets - current
|
746 | 718 | ||||||
|
Total
current assets
|
10,591 | 11,846 | ||||||
|
PROPERTY
AND EQUIPMENT, net of accumulated depreciation
|
2,529 | 1,925 | ||||||
|
INTANGIBLE
ASSETS, net of accumulated amortization
|
14,045 | 16,746 | ||||||
|
Total
assets
|
$ | 27,165 | $ | 30,517 | ||||
|
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
||||||||
|
CURRENT
LIABILITIES:
|
||||||||
|
Current
portion of long term debt
|
$ | 2,895 | $ | 1,184 | ||||
|
Accounts
payable
|
3,502 | 2,500 | ||||||
|
Accrued
expenses and other payables
|
4,525 | 5,428 | ||||||
|
Total
current liabilities
|
10,922 | 9,112 | ||||||
|
COMMITMENTS
AND CONTINGENCIES
|
||||||||
|
Long
term debt
|
- | 3,076 | ||||||
|
Deferred
tax liabilities - non-current
|
5,911 | 6,576 | ||||||
|
STOCKHOLDERS'
EQUITY
|
||||||||
|
Preferred
stock-$.0001 par value; 1,000,000 shares authorized;none
issued
|
- | - | ||||||
|
Common
stock-$.0001 par value; 400,000,000 shares authorized;
|
1 | 1 | ||||||
|
10,859,385
issued and outstanding at January 3, 2010 and January 3,
2009
|
||||||||
|
Additional
paid-in capital
|
73,507 | 73,398 | ||||||
|
Deficit
|
(63,176 | ) | (61,646 | ) | ||||
|
Total
stockholders' equity
|
10,332 | 11,753 | ||||||
|
Total
liabilities and stockholders' equity
|
$ | 27,165 | $ | 30,517 | ||||
|
See
Notes to Consolidated Financial Statements
|
||||||||
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 and other
industries.
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.