Landair Corp. said first quarter operating revenue increased to $33.1 million compared with $31.9 million for the same quarter in 1999, but it had a net loss of $139,000. The company had net income of $421,000 in the prior-year quarter.
President and COO Tim Roach said, "While we are disappointed to report a loss for the quarter, we are now beginning to see the results of our intensive turnaround efforts. Our equipment utilization and empty mile ratio started to improve late in the first quarter. Results were particularly impacted by significant increases in fuel costs. We are optimistic that our efforts will produce positive results throughout the remainder of the year."
President and COO Tim Roach said, "While we are disappointed to report a loss for the quarter, we are now beginning to see the results of our intensive turnaround efforts. Our equipment utilization and empty mile ratio started to improve late in the first quarter. Results were particularly impacted by significant increases in fuel costs. We are optimistic that our efforts will produce positive results throughout the remainder of the year."
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