Earnings Plunge at Smithway Motor Xpress
April 20, 2000
Operating revenue at Smithway Motor Xpress Corp., Fort Dodge, IA, increased 7.3% to $50.7
million in the first quarter from $47.3 million during the same quarter in 1999. Net earnings were $238,000, or $0.05 per diluted share, compared with $1.3 million, or $.26 per diluted share, during the 1999 quarter.
Chairman William G. Smith said results were mostly affected by high fuel prices and increased driver wages. "We continue to work with our customers to collect fuel surcharges and
implement rate increases to at least fund our fourth quarter 1999 driver wage increase," he said.