Net loss was $7.9 million for the first six months of 2012, compared with net income of $2.0 million for the same period last year. The company reported a six-month 2012 net loss available to common shareholders of $9.4 million, or a loss of $0.56 per diluted share, compared with net income available to common shareholders of $2.0 million, or earnings of $0.24 per diluted share, for the same period in 2011.
Adjusted EPS for the first six months of 2012 was a loss of $0.39, excluding a non-cash charge of $3.0 million related to a valuation allowance for deferred tax assets. EPS and adjusted EPS include $1.5 million, or $0.09 per share, in cumulative preferred dividends.
EBITDA for the first six months of 2012 includes a $540,000 expense ($336,000 after tax or $0.02 per diluted share) for compensation, severance and professional fees related to the composition of the company's executive team; a $480,000 expense ($307,000 after tax or $0.02 per diluted share) for consulting fees in connection with securing an agreement with the state of North Carolina for up to $3.2 million in future tax incentives; and $2.2 million in non-cash share-based compensation.
Adds Six Cold-starts in Truck Brokerage, Expedited and Freight ForwardingThe company announced four new truck brokerage locations in August: Chicago, Ill., will be led by Abtin Hamidi. Mr. Hamidi has five years of industry experience with Echo Global Logistics, Inc., including positions as national sales manager, senior operations manager and senior account manager. Jacksonville, Fla., will be led by John “Kip” Douglass. Mr. Douglass has 14 years of industry experience, including positions with Landstar System, Inc., Coyote Logistics LLC and Crowley Maritime Corporation, where he most recently served as general manager, North America transportation, logistics division. Morris County, N.J., will be led by Michael Doumas. Mr. Doumas has 12 years of industry experience with Ultra Logistics, Inc., where he most recently served as executive vice president. Montgomery, Ala., will be led by Patrick Maguire. Mr. Maguire has nine years of industry experience with C.H. Robinson Worldwide, Inc., including five years as key account manager. He previously served as regional zone manager and logistics sales representative. For its Express-1 expedited business, the company has opened a location in Birmingham, Ala. This office will operate as the Southeast regional hub for Express-1, to complement existing hubs in Buchanan and Detroit, Mich.