Swift Transportation and Boyd Brothers have released their earnings for the last quarter and year 2001.
Swift Transportation, Phoenix, Ariz., saw revenues for the fourth quarter increase 3.3% to $530.7 million, compared with $513.7 million for the corresponding quarter of 2000. Net earnings were $13 million, compared to $11.5 million for the fourth quarter of 2000.
The numbers include Swift's June 29 acquisition of M.S. Carriers. The fourth quarter results include the benefit of a $1.6 million non-cash pre-tax adjustment for the reduction in market value of interest rate derivative agreements of M.S. Carriers.
For the year, the company's revenues increased 7% to $2.11 billion from $1.97 billion in 2000. Revenues for the year were affected by the transfer of the logistics business to Transplace.com, an Internet-based logistics company Swift owns with four other truckload carriers. Excluding approximately $43 million of logistics revenue for the year, the increase in revenues would have been 9.4%. Net earnings were $27.2 millione, compared to $68.9 million in 2000.
The year-end 2001 results include a $10.5 million non-cash pretax adjustment for the recognition of the impairment of an investment, held by M.S. Carriers, in Transportes EASO, the largest intra-Mexico truckload carrier. The results for the year also include a $7 million pretax adjustment of the M.S. Carriers insurance and claims reserves and $2 million in merger expenses.
Boyd Bros. Transportation, Clayton, Ala., reported fourth-quarter operating revenues rose 1% to $29.47 million $29.1 million last year. The company reported a net loss for the fourth quarter of $626,717, compared with a net loss of $1.35 million in the same period last year.
For the year, operating revenues declined 2% to $123.86 million versus $126.72 million in the same period last year. The company's net loss for 2001 was $406,700, compared with a net loss of $974,454 a year ago.
The company says due to challenging industry conditions that have continued for almost two years, results for the fourth quarter and year 2001 reflect write-downs to reduce the carrying value of power equipment at the company's WTI Transport division (formerly known as Welborn Transport) and charges to increase reserves for WTI's receivables associated with owner-operator leases, totaling approximately $725,000 before tax in 2001. In 2000, the company recorded similar charges, principally associated with increased reserves for owner-operator leases in its Boyd division, totaling approximately $434,000 before tax.
Excluding the impact of these charges, Boyd Bros.' net loss for the fourth quarter of 2001 was $188,092 compared with a net loss of $1.09 million in the year-earlier period. For 2001, excluding these charges, the company's net income was $31,925 versus a net loss of $711,884 in 2000.
The company noted that its Boyd division was profitable for both the fourth quarter and 2001. However, these profits were more than offset by losses in the WTI Transport division, both from operations and including the foregoing write-downs and charges, resulting in net losses for the quarter and year.
Despite slightly better operating conditions over the past several months, the company remains cautious in its outlook for 2002, especially for the seasonally slow first quarter.
Swift Transportation, Phoenix, Ariz., saw revenues for the fourth quarter increase 3.3% to $530.7 million, compared with $513.7 million for the corresponding quarter of 2000. Net earnings were $13 million, compared to $11.5 million for the fourth quarter of 2000.
The numbers include Swift's June 29 acquisition of M.S. Carriers. The fourth quarter results include the benefit of a $1.6 million non-cash pre-tax adjustment for the reduction in market value of interest rate derivative agreements of M.S. Carriers.
For the year, the company's revenues increased 7% to $2.11 billion from $1.97 billion in 2000. Revenues for the year were affected by the transfer of the logistics business to Transplace.com, an Internet-based logistics company Swift owns with four other truckload carriers. Excluding approximately $43 million of logistics revenue for the year, the increase in revenues would have been 9.4%. Net earnings were $27.2 millione, compared to $68.9 million in 2000.
The year-end 2001 results include a $10.5 million non-cash pretax adjustment for the recognition of the impairment of an investment, held by M.S. Carriers, in Transportes EASO, the largest intra-Mexico truckload carrier. The results for the year also include a $7 million pretax adjustment of the M.S. Carriers insurance and claims reserves and $2 million in merger expenses.
Boyd Bros. Transportation, Clayton, Ala., reported fourth-quarter operating revenues rose 1% to $29.47 million $29.1 million last year. The company reported a net loss for the fourth quarter of $626,717, compared with a net loss of $1.35 million in the same period last year.
For the year, operating revenues declined 2% to $123.86 million versus $126.72 million in the same period last year. The company's net loss for 2001 was $406,700, compared with a net loss of $974,454 a year ago.
The company says due to challenging industry conditions that have continued for almost two years, results for the fourth quarter and year 2001 reflect write-downs to reduce the carrying value of power equipment at the company's WTI Transport division (formerly known as Welborn Transport) and charges to increase reserves for WTI's receivables associated with owner-operator leases, totaling approximately $725,000 before tax in 2001. In 2000, the company recorded similar charges, principally associated with increased reserves for owner-operator leases in its Boyd division, totaling approximately $434,000 before tax.
Excluding the impact of these charges, Boyd Bros.' net loss for the fourth quarter of 2001 was $188,092 compared with a net loss of $1.09 million in the year-earlier period. For 2001, excluding these charges, the company's net income was $31,925 versus a net loss of $711,884 in 2000.
The company noted that its Boyd division was profitable for both the fourth quarter and 2001. However, these profits were more than offset by losses in the WTI Transport division, both from operations and including the foregoing write-downs and charges, resulting in net losses for the quarter and year.
Despite slightly better operating conditions over the past several months, the company remains cautious in its outlook for 2002, especially for the seasonally slow first quarter.
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