Covenant Reports Record Earnings For 1999
January 28, 2000
Covenant Transport, Chattanooga, TN, has announced record revenue, earnings for the year ended Dec. 31, 1999. Revenue was up 28 percent to $472.7 million, compared to $370.5 million in 1998, while net income was $22.3 million, up 22 percent from $18.3 million in 1998.
David R. Parker, chairman, president and ceo, said that the company is pleased with several accomplishments in 1999. “Our drivers and operations personnel performed extremely well in producing over $3,000 revenue per tractor per week for the third straight year...our management team worked very hard to complete three acquisitions during the fourth quarter, which should add nearly $100 million in annual revenue during 2000. The entire company continued to focus on customer service and responded to increased demand, growing revenue by over $100 million in 1999 in the face of a tight market for drivers. Our customers assisted us by increasing our freight rates to allow us to increase driver pay. We intend to continue to increase the compensation to our drivers and are seeking further rate increases from our customers.”