Proficient Auto Logistics Inc
NASDAQ:PAL

  • LAST PRICE
    10.0000
  • TODAY'S CHANGE (%)
    0.0000 (0.0000%)
  • Bid / Lots
    9.5000/ 75
  • Ask / Lots
    10.0000/ 5
  • Open / Previous Close
    --- / 10.0000
  • Day Range
    ---
  • 52 Week Range
    8.0600
    21.0100
  • Volume
    157

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  • Today

  • Nov 8, 2024

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    • 12:46PM ET on Friday Nov 08, 2024 by Dow Jones
      Companies Mentioned: PAL

      NEW YORK, NY / ACCESSWIRE / November 8, 2024 / Levi & Korsinsky notifies investors that it has commenced an investigation of Proficient Auto Logistics, Inc. ("Proficient Auto Logistics, Inc.") (NYSE:PAL) concerning possible violations of federal securities laws.

    • 8:00AM ET on Friday Nov 08, 2024 by MT Newswires
      Companies Mentioned: PAL
      08:00 AM EST, 11/08/2024 (MT Newswires) -- ...

    • 8:00AM ET on Friday Nov 08, 2024 by MT Newswires
      Companies Mentioned: PAL
      08:00 AM EST, 11/08/2024 (MT Newswires) -- ...

    • 8:00AM ET on Friday Nov 08, 2024 by Dow Jones
      Companies Mentioned: PAL

      The following table provides a reconciliation of net income, the most closely comparable GAAP financial measure, to Adjusted EPS for Proficient:
      Three Months Ended September 30, (in thousands, except per share amounts) 2024 ---------------- Proficient (Successor) Net loss $ (1,365) Intangible amortization expense 2,217 Stock compensation expense 1,071 ------------ Adjusted Net Income $ 1,923 ============ Adjusted Earnings per Share, basic $ 0.07 ============ Adjusted Earnings per Share, diluted $ 0.07 ============ PROFICIENT AUTO LOGISTICS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) September 30, June 30, 2024 2024 --------------- ------------ ASSETS Current assets: Cash and cash equivalents $ 16,848,215 $ 36,292,813 Accounts receivable, net 38,671,712 40,060,701 Net investment in leases, current portion 276,193 18,160 Maintenance supplies 1,479,900 1,415,093 Assets held for sale 506,240 348,587 Prepaid expenses and other current assets 11,969,671 5,950,765 ----------- ----------- Total current assets 69,751,931 84,086,119 ----------- ----------- Property and equipment, net 129,067,940 113,988,246 Operating lease right-of-use assets 10,994,666 14,038,130 Net investment in leases, less current portion 234,948 -- Deposits 4,758,223 4,821,387 Goodwill 148,092,515 127,428,122 Intangible assets, net 134,906,473 113,823,555 Other long-term assets 427,866 462,150 ----------- ----------- Total assets $ 498,234,562 $458,647,709 =========== =========== Liabilities and stockholders' equity Current liabilities: Accounts payable $ 10,228,606 $ 11,372,052 Accrued liabilities 23,359,120 21,751,346 Income tax payable 1,621,689 2,020,927 Line of credit -- 2,911,720 Finance lease liabilities, current portion 86,544 83,982 Operating lease liabilities, current portion 1,711,257 1,406,004 Earn-out liability -- 3,095,114 Long-term debt, current portion 18,727,011 19,195,045 ----------- ----------- Total current liabilities 55,734,227 61,836,190 ----------- ----------- Long-term liabilities: Line of credit 9,500,000 -- Finance lease liabilities, less current portions 31,653 54,274 Operating lease liabilities, less current portions 9,348,911 12,651,854 Long-term debt, less current portion 45,288,020 33,189,156 Deferred tax liability, net 39,448,334 32,318,888 Other long-term liabilities 408,748 370,499 ----------- ----------- Total liabilities 159,759,893 140,420,861 ----------- ----------- Stockholders' equity: Common stock, $0.01 par value; 50,000,000 shares authorized; 27,029,781 and 25,960,435 shares issued and outstanding as of September 30, 2024 and June 30, 2024 respectively 270,298 259,604 Additional paid in capital 344,004,449 322,401,846 Accumulated deficit (5,800,078) (4,434,602) ----------- ----------- Total stockholders' equity 338,474,669 318,226,848 ----------- ----------- Total liabilities and stockholders' equity $ 498,234,562 $458,647,709 =========== =========== PROFICIENT AUTO LOGISTICS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) Successor ---------------- Three months ended September 30, 2024 ---------------- Operating revenue Revenue, before fuel surcharge $ 84,289,892 Fuel surcharge and other reimbursements 6,017,296 Other Revenue 375,967 Lease Revenue 822,346 ------------ Total operating revenue 91,505,501 ------------ Operating Expenses Salaries, wages and benefits 17,373,659 Stock-based compensation 1,071,160 Fuel and fuel taxes 5,956,074 Purchased transportation 44,995,562 Truck expenses 5,692,078 Depreciation 6,566,444 Intangible amortization 2,217,083 Gain on sale of equipment (107,491) Insurance premiums and claims 5,459,075 General, selling, and other operating expenses 4,467,362 ------------ Total Operating Expenses 93,691,006 ------------ Operating loss (2,185,505) Other income and expense Interest expense (1,407,146) Acquisition Costs (1,049,570) Adjustment of Earn Out Contingency 3,095,114 Other income, net (146,151) ------------ Total other income 492,247 ------------ Loss before income taxes (1,693,258) ------------ Income tax benefit (327,782) ------------ Net loss $ (1,365,476) ============ Loss Per Share, Basic & Diluted $ (0.05) Adjusted Earnings Share, Basic & Diluted $ 0.07 Weighted Average Shares Basic & Diluted 26,495,108

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