Stonepath Group Expects Positive EBITDA in Q2 as Company Regains Momentum; Investor Conference Call Scheduled Thursday, June 9th
09 June 2005 - 6:05AM
Business Wire
Stonepath Group (AMEX: STG), a global logistics services
organization, today reaffirmed its full year 2005 gross revenue
guidance of $400 million. In addition, Stonepath announced that,
based on positive results to date, it expects to deliver positive
EBITDA for its second quarter ending June 30, 2005 as it realizes
the benefits of its broad restructuring program, coupled with solid
internal growth across its global business units. "The second
quarter started strong for Stonepath Group. It was clear that our
performance was going to significantly improve in 2005 and we felt
it was critical to share these developments with our loyal investor
base," said Dennis L. Pelino, Chairman of Stonepath. Pelino
continued, "We faced and overcame a number of tough challenges in
2004 and early 2005. The organization responded aggressively to
improve our financial performance and we are seeing the benefits of
those actions. Our centralization and integration initiatives in
the U.S. and our strategic expansion efforts offshore are on plan.
It's time to set our sights on the future. We have the geographic
reach, broad capabilities and loyal customer base to continue
growing impressively and compete at the highest levels of the
logistics services industry." Jason Totah, Chief Executive Officer
of Stonepath, remarked, "The changes we instituted across the
business, from rationalizing personnel, facilities and systems to
negotiating more advantageous customer contracts, are translating
into better financial results as we move through 2005. Our focus
remains on driving organic growth and continuous process and
productivity improvement throughout the Company, which we fully
expect will generate positive, sustained results for the long
term." In other news, Stonepath Group announced that the Company
has officially moved its headquarters to Seattle and closed its
Philadelphia offices. It has also signed a seven-year lease for a
new worldwide headquarters in the strategically located Port of
Seattle World Trade Center facility. The Company is scheduled to
occupy its new space in early September 2005. Investor Conference
Call Stonepath will host a conference call for shareholders and the
investing community on Thursday, June 9th, 2005 at 11:00 am, ET.
The call can be accessed by dialing (800)344-0961(U.S.);
(706)634-0981 (International) and is expected to last approximately
30 minutes. Callers are requested to dial in 5 minutes before the
start of the call. An audio replay will be available for one week
after the teleconference by dialing (800)642-1687 (U.S.);
(706)645-9291 (Int'l) and using the following code: 6425443. About
Stonepath Group (AMEX:STG) Stonepath Group (www.stonepath.com) is a
growing logistics services organization that integrates established
logistics companies with innovative technologies. Through its
operating divisions, Stonepath Logistics offers a full-range of
time-definite transportation and distribution solutions to a wide
range of global and local businesses. For more information about
Stonepath Group and Stonepath Logistics, please contact John Brine
at (212) 254-8280. This Press Release includes forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933 as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended, regarding future results, levels of activity,
events, trends or plans. We have based these forward-looking
statements on our current expectations and projections about such
future results, levels of activity, events, trends or plans. These
forward-looking statements are not guarantees and are subject to
known and unknown risks, uncertainties and assumptions about us
that may cause our actual results, levels of activity, events,
trends or plans to be materially different from any future results,
levels of activity, events, trends or plans expressed or implied by
such forward-looking statements. In some cases, you can identify
forward-looking statements by terminology such as "guidance,"
"may," "will," "should," "could," "would," "expect," "plan,"
"anticipate," "believe," "estimate," "continue" or the negative of
such terms or other similar expressions. While it is impossible to
identify all of the factors that may cause our actual results,
levels of activity, events, trends or plans to differ materially
from those set forth in such forward-looking statements, such
factors include the inherent risks associated with: (i) our ability
to sustain an annual growth rate in revenue consistent with recent
results, (ii) our ability to achieve our targeted operating
margins, (iii) our ability to complete our restructuring efforts
within the costs we now expect, (iv) our ability to realize the
planned benefits from our restructuring efforts, (v) our dependence
on certain large customers, (vi) our dependence upon certain key
personnel, (vii) an unexpected adverse result in any legal
proceeding, (viii) competition in the freight forwarding, logistics
and supply chain management industry, (ix) the impact of current
and future laws affecting the Company's operations, (x) adverse
changes in general economic conditions as well as economic
conditions affecting the specific industries and customers we
serve, and (xi) regional disruptions in transportation,. Other
factors that might cause or contribute to such a discrepancy
between expected and actual results include, but are not limited
to, those factors identified in our Securities and Exchange
Commission filings (including our Annual Report on Form 10-K for
2004), other public documents and recent press releases, which can
be found on our corporate web site, www.stonepath.com. Readers are
cautioned not to place undue reliance on forward-looking
statements, which speak only as of the date made. We undertake no
obligation to publicly release the result of any revision of these
forward-looking statements to reflect events or circumstances after
the date they are made or to reflect the occurrence of
unanticipated events. x
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