Covenant Transport Inc. has announced financial and operating results for the fourth quarter and year ended Dec. 31, 2002.
For the quarter, operating revenue increased 4% to $146.7 million from $140.6 million during the same period in 2001. Net income increased to $3.4 million or $.23 per diluted share, from a net loss of $8.3 million, or $.59 per diluted share, for the fourth quarter of 2001. In the fourth quarter of 2001, the company recorded a $.68 per diluted share or $9.5 million after-tax impairment charge relating to tractor values.
For the year, operating revenue decreased 2% to $564.4 million from $573.6 million during 2001. Net income increased to $8.3 million, or $.57 per diluted share, from a net loss of $6.7 million, or $.48 per diluted share, for 2001.
Chairman, President, and Chief Executive Officer David R. Parker said, "During the quarter, we continued our steady progress on our core goals of enhancing revenue per mile, improving equipment utilization, controlling expenses, and limiting fleet growth until justified by acceptable returns. We held our fleet size essentially constant versus the same quarter in 2001 while raising average revenue per tractor per week by approximately 2.8%. This improved productivity resulted from a combination of higher revenue per mile and more miles per tractor.
"I also am pleased that our balance sheet remains strong. Covenant ended the year with a balance sheet debt-to-total capitalization ratio of 32%. This was up slightly from the end of the third quarter as we replaced approximately 600 of our older tractors with new 2003 models during the quarter."
Covenant Transport Inc. is a public truckload carrier operating one of the 10 largest fleets in North America.
For the quarter, operating revenue increased 4% to $146.7 million from $140.6 million during the same period in 2001. Net income increased to $3.4 million or $.23 per diluted share, from a net loss of $8.3 million, or $.59 per diluted share, for the fourth quarter of 2001. In the fourth quarter of 2001, the company recorded a $.68 per diluted share or $9.5 million after-tax impairment charge relating to tractor values.
For the year, operating revenue decreased 2% to $564.4 million from $573.6 million during 2001. Net income increased to $8.3 million, or $.57 per diluted share, from a net loss of $6.7 million, or $.48 per diluted share, for 2001.
Chairman, President, and Chief Executive Officer David R. Parker said, "During the quarter, we continued our steady progress on our core goals of enhancing revenue per mile, improving equipment utilization, controlling expenses, and limiting fleet growth until justified by acceptable returns. We held our fleet size essentially constant versus the same quarter in 2001 while raising average revenue per tractor per week by approximately 2.8%. This improved productivity resulted from a combination of higher revenue per mile and more miles per tractor.
"I also am pleased that our balance sheet remains strong. Covenant ended the year with a balance sheet debt-to-total capitalization ratio of 32%. This was up slightly from the end of the third quarter as we replaced approximately 600 of our older tractors with new 2003 models during the quarter."
Covenant Transport Inc. is a public truckload carrier operating one of the 10 largest fleets in North America.
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