USF Corp. reported net income of $8.1 million for the second quarter ended July 5, 2003, compared to $5.9 million reported for the second quarter ended June 29, 2002.
Diluted earnings per share were 30 cents for the quarter compared to 22 cents per share for the second quarter of 2002.
Included in the 2003 second quarter results was an after-tax charge of $1.2 million (equivalent to 4 cents diluted earnings per share) related to retirement costs for the company's former CEO.
Net income from continuing operations for the second quarter was also $8.1 million, or 30 cents diluted earnings per share, compared to $13 million for the second quarter of 2002, equivalent to 47 cents per share.
Operating revenue for the second quarter was $567.1 million, a 0.7% decrease from the $571.2 million reported for the second quarter of 2002.
The elements contributing to the relatively flat revenue were decreases in revenue at USF Red Star and USF Logistics. USF Red Star is being restructured to its core business markets in the Northeast. This strategy requires exiting certain terminals and shedding unprofitable business.
At USF Logistics there was a significant reduction of business with major customers, primarily with Fleming Cos. following their bankruptcy in April.
Less-Than-Truckload Operating earnings for the LTL group were $25.3 million in the quarter, compared to $28.5 million for the second quarter of 2002. The LTL group's operating ratio (OR) in the second quarter was 94.6%, compared to 94% in the second quarter of last year. Second quarter revenue in the LTL group amounted to $472.5 million, a 0.6% decrease from last year's second quarter. Per working day revenue increased 1.8% over last year.
Diluted earnings per share were 30 cents for the quarter compared to 22 cents per share for the second quarter of 2002.
Included in the 2003 second quarter results was an after-tax charge of $1.2 million (equivalent to 4 cents diluted earnings per share) related to retirement costs for the company's former CEO.
Net income from continuing operations for the second quarter was also $8.1 million, or 30 cents diluted earnings per share, compared to $13 million for the second quarter of 2002, equivalent to 47 cents per share.
Operating revenue for the second quarter was $567.1 million, a 0.7% decrease from the $571.2 million reported for the second quarter of 2002.
The elements contributing to the relatively flat revenue were decreases in revenue at USF Red Star and USF Logistics. USF Red Star is being restructured to its core business markets in the Northeast. This strategy requires exiting certain terminals and shedding unprofitable business.
At USF Logistics there was a significant reduction of business with major customers, primarily with Fleming Cos. following their bankruptcy in April.
Less-Than-Truckload Operating earnings for the LTL group were $25.3 million in the quarter, compared to $28.5 million for the second quarter of 2002. The LTL group's operating ratio (OR) in the second quarter was 94.6%, compared to 94% in the second quarter of last year. Second quarter revenue in the LTL group amounted to $472.5 million, a 0.6% decrease from last year's second quarter. Per working day revenue increased 1.8% over last year.
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