Segmentz Reports First-Quarter Profit

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egmentz Inc. on Friday reported first-quarter net income of $557,000 or 2 cents a share, compared with a loss of $4.65 million or 17 cents last year.

It was the second straight profitable quarter following several quarters of reported losses. Revenue declined to $9.6 million from $10.3 million a year ago.

In March, the company’s board approved changing Segmentz’ name to Express-1 Expediting; the company said it expected shareholders to approve the change this year at its annual meeting. (Click here for previous coverage.)

“Divesting the unprofitable non-core businesses in 2005 has enabled us to focus solely on expedited transportation, and the results were clearly evident in the first quarter of 2006,” Chief Executive Officer Michael Welch said in a statement.