Segmentz Sets 4Q Profit; Board Approves Name Change to Express-1
egmentz Inc. Friday reported a fourth-quarter profit, turning around several quarters of losses, and its board approved the company’s name change to Express-1 Expediting, subject to shareholder approval.
The company earned $600,000 or 2 cents a share, compared with a loss of $2.2 million or 8 cents a year earlier.
Revenue dipped to $9.7 million from $13.9 million a year earlier. It attributed the downturn to sale of unprofitable, non-core assets last year.
“Through an aggressive restructuring plan spanning several quarters, we significantly lowered our expense levels,” Chief Financial Officer Mark Patterson said in a statement.
The company’s board also made Patterson a director.