Integrated Freight Corp. on Friday, Nov. 25, announced revenue for the second quarter of 2011 ended Sept. 30 increased 144.7 percent to $11.8 million, and that revenue for the six months ended Sept. 30 increased 158.6 percent to $24.8 million. Net cash provided by operating activities for the six-month period increased to $946,485 versus $109,430.
The Sarasota, Fla.-based company reported a second-quarter net loss of $1.4 million compared to a net loss of $301,795, and a net loss of $4.3 million for the six months compared to a net loss of $854,088. The increases were due primarily to fuel cost increases, higher expenses associated with the acquisition of Cross Creek Trucking Inc. and higher operating and interest expenses.
“We achieved strong revenue growth for the second quarter and first half of the year as we better positioned the business for growth,” said Paul Henley, chief executive officer of Integrated Freight. “Our strong cash flow from operations will allow us to finance our organic growth as we evaluate strategic acquisitions in our industry.”
Henley said the company is encouraged by the profitability of Integrated Freight Services, its freight brokerage launched in March. “We are confident about the prospects for our business for the remainder of the year as we execute our growth and integration strategy,” he said. “We made considerable strides in the first half of the year. We are achieving cost savings and efficiencies through the elimination of overlapping lanes, better customer utilization and lowering our fleet maintenance costs through bulk buying and nationwide service contracts. We are excited by the growth prospects for our business going forward and see solid opportunities to acquire additional niche trucking players and integrate them into our growing network.”