Knight Transportation Inc., Phoenix, Ariz., said second quarter revenues ended June 30, 2004 -- before fuel surcharge -- increased 22.5% to $100.2 million from $81.8 million for the same quarter of 2003.
Net income increased 27.5% to $11.4 million for the quarter from $9.0 million for the same period of 2003.
For the six months ended June 30, 2004, revenue, before fuel surcharge, increased 22.6% to $190.4 million from $155.3 million for the same period of 2003. For the six months ended June 30, 2004, net income increased 29.3% to $20.7 million from $16.0 million for the same period of 2003.
Chairman and Chief Executive Officer Kevin P. Knight said, "Our associates registered another quarter of record revenues and earnings -- we broke the $100,000,000 mark for quarterly revenue for the first time. The revenue side of our business continues to more than offset the cost pressures facing our industry. We improved our loaded revenue per mile by almost 6% while increasing our length of haul by over 5% as our associates focused on selecting the right freight for the right rates to meet the requirements for our company.
"By continuing to look for innovative ways to reduce or control costs without sacrificing service, we were successful in improving our operating ratio to 81.1% in spite of the highest fuel prices in our history coupled with significantly higher fuel prices in the West compared to the national average."
Net income increased 27.5% to $11.4 million for the quarter from $9.0 million for the same period of 2003.
For the six months ended June 30, 2004, revenue, before fuel surcharge, increased 22.6% to $190.4 million from $155.3 million for the same period of 2003. For the six months ended June 30, 2004, net income increased 29.3% to $20.7 million from $16.0 million for the same period of 2003.
Chairman and Chief Executive Officer Kevin P. Knight said, "Our associates registered another quarter of record revenues and earnings -- we broke the $100,000,000 mark for quarterly revenue for the first time. The revenue side of our business continues to more than offset the cost pressures facing our industry. We improved our loaded revenue per mile by almost 6% while increasing our length of haul by over 5% as our associates focused on selecting the right freight for the right rates to meet the requirements for our company.
"By continuing to look for innovative ways to reduce or control costs without sacrificing service, we were successful in improving our operating ratio to 81.1% in spite of the highest fuel prices in our history coupled with significantly higher fuel prices in the West compared to the national average."
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