(EVANSVILLE, Ind.) -- While cautioning stockholders that projected year-end revenues are not necessarily a sure thing, Atlas World Group CFO Howard Parker recently released numbers that reflect a positive year for Atlas World Group (AWG) and its subsidiaries, which include Atlas Van Lines. Atlas traditionally releases year-end projections at the close of its high-volume summer season.
In connection with the Annual Meeting of AWG stockholders, Parker announced that despite concerns about the economy, 2001 will be a good year for the corporation with consolidated revenues expected to reach just over $600 million - a figure that represents 3 percent growth.
Parker also announced that for the first time in the company's history, net income likely will exceed $11 million. This year's net income is expected to exceed last year by 7.5 percent, and to nearly double that of 1994, he said. Parker also noted that growth in net income outpaced that of consolidated revenues because of a shift of business volume within the company's core divisions.
"Revenues for domestic household goods and special products transportation were actually slightly lower this year than the year before, but the volume of international relocation Atlas provided for military personnel rose substantially," Parker said.
Atlas World Group equity is expected to increase from $54.9 million to $57.7 million in 2001, Parker said, adding that the company will finish the year with its lowest debt level since 1995. The company's debt to equity ratio is positioned to decrease to 1.1 to 1 by year end, as compared to a debt to equity ratio last year of 1.5 to 1.
"The fact that we were able to increase equity and decrease debt is especially significant to the company this year because we also made some considerable capital investments," Parker noted. During 2001 the company embarked on a $4 million renovation to its older office facility at Atlas headquarters in Evansville and invested more than $4.3 million in trucks, sea containers, computer and office equipment.
With its world headquarters in Evansville, Ind., Atlas World Group, Inc. is the holding company for Atlas Van Lines, Inc.; Atlas Van Lines International, Corp.; Atlas Van Lines (Canada) Ltd.; and Red Ball Corporation and its subsidiaries, which include American Red Ball International, Inc. Now in its 53rd year, Atlas Van Lines is the nation's third-largest carrier of household goods and ranks as fourth-largest van line overall with some 600 agents in the United States and Canada and more than 800 worldwide.