Attached files
| file | filename |
|---|---|
| 10-Q - Clark Holdings Inc. | v202857_10q.htm |
| EX-10.2 - Clark Holdings Inc. | v202857_ex10-2.htm |
| EX-31.2 - Clark Holdings Inc. | v202857_ex31-2.htm |
| EX-31.1 - Clark Holdings Inc. | v202857_ex31-1.htm |
| EX-10.1 - Clark Holdings Inc. | v202857_ex10-1.htm |
| EX-32.1 - Clark Holdings Inc. | v202857_ex32-1.htm |
EXHIBIT
99.1
Clark
Holdings Inc. Reports Third Quarter Fiscal Year 2010 Financial
Results
TRENTON,
N.J., November 16 /PRNewswire-FirstCall/ -- 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 39 weeks ended
October 2, 2010. Net loss attributable to Clark's common stockholders
for the 13 weeks ended October 2, 2010 was $1,194,000 ($0.11 per diluted common
share) compared to net income for the 13 weeks ended October 3, 2009 of $134,000
($0.01 per diluted common share). The net loss reported for the 13
weeks ended October 2, 2010 included $498,000 ($0.05 per diluted common share)
of after tax loss associated with discontinued operations.
For more
information on the Company's results of operations for the third quarter of
2010, please see the Company's Form 10-Q for the 13 and 39 weeks ended October
2, 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
|
39 Weeks Ended
|
|||||||||||||||
|
October
2, 2010
|
October
3, 2009
|
October
2, 2010
|
October
3, 2009
|
|||||||||||||
|
Gross
Revenues
|
$ | 17,052 | $ | 17,183 | $ | 48,917 | $ | 51,117 | ||||||||
|
Freight
expense
|
(12,134 | ) | (10,453 | ) | (34,303 | ) | (32,011 | ) | ||||||||
|
Depreciation
and amortization
|
(406 | ) | (432 | ) | (1,226 | ) | (1,272 | ) | ||||||||
|
Operating,
selling and administrative expense
|
(5,261 | ) | (5,992 | ) | (15,858 | ) | (19,410 | ) | ||||||||
|
Restructuring
charges
|
(324 | ) | – | (543 | ) | – | ||||||||||
|
Impairment
charge
|
– | – | (594 | ) | – | |||||||||||
|
Operating
income (loss)
|
(1,073 | ) | 305 | (3,607 | ) | (1,576 | ) | |||||||||
|
Interest
income
|
– | – | 2 | 1 | ||||||||||||
|
Interest
expense
|
(41 | ) | (82 | ) | (121 | ) | (145 | ) | ||||||||
|
(Loss)
income before income taxes
|
(1,114 | ) | 223 | (3,726 | ) | (1,720 | ) | |||||||||
|
Benefit
(provision) for income taxes
|
418 | (89 | ) | 1,842 | 572 | |||||||||||
|
Income
(loss) from continuing operations
|
$ | (696 | ) | $ | 134 | $ | (1,884 | ) | $ | (1,148 | ) | |||||
|
Loss
from discontinued operations, net of tax
|
(498 | ) | – | (1,213 | ) | – | ||||||||||
|
Net
income (loss)
|
$ | (1,194 | ) | $ | 134 | $ | (3,097 | ) | $ | (1,148 | ) | |||||
|
Basic
& diluted income (loss) per share
|
||||||||||||||||
|
Income
(loss) from continuing operations
|
$ | (0.06 | ) | $ | 0.01 | $ | (0.18 | ) | $ | (0.11 | ) | |||||
|
Loss
from discontinued operations
|
(0.05 | ) | – | (0.11 | ) | – | ||||||||||
|
Net
income (loss)
|
$ | (0.11 | ) | $ | 0.01 | $ | (0.29 | ) | $ | (0.11 | ) | |||||
|
Weighted
average shares used to compute income (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.
###