Target Logistics Inc., a freight forwarder and logistics provider based in Baltimore, said its fourth quarter and 2001 annual revenues increased compared to last year, but that operating losses increased as well.
Target said its revenues for its fiscal fourth quarter ended June 30, totaled $21.1 million, an 8.2% increase over revenues of $19.5 million in the same period last year. Yet operating losses also increased for the quarter, rising to $1.15 million compared to losses of $394,826 reported last year. Target also reported a net loss of $693,803 for its fourth quarter, down slightly from a net loss of $765,845 last year.
Net losses for Target’s fiscal fourth quarter included an income tax benefit of $522,686, and the net loss for the same period last year included a provision for income taxes of $351,198.
Target said revenues for fiscal 2001 increased 7.2% to $90.1 million compared with $84 million for fiscal 2000. Yet annual losses also increased, climbing to $2.32 million for fiscal 2001, compared to $1.04 million in fiscal 2000. The company reported a fiscal 2001 net loss of $1.77 million, compared with a net loss of $1.19 million for fiscal 2000.
