Knight Transportation Inc. has announced increases in revenue, income from operations and net income for the quarter and 12 months ended Dec. 31, 2002.
For the quarter ended Dec. 31, revenue -- before fuel surcharge -- increased 17.4% to $76.4 million from $65.1 million for the same quarter of 2001. Net income increased 20.6%, to $8.2 million from $6.8 million, and net income per diluted share increased 15.8%, to $0.22 from $0.19.
For the 12 months ended Dec. 31, revenue, before fuel surcharge, increased 15.6% to $279.4 million from $241.7 million for the same period of 2001. Net income increased 25.0%, to $27.9 million from $22.4 million, and net income per diluted share increased 14.1%, to $0.73 from $0.64.
Net income and net income per diluted share for 2001 exclude a one-time, non-cash charge of $3.4 million after tax, or $0.10 per diluted share, related to a minority investment made in a wireless communications company during 1998 and 1999.
Net income per diluted share last year was impacted by an additional 2.7 million weighted average shares outstanding resulting from a public offering of common stock by the company during the fourth quarter of 2001.
Chairman and Chief Executive Officer Kevin P. Knight said, "We are pleased with all aspects of our operations during the fourth quarter. We were able to post an operating ratio of 81.3 for the quarter, which was our best in the last 18 quarters."
For the quarter ended Dec. 31, revenue -- before fuel surcharge -- increased 17.4% to $76.4 million from $65.1 million for the same quarter of 2001. Net income increased 20.6%, to $8.2 million from $6.8 million, and net income per diluted share increased 15.8%, to $0.22 from $0.19.
For the 12 months ended Dec. 31, revenue, before fuel surcharge, increased 15.6% to $279.4 million from $241.7 million for the same period of 2001. Net income increased 25.0%, to $27.9 million from $22.4 million, and net income per diluted share increased 14.1%, to $0.73 from $0.64.
Net income and net income per diluted share for 2001 exclude a one-time, non-cash charge of $3.4 million after tax, or $0.10 per diluted share, related to a minority investment made in a wireless communications company during 1998 and 1999.
Net income per diluted share last year was impacted by an additional 2.7 million weighted average shares outstanding resulting from a public offering of common stock by the company during the fourth quarter of 2001.
Chairman and Chief Executive Officer Kevin P. Knight said, "We are pleased with all aspects of our operations during the fourth quarter. We were able to post an operating ratio of 81.3 for the quarter, which was our best in the last 18 quarters."
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