Boyd Bros. Transportation, Clayton, Ala., on Thursday reported results for the first quarter ended March 31.
For the quarter, operating revenues totaled $30.63 million compared with $30.37 million in the same period last year. The company reported a net loss for the first quarter of $288,097, compared with a net loss of $293,479 in the year-earlier quarter.
"We were encouraged to see freight levels strengthen over the course of the first quarter of 2002," said Gail B. Cooper, President and CEO, "which began with rather weak conditions but ended in March on a stronger note. While load levels have not rebounded as much as we would like from the downturn we witnessed in late 2001, and considering that the first quarter is seasonally the slowest period of the year for us, we nevertheless were pleased that overall revenues increased slightly during the quarter and reflected higher sales for both of our operating divisions, Boyd and WTI.”
She notes that higher safety costs relating to accruals for liability, cargo and workers' compensation claims were primarily responsible for the loss incurred in the first quarter. She also pointed out that the year-earlier quarter benefited from a gain on the sale of equipment that for the most part did not recur this year.
On a divisional basis, the company said WTI returned to operating profitability in the first quarter following operating losses throughout 2001. The Boyd division incurred an operating loss in the first quarter of 2002 versus an operating profit in the year-earlier period, largely due to the foregoing reasons.
"Even though we continue to confront a difficult freight environment, and have been hampered by a recent spike in insurance and claims expense, we remain cautiously optimistic that business conditions will continue to improve over the balance of the year," Cooper said. "There are clear signs that the general economy has stabilized and that America's heavy industry is beginning to rebound. Moreover, the building and construction sectors have remained largely resilient through the past several months, aided by lower interest rates and generally good weather. If these trends continue, we believe they will translate into stronger year-over-year revenue gains as 2002 unfolds.”
Overnite Holding, Richmond, Va., the parent company of Overnite Corporation, which owns both Overnite Transportation and Motor Cargo Industries, reported net income for the first quarter of 2002 of $9 million on revenue of $304.9 million, compared to $8 million and $313.2 million, respectively, last year.
Revenue during the first quarter, calculated on a per-day basis excluding fuel surcharges, grew 0.7 percent. Despite the nation's continued economic problems, daily tonnage rose slightly by 0.5 percent. Operating ratio improved by one-tenth of a point over the same period last year to 96.6.
"We would not normally be happy with these results, but in light of present economic conditions, we did fairly well," said Overnite Holding CEO Leo Suggs. "We focused our attention on cutting costs wherever possible while maintaining superior service and holding yields."
For the quarter, operating revenues totaled $30.63 million compared with $30.37 million in the same period last year. The company reported a net loss for the first quarter of $288,097, compared with a net loss of $293,479 in the year-earlier quarter.
"We were encouraged to see freight levels strengthen over the course of the first quarter of 2002," said Gail B. Cooper, President and CEO, "which began with rather weak conditions but ended in March on a stronger note. While load levels have not rebounded as much as we would like from the downturn we witnessed in late 2001, and considering that the first quarter is seasonally the slowest period of the year for us, we nevertheless were pleased that overall revenues increased slightly during the quarter and reflected higher sales for both of our operating divisions, Boyd and WTI.”
She notes that higher safety costs relating to accruals for liability, cargo and workers' compensation claims were primarily responsible for the loss incurred in the first quarter. She also pointed out that the year-earlier quarter benefited from a gain on the sale of equipment that for the most part did not recur this year.
On a divisional basis, the company said WTI returned to operating profitability in the first quarter following operating losses throughout 2001. The Boyd division incurred an operating loss in the first quarter of 2002 versus an operating profit in the year-earlier period, largely due to the foregoing reasons.
"Even though we continue to confront a difficult freight environment, and have been hampered by a recent spike in insurance and claims expense, we remain cautiously optimistic that business conditions will continue to improve over the balance of the year," Cooper said. "There are clear signs that the general economy has stabilized and that America's heavy industry is beginning to rebound. Moreover, the building and construction sectors have remained largely resilient through the past several months, aided by lower interest rates and generally good weather. If these trends continue, we believe they will translate into stronger year-over-year revenue gains as 2002 unfolds.”
Overnite Holding, Richmond, Va., the parent company of Overnite Corporation, which owns both Overnite Transportation and Motor Cargo Industries, reported net income for the first quarter of 2002 of $9 million on revenue of $304.9 million, compared to $8 million and $313.2 million, respectively, last year.
Revenue during the first quarter, calculated on a per-day basis excluding fuel surcharges, grew 0.7 percent. Despite the nation's continued economic problems, daily tonnage rose slightly by 0.5 percent. Operating ratio improved by one-tenth of a point over the same period last year to 96.6.
"We would not normally be happy with these results, but in light of present economic conditions, we did fairly well," said Overnite Holding CEO Leo Suggs. "We focused our attention on cutting costs wherever possible while maintaining superior service and holding yields."
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