Flatbed carrier Boyd Bros. Transportation Inc., Clayton, Ala., reported that revenues rose 4% and profits 6% in the quarter ended June 30.
According to Boyd Bros., the results reflect an improvement over the same period in 2002 and continue a positive trend in operations, quarter-over-quarter, that has been evident since early 2002.
For the second quarter ended June 30, 2003, operating revenues rose 4% to $34,368,130 from $32,969,112 in the comparable period last year. Included in second quarter operating revenues were fuel surcharges totaling $1,023,291 and $258,640 in 2003 and 2002, respectively.
Logistics revenues in the Boyd division totaled $2,333,364 in the second quarter of 2003 versus $1,759,204 in the second quarter of 2002. Pre-tax income for the second quarter increased 8% to $1,105,421 versus $1,021,774 in the year-earlier quarter, while net income rose 6% to $645,291 or $0.23 per diluted share from $607,350 or $0.22 per diluted share in the second quarter of 2002.
For the first six months of 2003, operating revenues rose 5% to $66,945,608 from $63,589,429 in the same period last year. Included in operating revenues for the first half of 2003 were fuel surcharges totaling $2,014,855 versus $285,988 in the comparable 2002 period.
Logistics revenues in the Boyd division totaled $5,012,534 in the first half of 2003 versus $3,367,576 in the first half of 2002. Pre-tax income for the first six months of 2003 advanced 95% to $1,112,272 compared with $571,300 last year, while net income for the first six months of 2003 rose 103% to $649,477 or $0.23 per diluted share from $319,249 or $0.12 per diluted share in first half of 2002.
"Clearly, the operating environment we face remains challenging," said Gail B. Cooper, president and chief executive officer, "characterized by ongoing uncertainty throughout the economy. We have continued to see cost pressures in several areas, particularly with diesel fuel prices that remain well above last year's levels, and higher benefit costs for our employees. A shortage of qualified drivers also remains an impediment to our efforts to improve equipment utilization. On the positive side, an ongoing decline in rates has reduced our interest expense.
"Looking ahead to the second half of the year, we believe our ongoing focus on expense control and operating efficiencies will position the company for further growth and profit improvements when the much-anticipated economic recovery gains traction and begins to produce a positive effect on both freight rates and our freight mix. Also, even though fuel costs remain high, current levels are similar to those experienced in the second half of 2002. So, barring further volatility or price spikes, the impact of high fuel costs should have less influence on earnings comparisons going forward," Cooper concluded.
Boyd Bros. Transportation Inc. provides transportation services to high-volume, time-sensitive customers, primarily in the steel and building materials industries, and operates throughout most of the continental United States.
For more information about the Company, visit Boyd Bros. on the Internet at www.boydbros.com.
According to Boyd Bros., the results reflect an improvement over the same period in 2002 and continue a positive trend in operations, quarter-over-quarter, that has been evident since early 2002.
For the second quarter ended June 30, 2003, operating revenues rose 4% to $34,368,130 from $32,969,112 in the comparable period last year. Included in second quarter operating revenues were fuel surcharges totaling $1,023,291 and $258,640 in 2003 and 2002, respectively.
Logistics revenues in the Boyd division totaled $2,333,364 in the second quarter of 2003 versus $1,759,204 in the second quarter of 2002. Pre-tax income for the second quarter increased 8% to $1,105,421 versus $1,021,774 in the year-earlier quarter, while net income rose 6% to $645,291 or $0.23 per diluted share from $607,350 or $0.22 per diluted share in the second quarter of 2002.
For the first six months of 2003, operating revenues rose 5% to $66,945,608 from $63,589,429 in the same period last year. Included in operating revenues for the first half of 2003 were fuel surcharges totaling $2,014,855 versus $285,988 in the comparable 2002 period.
Logistics revenues in the Boyd division totaled $5,012,534 in the first half of 2003 versus $3,367,576 in the first half of 2002. Pre-tax income for the first six months of 2003 advanced 95% to $1,112,272 compared with $571,300 last year, while net income for the first six months of 2003 rose 103% to $649,477 or $0.23 per diluted share from $319,249 or $0.12 per diluted share in first half of 2002.
"Clearly, the operating environment we face remains challenging," said Gail B. Cooper, president and chief executive officer, "characterized by ongoing uncertainty throughout the economy. We have continued to see cost pressures in several areas, particularly with diesel fuel prices that remain well above last year's levels, and higher benefit costs for our employees. A shortage of qualified drivers also remains an impediment to our efforts to improve equipment utilization. On the positive side, an ongoing decline in rates has reduced our interest expense.
"Looking ahead to the second half of the year, we believe our ongoing focus on expense control and operating efficiencies will position the company for further growth and profit improvements when the much-anticipated economic recovery gains traction and begins to produce a positive effect on both freight rates and our freight mix. Also, even though fuel costs remain high, current levels are similar to those experienced in the second half of 2002. So, barring further volatility or price spikes, the impact of high fuel costs should have less influence on earnings comparisons going forward," Cooper concluded.
Boyd Bros. Transportation Inc. provides transportation services to high-volume, time-sensitive customers, primarily in the steel and building materials industries, and operates throughout most of the continental United States.
For more information about the Company, visit Boyd Bros. on the Internet at www.boydbros.com.
Read more about
Economy
media brand
0 Comments
See all comments