East Orange, NJ-based TLI said it delayed the release of its 2001 financials to make that business shift. As a result of what TLI calls its "re-orientation," the company's revenue fell by 11% to $10.3 million last year, recording a net loss of $1.88 million.
TLI Chairman and CEO Mike Margolies said over $1.5 million of the reported loss was for non-cash items for asset write-downs ($802,674), stock issued for consulting services ($446,775) and depreciation and amortization ($254,484).
"Those write-offs cleared the table for us to concentrate on our new business plan," he said, adding it was fully operational at the end of March.
Along with its original international logistics operation, TLI now offers warehousing and delivery services, intermodal trucking, financing, full-time employee leasing and back-office administrative services, Margolies said.
