SCS Transportation Inc. a Kansas City-based trucking transportation company, has reported revenue of $200.1 million in the first quarter of 2003, up 9% from $183.5 million in the first quarter of 2002.
Operating income was $4.5 million in the quarter, down from $4.9 million a year earlier. Net income in the first quarter of 2003 was $1.3 million, compared with $1.9 million of income before the cumulative effect of the change in accounting for goodwill in the first quarter of 2002.
Earnings per share in the first quarter were $0.09, compared to $0.13 per share before the cumulative effect a year earlier.
"Despite the harsh winter weather that was concentrated in several of our core markets and uncertainties about economic growth, our business showed significant signs of strength in the first quarter," said Bert Trucksess, chairman, president and chief executive officer of SCS Transportation. Higher less-than-truckload volumes and some stabilizing of pricing produced a revenue increase -- exclusive of fuel surcharges -- of 5.5%.
The company also continued to achieve productivity and cost control gains. However, income results were impacted by the severe weather in February, as well as expected increased financing and holding company costs resulting from the Sept. 30, 2002, spin-off. Also, while the overall economy seems to be growing, it is less robust than expected.
"We ended the quarter with a solid balance sheet, approximately $23 million in cash and no borrowings under our revolving credit facility. We believe our financial position gives us the strength and flexibility to take advantage of attractive opportunities," added Trucksess.
Operating income was $4.5 million in the quarter, down from $4.9 million a year earlier. Net income in the first quarter of 2003 was $1.3 million, compared with $1.9 million of income before the cumulative effect of the change in accounting for goodwill in the first quarter of 2002.
Earnings per share in the first quarter were $0.09, compared to $0.13 per share before the cumulative effect a year earlier.
"Despite the harsh winter weather that was concentrated in several of our core markets and uncertainties about economic growth, our business showed significant signs of strength in the first quarter," said Bert Trucksess, chairman, president and chief executive officer of SCS Transportation. Higher less-than-truckload volumes and some stabilizing of pricing produced a revenue increase -- exclusive of fuel surcharges -- of 5.5%.
The company also continued to achieve productivity and cost control gains. However, income results were impacted by the severe weather in February, as well as expected increased financing and holding company costs resulting from the Sept. 30, 2002, spin-off. Also, while the overall economy seems to be growing, it is less robust than expected.
"We ended the quarter with a solid balance sheet, approximately $23 million in cash and no borrowings under our revolving credit facility. We believe our financial position gives us the strength and flexibility to take advantage of attractive opportunities," added Trucksess.
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