US 1 posts $2.1M 4Q net loss, $2.6M net loss for year

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US 1 Industries Inc. announced Tuesday, March 16, the results for its fourth quarter and fiscal year ended Dec. 31, 2009. Operating revenues for the year increased 4.1 percent to $179.7 million compared to revenues of $172.7 million for the year ended Dec. 31, 2008. Operating revenues for the three months ended Dec. 31, 2009, increased 18.5 percent to $47.3 million compared to $39.9 million for the same period in 2008.

Operating results derived from operations for the year decreased $5.5 million to an operating loss of $1.3 million compared to operating income of $4.2 million. Fourth-quarter operating results derived from operations decreased $1.6 million to a loss of $1.1 million compared to operating income of $0.5 million.

The Valparaiso, Ind.-based company had net loss for the fourth quarter of $2.1 million compared to net income of $0.6 million. For the year, the company experienced a net loss of $2.6 million compared to net income of $3.1 million.

In the fourth quarter of 2009, the company recorded a noncash charge of $3.0 million for the impairment of goodwill related to ARL. The test as of Dec.31, 2009, indicated that the book value of ARL exceeded the fair value of the business. The impairment increased annual operating expenses by 1.7 percent of operating revenue.