Pacer Reports Earnings & New Acquisition
For the three months ended June 30, 1998, Pacer had revenues of $53.5 million as compared to $23.1 million for the three months ended June 30, 1997. Income from operations was $2.6 million for the three months ended June 30, 1998, as opposed to $1.1 million for the three months ended June 30, 1997. Net income was $1.2 million for the three months ended June 30, 1998, as compared to $0.5 million for the three months ended June 30, 1997. The increases resulted primarily from acquisitions and internal growth.
Income per diluted common share was $.19 for the three months ended June 30, 1998, before giving effect to the dividend of $378,000 paid on Pacer's Series A Preferred Stock on June 30, 1998, compared to $.13 per share for the three months ended June 30, 1997. After giving effect to such dividend, income per share was $.13 for the three month period ended June 30, 1998.
Additionally, on July 24, 1998, Pacer acquired substantially all of the assets of Professional Logistics Management Company, Inc., and 3PL Corporation, two companies that provide transportation management programs and services. These companies are based in Lafayette, California, and are affiliated with each other through common share ownership. The total purchase price was approximately $2.8 million in cash and the assumption of certain liabilities incurred in the ordinary course of business.
The above information was included in an amendment filed on July 30, 1998 to Pacer's pending registration statement.
Pacer is a provider of multimodal transportation and logistics services for global and national manufacturers and retailers and is based in Lafayette, California.
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