GENCO Announces Record Growth
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." Founded over 100 years ago, GENCO is a leading third-party logistics provider and recognized leader in supply chain management solutions and execution excellence. GENCO provides both forward and reverse distribution services as well as transportation management and other value added supply chain solutions. With more than 80 facilities nationwide and over 100 software installations worldwide, GENCO services a wide array of customers, including Wal-Mart, Sears, Unilever, Target, J.C. Penney, Canadian Tire, IKEA, LeapFrog, Becton Dickinson, Kimberly-Clark, Kraft Foods, Reckitt Benckiser, Hewlett-Packard, John Deere, Hershey Foods, Novartis, Master Lock, and Harley Davidson.
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