SCS Transportation Inc., a Kansas City-based transportation company, has reported revenue of $194.3 million in the fourth quarter of 2002, up 5.1% from $184.8 million in the fourth quarter of 2001.
Operating income increased 40% to $7.5 million in the fourth quarter, from $5.4 million a year earlier. And earnings per share were $0.20 for the fourth quarter -- up 67% from $0.12 in the prior-year period.
"In our first quarter as an independent public company, we achieved significant profit improvement," said Bert Trucksess, chairman, president and chief executive officer of SCS Transportation.
"Despite a soft economy, both operating companies, Saia and Jevic, attained higher revenue and margins in the fourth quarter, through a combination of volume growth, a more stable pricing environment and efficiency gains."
Full-year revenue was $775.4 million in 2002, up slightly from $771.6 million in 2001. Operating income for 2002 was $27.2 million, up 73% from $15.7 million in the prior year. The full-year 2001 figure includes $6.7 million in costs for the integration of two western regional carriers into Saia. