NY, March XX, 2010 – Clark Holdings Inc. (“Clark”)(NYSE AMEX: GLA; GLA.U;
GLA.WS), a non-asset-based provider of mission-critical supply chain solutions,
today announced preliminary unaudited financial results for the fourth quarter
and fiscal year ended January 2, 2010.
attributable to Clark’s common stockholders for the 13 weeks ended January 2,
2010 was $497,000 ($0.05 per diluted common share) and net loss for the 14 weeks
ended January 3, 2009 was and $64,270,000 ($5.92 per diluted common share).
Clark incurred several non-recurring expenses during the 13 weeks ended January
2, 2010 that, in aggregate, reduced income by $680,000. During the
quarter, Clark entered into severance and non-compete agreements with three
members of management at a total cost of $466,000. The company
incurred $214,000 in legal and professional fees to reach an agreement with the
sellers of the Clark Group, Inc that reduced the original purchase price paid by
Clark by $1,275,000.
attributable to Clark’s common stockholders for the 52 weeks ended January 2,
2010 was $1,530,000 ($0.14 per diluted common share) and net loss for the 53
weeks ended January 3, 2009 was and $63,661,000 ($5.63 per diluted common
also announced that it has obtained a commitment letter from Cole Taylor Bank
for a new $6,000,000 revolving credit facility and an extension until March 9,
2010 of its existing credit arrangements with Bank of America,
N.A. Clark expects to close the new revolving facility prior to such
The following information was filed by Clark Holdings Inc. on Wednesday, March 3, 2010 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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