EVANSVILLE, (Ind.) -- Atlas World Group, Inc. (AWG) continues its climb up the revenue chart. At AWG's annual stockholder meeting, held today in Evansville, Ind., company officials announced that the solid performance of Red Ball Corporation, and recruitment of the industry's largest agency group earlier this year have contributed to continued growth for AWG, holding company of Atlas Van Lines, the country's fifth-largest van line.
According to Wally Saubert, chairman and chief executive officer of AWG, consolidated revenues for the second quarter of 1997 are up 15.2 percent over the same period last year. And, revenues for the first six months of 1997 are up 21.2 percent over 1996 figures, from $174 million to $211 million. Total revenues for 1997 are projected to reach $477 million. That's up from the $415 million in 1996.
"This has been a very eventful year," said Saubert. "The combination of internal growth and new acquisitions have contributed to our company's expansion. We are committed to continuing that growth and are forecasting 1999 revenues to reach $526 million, with net income of $8.2 million."
Much of the revenue increase is attributable to the acquisition of Red Ball Corporation in May of 1996, and, most recently, the addition of the country's largest van line agency group, Atlantic Relocation Systems. Atlantic, a former northAmerican agent, converted to Atlas Van Lines in April.
"To promote future expansion we must look beyond internal growth," said Saubert. "We will continue to pursue opportunities to recruit agents of other van lines while investing in new systems and other capital assets that will allow us to provide the highest quality service to our customers today, and in the future."
The company's debt-to-equity ratio continues to improve, as it has every year since 1988. In 1989 the company's debt-to-equity ratio was 50 to 1. At the end of 1997 is expected to be less than 3 to 1. AWG has been profitable each year since 1989, with net income going from a minus $800,000 to a gain of $8.3 million in 1996. Net income for 1997 is expected to be $6 million. The decrease from 1996 is due primarily to the one-time costs associated with the conversion of Atlantic Relocation Systems.
Besides getting a progress report, the 75 stockholder agents of AWG held elections. Reelected as agent directors are: Ted Alger, president and CEO, Atlantic Relocation Systems, Atlanta, GA.; David W. Bueker, president, McCormack-Payton Storage and Moving Co., Kansas City, Mo.; Donald C. Hill, president and COO, Alexander's Moving & Storage, Tustin, Cal.; Joseph McNamara, vice president and CEO, Certified Van Service, Inc., Islandia, N.Y.; Frederick D. Paxton II, president, Paxton Van Lines, Inc., Springfield, Va.; John W. Steiner, CEO, Ace World Wide
Moving & Storage, Milwaukee, Wis.; and, John R. Westerberg, chairman and CEO, Nelson Westerberg, Inc., Elk Grove Village, Ill. David M. Davenport, of counsel with Verner, Liipfert, Bernhard, McPherson and Hand, Washington, D.C., continues as the outside director.
Continuing as regional directors are: Thomas L. Hoover, CEO, ABC Moving & Storage, Inc., Chesterfield, Mo.; Reginald T. Lammers, president, Ace Relocation Systems, San Diego, Calif.; Thomas J. Shetler, Sr., president, Shetler Moving & Storage, Inc., Evansville, Ind.; Frank E. Webers, president, Collins Brothers Moving Corp., Larchmont, N.Y.; Gary L. Weleski, president, Weleski Transfer, Inc., Tarentum, Pa.; and, Todd V. Winter, president, Golden Van Lines, Inc., Longmont, Colo.
Continuing as the at-large director is I.G. (Buddy) Mayfield, president, Mayfield Van Lines & Warehouse, Inc., Lubbock, Texas. Wally Saubert, chairman and CEO of Atlas World Group, Inc., Evansville, Ind., continues as management director.
In-person or proxy votes represented a near record-high of 96 percent of AWG outstanding common stock, which is owned by Atlas Van Lines agents in 32 states.
The annual meeting was held at the Riverhouse Hotel, Evansville, Ind.
With its world headquarters in Evansville, Ind., Atlas World Group is the holding company for Atlas Van Lines, a major transporter of household goods and special products through some 600 agents across the U.S. and Canada, and nearly 800 worldwide.