Allied Holdings posted a $6.5 million loss in the third quarter on $2213 million in revenues, down from $12.6 million in losses on $204 million in revenue in the same period last year.
Allied said its revenues increased 4.4% primarily due to higher automotive production in the third quarter.
For the first nine months of 2002, Decatur, GA-based Allied lost $9.6 million on revenues of $665.2 million, down significantly from the $37.2 million it lost on revenues of $672.4 million in the first nine months of 2001.
The continuing losses do not bode well for Allied. Which narrowly avoided being de-listed from the New York Stock Exchange last year, despite falling below the exchange's listing standards of $50 million in total market capitalization.
Allied worked out a deal where it would remain listed with the NYSE, subject to quarterly monitoring, as long as it gets over the $50 million mark by November 29 of this year.
Still, Allied has managed to get more than 85% of its clients to pay an extra 8.5% "administrative fee" imposed last year to help the conglomerate's sagging balance sheet. The fee is generating an aditional $40 to $50 million in annual for the company, it said.