Simon Back in the Black
April 13, 2000
Simon Transportation Services, Salt Lake City, UT, is back in the black with the announcement of its financial results for the quarter that ended March 31.
Revenues for the second quarter increased 12% to $55.2 million, compared to $49.3 million for the same quarter last year. The Company earned $78,000, compared with a net loss of $1.9 million a year ago.
For the first six months of fiscal 2000, revenues increased 7% to $109 million, compared with $102.3 million for the first six months of fiscal 1999. Net loss was $63,000, compared with a net loss of $1.9 million for the corresponding period of fiscal 1999.
"Over the past few months, management has taken aggressive steps in an effort to return the company to profitability," said Richard D. Simon, chairman, president and CEO. "We have been able to generate significant results during what is traditionally the most difficult quarter in the trucking industry. Our sales force has secured more than $9 million in annualized new business in the first six months of fiscal 2000. In the month of March, the Company generated record revenue of over $20.4 million."
In December, Simon rejected an offer to buy the company from Jerry Moyes, chairman of Swift Transportation.