Segmentz Reports 4Q Loss; Will Divest Many Operations
egmentz Inc. said late Thursday it took a first quarter loss and that it would focus exclusively on expedited freight, divesting all its other operations.
The company also reported a first-quarter loss of $4.65 million or 17 cents a share, compared with a $404,000 loss or 2 cents a year ago.
Segmentz said it would divest all non-expediting services and was working to eliminate overhead costs. Its Express-1 unit handles expedited freight.
Jim Martell, the new chairman, is taking an active role in leading the company, working with Andrew Norstrud, CFO, and Mike Welch, the company’s president.
Segmentz said it was not actively searching for a CEO at this time.
It said it expected revenue for the full year to be between $40 million and $45 million and earnings before taxes of $1.5 to $2.5 million. Its revenue last year was $42.5 million. (Click here for previous coverage.)