TARGET LOGISTICS RECORDS WIDENING LOSS

TARGET LOGISTICS RECORDS WIDENING LOSS       Target Logistics Inc., the Baltimore-based parent company of freight forwarder Target Logistics Services (formerly Target Air Freight), reported a loss of $317,266 in its first fiscal quarter ending Sept. 30, compared to a loss of $237,279 in the same period last year.
   Operating revenue increased 12 percent to $21.4 million. Target said it broke even on earnings before interest, taxes, depreciation and amortization, and that its balance sheet is solid, with cash and cash equivalents of $5.3million, long term debt of $77,532, working capital of $4.5 million and shareholders’ equity of $17.7 million.
   “Our operating subsidiary, Target Logistics Services, has operating income and revenues that are increasing on a quarter-to-quarter basis as a result of continued growth of our logistics business,” said Stuart Hettleman, Target's president and chief executive officer. “The company’s balance sheet remains strong and we will continue to focus on increasing the profitability of Target Logistics Services.”'
   Target Logistics Inc. trades over the counter as TARG.