myFreightWorld Technologies Inc. (PINKSHEETS: MYFT)
(www.myfreightworld.com) announced today its unaudited financial
results for the third quarter ended September 30, 2010. Full
details are available at www.pinksheets.com.
During the quarter, myFreightWorld continued to focus on
increasing its non-contractual revenue, while reducing its
contractual revenue. Contractual revenue is defined by collecting
revenues from the end user (customer) and then paying carriers
under contract. Non-contractual revenue is defined by providing
software and services to customers for a fee and without a
contract, and the customer pays the carrier.
"In 2010, we made a strategic move toward higher margin revenue
streams, primarily from our non-contracted business, which greatly
reduces our working capital requirements as compared to our
contracted business," said president and CEO of myFreightWorld, J.
Michael Head. "As a result, our non-contractual revenues posted a
gain of 225% year-over-year in the third quarter of 2010, and
increased by nearly 120% year-to-date compared to the same period
of last year. This growth is attributed to establishing a new
customer base as well as converting some of our contractual
customers into non-contractual users."
"The fact that we were able to maintain our net margins, and
general and administrative costs, resulted in a 5% increase in our
Earnings Before Income Taxes, Depreciation and Amortization
(EBITDA) in the third quarter of 2010. We were able to control
costs, despite growing our non-contracted business at such a fast
pace. This demonstrates the scalability and success of our new
business model. We are positioned to continue our top-line growth
from non-contractual revenues, and should continue to grow EBITDA
in 2011. We may also evaluate a return to contractual revenue
should market trends change or a new growth opportunity arises,"
added Head.
The Company's third quarter of 2010 results included the
acquisition of All Modes Transportation, Inc. on September 1, 2010,
which added $370,000 in revenue, $67,000 in gross margin, and
reduced EBITDA and net income by a total of $1,909. "We experienced
higher interest costs due to the completion of our acquisition, but
intend to raise capital in the near future to pay this off in
full," added Head. "All Modes is our second acquisition to-date,
and we continue to combine our retail division with their
operations. This integration will allow us to substantially reduce
our overhead and provide a more cost-efficient operating platform
to attract future acquisitions and continue our strong, internal
growth."
The Company plans to host a conference call to discuss its third
quarter 2010 financial results shortly following the Thanksgiving
holiday. Details of the call will be issued in a forthcoming press
release.
About myFreightWorld Technologies,
Inc.
myFreightWorld Technologies Inc. is a business services firm
that specializes in providing technology, transportation and supply
chain management services to third party logistics managers (3PLs)
and transportation intermediaries (TIs), primarily in the United
States. Leveraging its proprietary Web-based software platform, the
Company provides its 3PL and Motor Carrier customers with a
customer relationship management (CRM) information pipeline that
provides complete visibility to shippers, consignees and other
interested parties of shipments during the entire Shipment Life
Cycle. For more information, see www.myfreightworld.com.
Notice on Forward-Looking Statements
myFreightWorld's vision is to realize shareholder value and
wealth through monetization of its projects and potential
discoveries through partnerships with significant players with
ready capital and production expertise. The matters set forth in
this press release may contain forward-looking statements regarding
myFreightWorld and its business within the meaning of the "safe
harbor" provisions of the Private Securities Litigation Reform Act
of 1995. Forward-looking statements speak only as of the date on
which they are made and myFreightWorld undertakes no obligation to
publicly update or revise any forward-looking statement, whether as
a result of new information, future events, or otherwise.
Statements are subject to risks and uncertainties that may cause
actual results to differ materially. These risks are detailed from
time to time in the company's periodic reports filed with the OTC
Pinksheets including the company's Annual Report, Quarterly Reports
and other periodic filings.
(financial table follows)
myFreightWorld Technologies Inc. Income Statement for the Three- and Nine-
Months Ended September 30 (Figures include All Modes Transportation, Inc.)
Q3 Q3 % YTD YTD %
2009 2010 Change 2009 2010 Change
Contracted
Revenue $4,274,269 $2,245,672 -47.5% $12,704,699 $ 7,532,323 -40.7%
Non-
Contracted
Revenue $2,245,672 $7,308,382 225.4% $ 7,788,737 $17,109,015 119.7%
Managed
Revenue $6,519,941 $9,554,054 46.5% $20,493,436 $24,641,338 20.2%
========== ========== ======= =========== =========== =======
Gross
Revenue $4,274,269 $2,245,672 -47.5% $12,704,699 $ 7,532,323 -40.7%
Gross Margin $ 754,308 $ 568,265 -24.6% $ 2,188,806 $ 1,623,985 -25.80%
Commissions $ 326,834 $ 148,938 -54.43% $ 1,058,869 $ 442,923 -58.17%
---------- ---------- ------- ----------- ----------- -------
Net Margin $ 427,474 $ 419,327 -1.91% $ 1,129,937 $ 1,181,062 4.52%
G & A
Expenses $ 346,629 $ 334,625 -3.46% $ 1,019,326 $ 1,070,513 5.02%
EBITDA $ 80,845 $ 84,702 4.77% $ 110,611 $ 110,549 -0.06%
Interest and
Depreciation $ 16,602 $ 112,352 576.74% $ 46,499 $ 316,622 580.92%
---------- ---------- ------- ----------- ----------- -------
Net Income $ 23,000 -$27,650 -220.22% $ 64,112 -$206,073 -421.43%
========== ========== ======= =========== =========== =======
Contact: J. Michael Head CEO myFreightWorld Technologies Inc.
Tel: 877-549-9438 Email Contact
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