Pacific CMA improves revenue results
Pacific CMA Inc., the international forwarding and logistics company, reported improved third quarter results, but lowered earnings estimates for 2004.
For the third quarter, ended Sept. 30, Pacific CMA said net income was $195,241 up from $116,144 for the same quarter in 2003. Net income for the first nine months was $131,783 compared with $211,964 for the same period in 2003.
Revenues were $29.9 million, up 52.7 percent from $19.6 million in the same quarter 2003. Revenues for the first nine months totaled $67.9 million up 34.3 percent from $50.5 million for the same period in 2003.
Pacific CMA said the revenue increases reflected organic growth of the company’s wholly owned subsidiary, AGI Logistics (HK) Ltd., its majority-owned subsidiary, Airgate International Corp and the recently acquired Paradigm International Inc. and AGI Freight Singapore Pte Ltd.
The company reconfirmed its 2004 revenue estimates of $95-100 million but lowered its earnings estimate to $400,000-$600,000 from $1.6 million, due to various non-cash expenses.
Alfred Lam, chairman of Pacific CMA, said, “We are pleased in the strong growth in revenue and EBITDA for the quarter but disappointed that we had to revise our 2004 earnings due to non-cash expenses.”