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Alabama0based flatbed hauler Boyd Bros. Transportation reported increased revenues for the third quarter, marking the first upturn in the company's business since early 2000, and an ongoing turnaround in profits versus the same period last year.
Operating revenues increased 4 percent to $32.5 million from $31.2 million last year. The company reported net income of $230,210 compared with a net loss of $65,104 in the same period last year.
"We are pleased to report that the company continued to post profitable operations in the third quarter, an accomplishment that is particularly significant considering the ongoing deterioration we witnessed in the general economy during that time and the added uncertainty created by the terrorist attacks on our nation in September," said President Gail Cooper. "After seeing pressure on revenues for more than a year, due to soft freight volume and intense competitive conditions, we are gratified that the strategies we have pursued to streamline our operations and enhance our service levels to customers have produced top-line growth, along with our second consecutive quarter of profitable operations."
Cooper noted that, during the third quarter, the company set aside additional reserves for potentially uncollectible accounts receivable due to the bankruptcy of a major customer in the steel industry, one of Boyd Bros.' largest freight categories. This additional reserve, together with an additional amount related to another customer that declared bankruptcy earlier this year, totaled approximately $300,000 on a pre-tax basis. Boyd Bros. cannot predict the extent to which these customers may continue to use its services in the future, or what portion of its current accounts receivable ultimately may prove to be uncollectible.
"We know that many of the factors that influence our business are beyond our immediate command, so our goal this year has been to improve in the areas over which we have control," Cooper added. "For example, earlier this year we changed the way we recruit and train drivers, shifting our emphasis to hiring more seasoned drivers. This has resulted in a significant improvement in safety trends and, while we have not eliminated accidents or losses, we did see our insurance and claims costs decline in September to their lowest levels in more than a decade."
Boyd Brothers officials say they are cautious in their outlook for the near term, particularly over the next two quarters because of the seasonally slower nature of the winter months ahead. “We believe that, overall, the flatbed segment of trucking has not yet reached bottom and we expect the next several months will remain challenging for us and our competitors, with soft and erratic freight levels and highly competitive conditions."
Celadon Group reported net income for the third quarter increased to $141,000, compared with a loss of $470,000 in the prior year's comparable period. Consolidated revenue for the third quarter of the year was $82.9 million, about a 6 percent increase over an adjusted $78.3 million reported for the same period a year earlier. Including revenues from the recently divested flatbed division and higher pass-through revenues related to U.S. border-crossing costs, reported revenue in the prior year's comparable period was $88.4 million.
Celadon Group reported income before taxes of $401,000 for the quarter, compared to a loss before taxes of $595,000 in the prior-year September quarter, an improvement of $996,000.
Trucking operating income increased from $2.2 million in the September 2000 quarter, excluding Cheetah Transportation, to $2.4 million in the September 2001 quarter. TruckersB2B generated operating income of $111,000 in the September 2001 period compared with a loss of $686,000 in the prior year's comparable quarter.
"Despite a much more difficult economic climate in the United States in 2001, we were able to grow revenue miles by close to 4 percent, and revenue on an adjusted basis by 6 percent for the quarter," said Steve Russell, chairman and CEO. "A broadened customer base, caused in part by the exiting of between 5 and 10 percent of industry capacity, bodes well for the company, assuming the U.S. economy does not sink further."
Revenue at TruckersB2B increased by 39 percent to $1.3 million in the September 2001 quarter, from $0.9 million in the September 2000 quarter.
Michael Dunlap, COO of TruckersB2B, said, "Revenue continued to grow in the current quarter due to growth in existing fleets as well as from the addition of new fleets. Revenue represents only rebates and fees. The amount of product moved through our network totaled about $40 million in the quarter. EBITDA was over $145,000, and we have now demonstrated six months of consistent profitability."
Celadon reported that TruckersB2B now has over 310,000 member trucks enrolled, represented by over 9,600 separate companies in the U.S. and Canada.
Frozen Food Express announced an increased profit on lower revenue for the third quarter of the year and posted its second consecutive quarterly profit.
Revenue for the quarter was $98.1 million, compared to $101.4 million in last year's third quarter. The company earned $157,000 in this year's third quarter, compared to a loss of $1.5 million in the third quarter of 2000.
Although total revenue decreased in this year's third quarter compared to last year's, revenue generated by the company's freight transportation operations increased. In 2000's third quarter, freight revenue accounted for 81 percent of total revenue. For this year's third quarter, freight revenue was about 86 percent of total revenue.
Stoney Stubbs Chairman and CEO, explained that the company's non-freight operation, which sells trailers and refrigeration equipment, has been affected by the low demand for trucking equipment.
"While the good news is that we turned from a loss to a profit in the third quarter, the bad news is that we continue to be hurt by the soft demand for our services," Stubbs said. "Compared to last year's third quarter, our fleet's productivity is down. Our total fleet is about 7% larger than it was at the end of last year's third quarter, yet our freight revenue from this larger fleet is up by just 2%. While our full-truckload fleet's performance is holding up fairly well, our less-than-truckload operation continues to suffer from less demand for LTL services.
"Our profit came from holding the line on our expenses. Since earlier this year, we have been significantly realigning our less-than-truckload operations and cutting some inefficiencies from our truckload operations," Stubbs added.
