GENCO Canada
PITTSBURGH, Pennsylvania - March 8, 2004 - GENCO reported preliminary financial results for its fiscal year ended December 31, 2003. The Company reported gross revenue for the year of $409 million versus $373 million for 2002. Net revenue was $304 million versus $267 million in 2002. GENCO's net revenue of over $300 million makes it one of the top 3PL's in the U.S.A. Over the last 5 years revenue and net margin more than doubled. GENCO has been consistently profitable during this period but does not reveal its net income since it is a privately held company.
"GENCO's year-on-year increase in revenue demonstrates our continued success in delivering innovative supply chain and software solutions to our customers," said Herb Shear, Chairman and chief executive officer. "As we explore new initiatives to diversify and expand our business, the recent formation of the Infrastructure Solutions business unit provides us with a strategic platform to deliver supply chain management solutions to federal government customers. During 2003, GENCO also acquired IOgistics, a leading provider of transportation management and consulting services based in Green Bay, Wisconsin."
About GENCO Supply Chain Solutions
GENCO Supply Chain Solutions is North America's largest U.S.-based and a Global Top 50 third-party logistics provider and the recognized leader in Reverse Logistics. The company manages over 130 operations and 37 million square feet of warehouse space throughout North America for a diverse range of retail, manufacturing and government customers. The company provides initial and ongoing value through a complete range of solutions, including contract logistics, transportation logistics, parcel negotiation and audits, reverse logistics, damage research, product liquidation, pharmaceutical services, government solutions and supply chain technology solutions. For more information, visit www.genco.com.
