PACIFIC CMA’S REVENUE SOARS IN THIRD QUARTER

PACIFIC CMA’S REVENUE SOARS IN THIRD QUARTER    Pacific CMA Inc., the Hong Kong-based forwarder that owns both AGI Logistics (HK) Ltd. and Airgate International Corp., saw its gross revenue soar by 392 percent in the third quarter, to $17.3 million.
   Income from operations in the latest quarter amounted to about $600,000, as compared to an operating loss of $18,000 in the corresponding quarter in 2001.
   Net income was about $300,000, as compared to a net deficit of $27,000 a year earlier.
   The increase in income was due to an increase in the volume of freight shipped, higher pricing on shipments and internal organic growth, Pacific CMA said.
   “The acquisition of Airgate earlier this year resulted in improved operational leverage and has contributed significantly to the strengthening of our market position and third quarter results,” said Alfred Lam, chief executive officer.
   For the first nine months of 2002, gross revenues increased to $31 million,from $8.7 million. Income from operations rose to $1.1 million, from about $200,000. Net income was about $700,000, up from about $200,000.
   The results for the first nine months of 2002 exclude four months of income before the merger of Airgate International Corp. in May.