US 1 reports lower 2Q net income

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US 1 Industries Inc. on Wednesday, Aug. 12, announced the results for its six months and second quarter ended June 30. The company’s operating revenues increased by $2.5 million to $89.2 million for the six-month period from $86.7 million for the same period in 2008, an increase of 2.9 percent. The company’s operating revenues increased by $0.07 million to $45.0 million for the three-month period from $44.9 million for the same period in 2008; this is an increase of 0.16 percent.

Operating income derived from operations decreased to a loss of $0.6 million for the six-month period from operating income of $2.2 million for the same period in 2008. Operating income derived from operations for the three-month period was $0.2 million compared to $1.2 million for the same period in 2008.

The Valparaiso, Ind.-based company experienced a net loss of $0.7 million for the six-month period compared to net income of $1.5 million for the same period in 2008. The company experienced net income of $0.25 million for the three-month period compared to net income of $0.81 million for the same period in 2008.

Results were impacted by a defalcation related to accounts receivable at one of the company’s subsidiaries, increased fixed costs and decreased sales for the first six months of 2009 for operations that existed in the first six months of 2008. The company said it was not able to decrease its fixed costs in time to bring them in line with the revenue decreases.