Transport Corp. of America Inc., Minneapolis, has reported revenues for the third quarter 2003 of $64.1 million, compared with 2002 third quarter revenues of $69.0 million.
Third quarter's net income before cumulative effect of a change in accounting principle was $1.0 million or $0.15 per diluted share, compared with 2002 third quarter net income of $0.3 million, or $0.03 per diluted share.
Michael Paxton, chairman, president and chief executive officer, said, "Our efforts to drive productivity and network balance have begun to translate into improved financial performance. We reduced our deadhead percentage again this quarter, achieving 10.4% during the third quarter compared to 11.3% in 2002. Our administrative productivity improved, with our revenue per non-driver employee increasing by 4.7% in the third quarter over the previous year. In addition, our revenue per loaded mile improved for the third consecutive quarter and exceeded the same quarter of the previous year for the first time since the second quarter of 2001."
Third quarter's net income before cumulative effect of a change in accounting principle was $1.0 million or $0.15 per diluted share, compared with 2002 third quarter net income of $0.3 million, or $0.03 per diluted share.
Michael Paxton, chairman, president and chief executive officer, said, "Our efforts to drive productivity and network balance have begun to translate into improved financial performance. We reduced our deadhead percentage again this quarter, achieving 10.4% during the third quarter compared to 11.3% in 2002. Our administrative productivity improved, with our revenue per non-driver employee increasing by 4.7% in the third quarter over the previous year. In addition, our revenue per loaded mile improved for the third consecutive quarter and exceeded the same quarter of the previous year for the first time since the second quarter of 2001."
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