In the news release, Pacific CMA Announces Results for the First Quarter Ended March 31, 2007, issued Wednesday, May 16 by Pacific CMA, Inc. over PR Newswire, we are advised by the company that the third paragraph, first sentence, should read "Effective April 6, 2007, the Company completed a financing transaction with Wells Fargo Bank and issued to Wells Fargo a revolving note in the principal amount of $10 Million" rather than "Effective April 6, 2006" as originally issued inadvertently. Complete, corrected release follows.
NEW YORK, May 16 /PRNewswire-FirstCall/ -- Pacific CMA, Inc. (AMEX:PAM) (the "Company") reported revenue of $33.2 Million for the three months ended March 31, 2007, compared with $30.4 Million for the same period last year, an increase of 9%. Gross profit for the three months ended March 31, 2007, increased from 15.38% in 2006 to approximately 17.26% for the same period in 2007.
The reported net loss of $641,671 for the three months was a result of increased rent and rates for the expanded facilities in Hong Kong and Los Angeles, higher sales commissions from higher revenues, and salaries and allowance increases resulting from additional staff.
Effective April 6, 2007, the Company completed a financing transaction with Wells Fargo Bank and issued to Wells Fargo a revolving note in the principal amount of $10 Million. An initial funding by Wells Fargo in the amount of $2,947,000 was used to pay all of the Company's obligation to Laurus Funds.
The Company appointed Anita Chan as CFO. Ms. Chan has over 20 years of experience in freight/logistics and is located in Hong Kong.
The Annual Meeting will be held on June 29, 2007, at 4 PM in the Paradigm Offices located at 11200 S. Hindry Avenue, Los Angeles, CA 90045.
About Pacific CMA Pacific CMA is an international, supply-chain management company, providing air and ocean freight forwarding, contract logistics, and other logistics-related services. The Company's large and diverse global and local customers operate in industries with unique supply chain requirements, such as the apparel and technology industries. Its AGI Logistics (HK) Ltd. operating unit, based in Hong Kong, is focused on integrated logistics, freight forwarding and warehousing services in the Far East region and mainland China. Its Airgate International operating unit, founded in 1995, is based in New York and primarily handles import air and ocean shipments from the Far East and Southwest Asia to the United States. The newest division, Paradigm Global Logistics, is located in Los Angeles. For more information, please refer to the Company's Web site: http://www.pacificcma.com/.
Forward-Looking Statements This press release may contain statements which constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the Private Securities Litigation Reform Act of 1995, including statements regarding the intent, belief or current expectations of the Company, its directors, or its officers with respect to the future operating performance of the Company. These forward-looking statements are typically identified by words or phrases such as "believe," "expect," "anticipate," "plan," "estimate," "approximately," "intend," and other similar words and expressions, or future or conditional verbs such as "should," "would," "could," and "may." In addition, the Company may from time to time make such written or oral "forward-looking statements" in filings with the Securities and Exchange Commission (including exhibits thereto), in its reports to shareholders, and in other communications made by or with the approval of the Company. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those in the forward-looking statements as a result of various factors. Important factors that could cause such differences are described in the Company's periodic filings with the Securities and Exchange Commission.
Contact: John F. Mazarella
Investor Relations
Pacific CMA Incorporated
(212) 247-0049
DATASOURCE: Pacific CMA, Inc.
CONTACT: John F. Mazarella, Investor Relations of Pacific CMA Incorporated, +1-212-247-0049 Web site: http://www.pacificcma.com/
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