SCS Transportation Inc. has reported revenue of $208.3 million in the second quarter of 2003, up 6% from $196.5 million in the prior-year period.
Operating income was $8.9 million in the second quarter, up 31.7% from $6.8 million a year earlier. Net income increased 26.8% to $3.9 million for the quarter. Earnings per share were $0.26, up 23.8% from $0.21 a year earlier.
"Despite a slow economy, we continued to improve earnings by increasing our penetration of regional transportation markets and focusing on yield and cost management," said Bert Trucksess, chairman, president and chief executive officer of SCS Transportation. "Looking ahead, we believe our operating leverage provides an opportunity for additional earnings growth once the economy bounces back.
"We continued to generate cash in the second quarter, and SCS Transportation is in a strong financial position to take advantage of attractive opportunities for growing our business."
Subject to forward-looking risk factors, management expects 2003 earnings per share for the third quarter to be in a range of $0.32 to $0.36 and expects earnings per share for the full year to be in a range of $0.94 to $1. These estimates are based on company-specific business trends and initiatives, partially offset by lower economic assumptions for the remainder of the year.
Operating income was $8.9 million in the second quarter, up 31.7% from $6.8 million a year earlier. Net income increased 26.8% to $3.9 million for the quarter. Earnings per share were $0.26, up 23.8% from $0.21 a year earlier.
"Despite a slow economy, we continued to improve earnings by increasing our penetration of regional transportation markets and focusing on yield and cost management," said Bert Trucksess, chairman, president and chief executive officer of SCS Transportation. "Looking ahead, we believe our operating leverage provides an opportunity for additional earnings growth once the economy bounces back.
"We continued to generate cash in the second quarter, and SCS Transportation is in a strong financial position to take advantage of attractive opportunities for growing our business."
Subject to forward-looking risk factors, management expects 2003 earnings per share for the third quarter to be in a range of $0.32 to $0.36 and expects earnings per share for the full year to be in a range of $0.94 to $1. These estimates are based on company-specific business trends and initiatives, partially offset by lower economic assumptions for the remainder of the year.
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