Stonepath (AMEX:STG)
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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.
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