NEW YORK, May 14 /PRNewswire-FirstCall/ -- Clark Holdings Inc. (Amex:
GLA; GLA.U; GLA.WS), a non-asset-based provider of mission-critical supply
chain solutions, today announced financial results for its first quarter
ended March 29, 2008.
The results of operations for the quarters ended March 29, 2008 and
March 31, 2007 are presented for comparative purposes as if the business
combination of Global Logistics Acquisition Corporation and The Clark
Group, Inc. took place on January 1, 2007.
Summarized financial results for the quarter ended March 29, 2008 are
as follows (dollars in thousands):
(unaudited)
Quarter Ended Quarter Ended % Change
March 29, 2008 March 31, 2007
Gross profit
Domestic $5,906 5,530 6.8%
International 1,305 1,408 (7.3%)
Consolidated 7,211 6,938 3.9%
Income from operations
before interest and taxes
Consolidated 1,011 182 455.5%
Interest Income/(Expense)(net) 227 (120)
Pre-tax profit 1,238 62
Taxes (619) (29)
Net Income 619 33
Shares Outstanding 11,750 11,300
Earnings (Loss) per share 0.05 0.00
Pro forma adjusted Earnings
(Loss) per share 0.08 (1) 0.05 (2)
(1) Excludes one-time acquisition related expenses totaling $95,000,
amortization of intangibles totaling $321,000, and a one-time
correction of vacation accrual totaling $125,000.
(2) Excludes non-recurring severance expense totaling $280,000,
and non-cash compensation expense of $570,000.
First Quarter Financial Highlights
* First quarter domestic revenues grew 6.2% to $16.2 million compared
to $15.2 in the first quarter of 2007
* Domestic gross profit increased 6.8% to $5.9 million compared to $5.5
million in the first quarter of 2007
* Net income of $619,000, or $0.05 per share compared to net income of
$33,000, or $0.00 per share in the first quarter of 2007
* First quarter 2008 pro-forma adjusted EPS was $0.08 compared to
pro-forma adjusted EPS of $0.05 for the first quarter of 2007
"Our overall performance in the first quarter was solid despite the
current economic climate. We continue to see strong results in our domestic
operations including revenue and gross profit growth of 6.2% and 6.8%,
respectively," said Tim Teagan Chief Executive Officer of Clark Holdings.
"Looking ahead, we are focused on improving our domestic market position
through organic growth and potential acquisitions."
First Quarter Results
Clark Holdings reported gross revenues of $19.3 million in the first
quarter of 2008, compared to gross revenues of $18.3 million in the same
period last year. Domestic gross revenue increased 6.2% while international
gross revenue was flat as Clark continued to reposition its international
business for future growth.
Gross profit margin decreased slightly to 37.4% from 37.9%. The
domestic business continued to drive growth at Clark, with domestic gross
profit for the first quarter of 2008 up 6.8% to $5.9 million compared to
domestic gross profit of $5.5 million in the same period last year.
Domestic gross profit margin increased slightly to 36.5% from 36.3%.
International gross profit for the first quarter of 2008 was $1.3 million,
a 7.3% decline compared to the same period last year.
First quarter operating income was $1.0 million in the first quarter of
2008, compared to $182,000 in the same period last year. Net income in the
first quarter of 2008 was $619,000, or $0.05 per share, compared to net
income of $33,000, or $0.00 per share in the first quarter of 2007.
Pro-forma adjusted EPS was $0.08 in the first quarter of 2008 compared
to pro-forma adjusted EPS of $0.05 in the first quarter of 2007. Pro-forma
adjusted EPS for both periods excludes the impact of several one-time
items.
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 industry.
This press release may contain certain forward-looking statements
including statements with regard to the future performance of Clark
Holdings. 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 Holdings' filings with the
Securities and Exchange Commission. Clark Holdings undertakes no obligation
to publicly update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.
Clark Holdings Inc.
Consolidated Balance Sheets
(Unaudited)
March 29, 2008 December 31, 2007
ASSETS
Current Assets
Cash and equivalents $2,297 $2,115
Accounts receivable 7,054 6,362
Other receivables 202 358
Prepaid expenses 1,269 1,106
Deferred tax assets-current 1,240 1,240
Current assets of discontinued ops. 300 437
Total Current Assets 12,362 11,618
Investments in marketable securities
held in trust account - -
Deferred acquisition costs - -
Deferred tax assets-non-current 787 747
Property and equipment, net of
accumulated depreciation 1,389 1,413
Intangible assets 26,254 26,575
Goodwill 59,469 59,469
Other assets - -
Total Assets $100,261 $99,822
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Accounts payable $6,254 $6,785
Accrued expenses and other payables 3,820 2,868
Deferred underwriting fees-current - -
Current portion of long-term debt 683 683
Deferred tax liabilities-current 279 279
Current liabilities of discontinued ops. 145 126
Total Current Liabilities 11,181 10,741
Long term debt 2,730 2,730
Deferred tax liabilities-non-current 11,790 11,844
Stockholders' Equity
Preferred stock-$0.0001 par value,
1,000,000 shares authorized, none
issued and outstanding - -
Common stock-$0.0001 par value,
400,000,000 shares authorized;
12,030,693 issued and outstanding
at December 31, 2007 and
March 29, 2008 1 1
Additional paid-in capital 72,317 72,491
Retained earnings 2,242 2,015
Total Stockholders' Equity 74,560 74,507
Total Liabilities and Stockholders'
Equity $100,261 $99,822
Clark Holdings Inc.
Consolidated Statements of Income
(Unaudited)
Quarter Ended Quarter Ended
March 29, 2008 March 31, 2007
Gross Revenues $19,299 $18,330
Freight Expense (12,088) (11,392)
Gross Profit 7,211 6,938
Depreciation and Amortization (370) (370)
Selling, Operating, and
Administrative Expenses (5,830) (6,386)
Income from Operations 1,011 182
Interest Income/(Expense), net 227 (120)
Income before Income Taxes 1,238 62
Income Tax Expense (619) (29)
Net Income $619 $33
Earnings (Loss) per Share
Basic $0.05 $0.00
Diluted $0.05 $0.00
Weighted Average Number of
Shares Outstanding:
Basic 11,750 11,300
Diluted 11,750 11,300
Pro Forma Reconciliation
Income before Income Taxes $1,238 $62
Plus Acquisition Related Expenses 95 -
Plus Amortization of Intangibles 321 -
Plus One-Time Vacation Accrual 125 -
Plus Non-Recurring Severance Expense - 280
Plus Non-Cash Compensation - 570
Adjusted Income before Income Taxes 1,779 912
Income Tax Expense (783) (401)
Net Income $996 $511
Pro-forma Adjusted Earnings (Loss)
per Share
Basic $0.08 $0.05
Diluted $0.08 $0.05
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SOURCE Clark Holdings Inc.
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CONTACT:
Timothy Teagan, President, CEO of Clark
Holdings Inc., +1-609-396-1100; or Investors, Jeff Majtyka or
Brad Edwards, or Media, Jenna Focarino, all of Brainerd
Communicators, Inc, +1-212-986-6667, for Clark Holdings Inc.
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