Knight Transportation Inc., a short- to medium-haul, dry van truckload carrier headquartered in Phoenix, Ariz., has reported increased revenues for the quarter ended March 31.
Revenue before fuel surcharge increased 18.8% to $73,551,000 from $61,890,000 for the same quarter of 2002. Net income increased 27.4% to $7,077,000 from $5,553,000 for the same quarter last year.
And net income per share increased 26.7% to $0.19 from $0.15 for the same quarter in 2002.
"Again we are pleased with the operations of our company," said Chairman and Chief Executive Officer Kevin P. Knight. "During the seasonally weak first quarter, we posted an operating ratio of 83.9%, which is our best first quarter operating ratio since March 1999.
"A substantial increase in revenue per mile more than overcame a slight decrease in miles per tractor. We finished the quarter with $33.6 million in cash, $13.5 million in debt, and $10.9 million remaining on off-balance-sheet equipment operating leases," Knight said.
"Higher fuel costs, net of fuel surcharge, negatively impacted our earnings per diluted share by approximately $0.01 for this quarter, as compared to the same quarter last year."
Revenue before fuel surcharge increased 18.8% to $73,551,000 from $61,890,000 for the same quarter of 2002. Net income increased 27.4% to $7,077,000 from $5,553,000 for the same quarter last year.
And net income per share increased 26.7% to $0.19 from $0.15 for the same quarter in 2002.
"Again we are pleased with the operations of our company," said Chairman and Chief Executive Officer Kevin P. Knight. "During the seasonally weak first quarter, we posted an operating ratio of 83.9%, which is our best first quarter operating ratio since March 1999.
"A substantial increase in revenue per mile more than overcame a slight decrease in miles per tractor. We finished the quarter with $33.6 million in cash, $13.5 million in debt, and $10.9 million remaining on off-balance-sheet equipment operating leases," Knight said.
"Higher fuel costs, net of fuel surcharge, negatively impacted our earnings per diluted share by approximately $0.01 for this quarter, as compared to the same quarter last year."
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