Smithway Motor Xpress Corp., Ft. Dodge, Iowa, announced its financial and operating results for the third quarter and first nine months of 2002.
For the quarter, operating revenue was $43.3 million compared with $48.6 million during the 2001 quarter.
Net loss was $757,000, or $.16 per diluted share, compared with net loss of $1.2 million, or $.25 per diluted share, during the 2001 quarter.
For the first nine months, operating revenue was $129.7 million compared with $147.7 million during the 2001 period. Net loss was $4.0 million, or $.82 per diluted share, compared with $2.9 million, or $.59 per diluted share, during the 2001 period.
William G. Smith, chairman, president and CEO, said, "We continued to make progress during the quarter on our core goals of improving revenue per seated tractor per week, improving our van operation's performance, decreasing our number of tractors without drivers and continuing our commitment to safe operations. For the quarter, revenue per seated tractor per week improved by approximately one percent versus the third quarter of 2001, primarily as a result of a $.03 increase in revenue per loaded mile. During the quarter our number of seated tractors remained essentially constant, and we disposed of approximately 80 unproductive tractors that were scheduled for sale under the company's disposal cycle.
"Since the end of the quarter we have continued to dispose of tractors and have experienced strong driver recruiting classes. This combination has held steady our number of tractors with drivers and led to the lowest number of unseated tractors since May 2001. We believe the strict hiring standards we apply to our drivers have contributed to an excellent safety record and have helped to control claims expenses. For the fourth consecutive quarter we have set a record for our lowest rate of accidents per million miles in the past five years.
"As a result of hard work throughout our company, Smithway was profitable in September. Although the winter months can be difficult, we anticipate that continued focus on our core goals will drive better results over time, particularly when shipping demand in the Midwest picks up."
The company also announced that Donald A. Orr, its executive vice president and chief operating officer, will be leaving the company for personal family reasons.
Smithway is a truckload carrier that hauls diversified freight nationwide, concentrating primarily on the flatbed segment of the truckload market.
For the quarter, operating revenue was $43.3 million compared with $48.6 million during the 2001 quarter.
Net loss was $757,000, or $.16 per diluted share, compared with net loss of $1.2 million, or $.25 per diluted share, during the 2001 quarter.
For the first nine months, operating revenue was $129.7 million compared with $147.7 million during the 2001 period. Net loss was $4.0 million, or $.82 per diluted share, compared with $2.9 million, or $.59 per diluted share, during the 2001 period.
William G. Smith, chairman, president and CEO, said, "We continued to make progress during the quarter on our core goals of improving revenue per seated tractor per week, improving our van operation's performance, decreasing our number of tractors without drivers and continuing our commitment to safe operations. For the quarter, revenue per seated tractor per week improved by approximately one percent versus the third quarter of 2001, primarily as a result of a $.03 increase in revenue per loaded mile. During the quarter our number of seated tractors remained essentially constant, and we disposed of approximately 80 unproductive tractors that were scheduled for sale under the company's disposal cycle.
"Since the end of the quarter we have continued to dispose of tractors and have experienced strong driver recruiting classes. This combination has held steady our number of tractors with drivers and led to the lowest number of unseated tractors since May 2001. We believe the strict hiring standards we apply to our drivers have contributed to an excellent safety record and have helped to control claims expenses. For the fourth consecutive quarter we have set a record for our lowest rate of accidents per million miles in the past five years.
"As a result of hard work throughout our company, Smithway was profitable in September. Although the winter months can be difficult, we anticipate that continued focus on our core goals will drive better results over time, particularly when shipping demand in the Midwest picks up."
The company also announced that Donald A. Orr, its executive vice president and chief operating officer, will be leaving the company for personal family reasons.
Smithway is a truckload carrier that hauls diversified freight nationwide, concentrating primarily on the flatbed segment of the truckload market.
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