Allied Holdings deeper in red for '01 | WABE 90.1 FM

Allied Holdings deeper in red for '01

Atlanta – After several terminal closings, jobs cuts and a divestiture, Allied Holdings ended 2001 deeper in the red.
The Decatur-based automotive logistics company (NYSE: AHI) had a net loss of $39.5 million on $896.8 million in revenue for 2001, compared with a net loss of $6.3 million on $1.1 billion in revenue for 2000.
The results for 2001 include an after-tax gain of $11.9 million from the sale of it's interest in a United Kingdom joint venture to AutoLogic Holdings for approximately $20.5 million and a $9.5 million after-tax impairment related to the write off of its joint venture in Brazil, which it plans to sell by the end of the first quarter of 2002.
In 2001, Allied's subsidiary Allied Automotive Group closed its Houston; Selkirk, N.Y.; and Edison, N.J. terminal facilities. This followed the closing of Allied's Doremus, N.J. facility on July 1, 2001.
Allied also eliminated roughly 25 percent of the positions at its corporate office during 2001.
In the fourth quarter, the company had a net loss of $2.3 million on $224.4 million in revenue, compared with a net loss of $7.5 million on $254 million in revenue for the same period of 2000.
Allied Holdings is the parent company of several subsidiaries engaged in providing logistics, distribution and transportation services to the automotive industry.