Allied Holdings shows $17.61 million second-quarter operating income

By Caroline Salls

Pittsburgh, Sept. 8 - Allied Holdings, Inc. reported a $17.61 million operating income for the second quarter on $245.38 million in revenues, according to a 10-Q filing with the Securities and Exchange Commission.

The figures show improvement from a $72.09 million operating loss for the same quarter of 2005 on revenues of $232.55 million.

The net income for the three months ended June 30 was $6.29 million, up from a $75.05 million net loss the year before.

Cash and cash equivalents on June 30 were $3.52 million, compared with $4.12 million on Dec. 31, 2005.

According to the filing, the operating income for the second quarter of 2006 reflected customer rate increases, partially offset by the effect of the lower volume of vehicles delivered and some categories of higher expenses, including insurance.

Allied said its net income also benefited from a reduction in interest expense in the second quarter of 2006 over the second quarter of 2005, but was negatively impacted by reorganization items in the second quarter of 2006, as well as an $11.6 million income tax benefit recorded during the second quarter of 2005 related to the impairment of goodwill.

For the six months ended June 30, the company showed a $21.71 million operating income on revenues of $486.21 million.

For the first six months of 2005, the company reported a $73.97 million operating loss on $453.5 million in revenues.

The net loss for the first half of this year was $2 million, compared with an $85.11 million net loss the year before.

The Decatur, Ga., distributor of new and used vehicles filed for bankruptcy on Aug. 1, 2005 in the U.S. Bankruptcy Court for the Northern District of Georgia. Its Chapter 11 case number is 05-12515.

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