Stonepath Reports 1Q Loss; Completes Most Restructuring
ogistics firm Stonepath Group late Monday reported a first-quarter loss of $7.6 million or 17 cents a share, compared with a $5.7 million or 15 cents loss a year earlier.
he company said it had completed most of a restructuring plan and that related charges contributed $3.3 million or 8 cents a share to its reported loss.
The restructuring, which began in the third quarter of last year, includes staff, facilities and costs reductions related to integrating its U.S. facilities.
The company’s first-quarter revenue was $90 million, up from $60 million a year earlier. Net revenue rose to $20.4 million from $16.8 million last year.