U.S. Xpress Enterprises Inc. has reported higher operating revenues and earnings for the fourth quarter ending Dec. 31, 2002.
Revenues increased 13.8% to $229.4 million, compared with $201.6 million in the fourth quarter of 2001. For the year ended Dec. 31, 2002, revenues increased 8.1% to $862.3 million compared with $798.0 million in 2001.
Net income for the fourth quarter of 2002 (before a charge of $1.7 million, related to the settlement of previously disclosed litigation) was $1.4 million, or $0.10 per diluted share, compared with a loss of $599,000, or $0.04 per share, in the fourth quarter of 2001. Net income for the fourth quarter after the litigation charge was $522,000, or $0.04 per diluted share. For the year ended Dec. 31, 2002, net income (before the litigation charge discussed above and an extraordinary charge for the early extinguishment of debt of $1.1 million, or $0.08 per share net of tax) was $3.2 million, or $0.23 per diluted share, compared with a loss of $1.1 million, or $0.08 per diluted share in 2001. Net income for 2002 after the litigation charge and extraordinary item was $1.1 million, or $0.08 per diluted share.
Co-Chairman Pat Quinn said, "A primary focus for this past year has been on enhancing the performance of our truckload operations through better execution. During the year, we were able to post year-over-year improvements in each quarter. Truckload revenue, excluding the effect of fuel surcharges, increased 11.9% to $200.6 million for the fourth quarter. Operating income of our truckload operations nearly doubled to $6.3 million in the fourth quarter from $3.2 million in the prior-year period, despite the negative impact of significantly higher fuel costs."
U.S. Xpress Enterprises Inc. is the fifth-largest publicly owned truckload carrier in the United States. The company provides regional, dedicated and expedited truckload services throughout North America, with regional capabilities in the West, Midwest and Southeastern United States.
Revenues increased 13.8% to $229.4 million, compared with $201.6 million in the fourth quarter of 2001. For the year ended Dec. 31, 2002, revenues increased 8.1% to $862.3 million compared with $798.0 million in 2001.
Net income for the fourth quarter of 2002 (before a charge of $1.7 million, related to the settlement of previously disclosed litigation) was $1.4 million, or $0.10 per diluted share, compared with a loss of $599,000, or $0.04 per share, in the fourth quarter of 2001. Net income for the fourth quarter after the litigation charge was $522,000, or $0.04 per diluted share. For the year ended Dec. 31, 2002, net income (before the litigation charge discussed above and an extraordinary charge for the early extinguishment of debt of $1.1 million, or $0.08 per share net of tax) was $3.2 million, or $0.23 per diluted share, compared with a loss of $1.1 million, or $0.08 per diluted share in 2001. Net income for 2002 after the litigation charge and extraordinary item was $1.1 million, or $0.08 per diluted share.
Co-Chairman Pat Quinn said, "A primary focus for this past year has been on enhancing the performance of our truckload operations through better execution. During the year, we were able to post year-over-year improvements in each quarter. Truckload revenue, excluding the effect of fuel surcharges, increased 11.9% to $200.6 million for the fourth quarter. Operating income of our truckload operations nearly doubled to $6.3 million in the fourth quarter from $3.2 million in the prior-year period, despite the negative impact of significantly higher fuel costs."
U.S. Xpress Enterprises Inc. is the fifth-largest publicly owned truckload carrier in the United States. The company provides regional, dedicated and expedited truckload services throughout North America, with regional capabilities in the West, Midwest and Southeastern United States.
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