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Article: American Carriers reports first quarter results.
- Article from:
- PR Newswire
- Article date:
- May 2, 1988
CopyrightCOPYRIGHT 1988 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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AMERICAN CARRIERS REPORTS FIRST QUARTER RESULTS
OVERLAND PARK, Kan., May 2 /PRNewswire/ -- American Carriers, Inc. (NASDAQ: ACIX) (ACI) reported a first quarter 1988 net loss of $24,343,000 or $3.17 per share compared to a first quarter 1987 net loss of $1,735,000 or 29 cents per share. The 1988 first quarter loss is largely attributable to the inclusion of Smith's Transfer Corporation (Smith's) which as acquired Oct. 4, 1987, and to lower less-than-truckload (LTL) freight rates in 1988. The 1988 net loss had only minimal income tax benefit, whereas the 1987 net loss carried a full income tax benefit. Primarily as a result of the Smith's acquisition, ...