Alabama0based flatbed hauler Boyd Bros. Transportation reported increased revenues for the third quarter, marking the first upturn in the company's business since early 2000, and an ongoing turnaround in profits versus the same period last year.
Operating revenues increased 4 percent to $32.5 million from $31.2 million last year. The company reported net income of $230,210 compared with a net loss of $65,104 in the same period last year.
"We are pleased to report that the company continued to post profitable operations in the third quarter, an accomplishment that is particularly significant considering the ongoing deterioration we witnessed in the general economy during that time and the added uncertainty created by the terrorist attacks on our nation in September," said President Gail Cooper. "After seeing pressure on revenues for more than a year, due to soft freight volume and intense competitive conditions, we are gratified that the strategies we have pursued to streamline our operations and enhance our service levels to customers have produced top-line growth, along with our second consecutive quarter of profitable operations."
Cooper noted that, during the third quarter, the company set aside additional reserves for potentially uncollectible accounts receivable due to the bankruptcy of a major customer in the steel industry, one of Boyd Bros.' largest freight categories. This additional reserve, together with an additional amount related to another customer that declared bankruptcy earlier this year, totaled approximately $300,000 on a pre-tax basis. Boyd Bros. cannot predict the extent to which these customers may continue to use its services in the future, or what portion of its current accounts receivable ultimately may prove to be uncollectible.
"We know that many of the factors that influence our business are beyond our immediate command, so our goal this year has been to improve in the areas over which we have control," Cooper added. "For example, earlier this year we changed the way we recruit and train drivers, shifting our emphasis to hiring more seasoned drivers. This has resulted in a significant improvement in safety trends and, while we have not eliminated accidents or losses, we did see our insurance and claims costs decline in September to their lowest levels in more than a decade."
Boyd Brothers officials say they are cautious in their outlook for the near term, particularly over the next two quarters because of the seasonally slower nature of the winter months ahead. “We believe that, overall, the flatbed segment of trucking has not yet reached bottom and we expect the next several months will remain challenging for us and our competitors, with soft and erratic freight levels and highly competitive conditions."
Celadon Group reported net income for the third quarter increased to $141,000, compared with a loss of $470,000 in the prior year's comparable period. Consolidated revenue for the third quarter of the year was $82.9 million, about a 6 percent increase over an adjusted $78.3 million reported for the same period a year earlier. Including revenues from the recently divested flatbed division and higher pass-through revenues related to U.S. border-crossing costs, reported revenue in the prior year's comparable period was $88.4 million.
Celadon Group reported income before taxes of $401,000 for the quarter, compared to a loss before taxes of $595,000 in the prior-year September quarter, an improvement of $996,000.
Trucking operating income increased from $2.2 million in the September 2000 quarter, excluding Cheetah Transportation, to $2.4 million in the September 2001 quarter. TruckersB2B generated operating income of $111,000 in the September 2001 period compared with a loss of $686,000 in the prior year's comparable quarter.
"Despite a much more difficult economic climate in the United States in 2001, we were able to grow revenue miles by close to 4 percent, and revenue on an adjusted basis by 6 percent for the quarter," said Steve Russell, chairman and CEO. "A broadened customer base, caused in part by the exiting of between 5 and 10 percent of industry capacity, bodes well for the company, assuming the U.S. economy does not sink further."
Revenue at TruckersB2B increased by 39 percent to $1.3 million in the September 2001 quarter, from $0.9 million in the September 2000 quarter.
Michael Dunlap, COO of TruckersB2B, said, "Revenue continued to grow in the current quarter due to growth in existing fleets as well as from the addition of new fleets. Revenue represents only rebates and fees. The amount of product moved through our network totaled about $40 million in the quarter. EBITDA was over $145,000, and we have now demonstrated six months of consistent profitability."
Celadon reported that TruckersB2B now has over 310,000 member trucks enrolled, represented by over 9,600 separate companies in the U.S. and Canada.
Frozen Food Express announced an increased profit on lower revenue for the third quarter of the year and posted its second consecutive quarterly profit.
Revenue for the quarter was $98.1 million, compared to $101.4 million in last year's third quarter. The company earned $157,000 in this year's third quarter, compared to a loss of $1.5 million in the third quarter of 2000.
Although total revenue decreased in this year's third quarter compared to last year's, revenue generated by the company's freight transportation operations increased. In 2000's third quarter, freight revenue accounted for 81 percent of total revenue. For this year's third quarter, freight revenue was about 86 percent of total revenue.
Stoney Stubbs Chairman and CEO, explained that the company's non-freight operation, which sells trailers and refrigeration equipment, has been affected by the low demand for trucking equipment.
"While the good news is that we turned from a loss to a profit in the third quarter, the bad news is that we continue to be hurt by the soft demand for our services," Stubbs said. "Compared to last year's third quarter, our fleet's productivity is down. Our total fleet is about 7% larger than it was at the end of last year's third quarter, yet our freight revenue from this larger fleet is up by just 2%. While our full-truckload fleet's performance is holding up fairly well, our less-than-truckload operation continues to suffer from less demand for LTL services.
"Our profit came from holding the line on our expenses. Since earlier this year, we have been significantly realigning our less-than-truckload operations and cutting some inefficiencies from our truckload operations," Stubbs added.
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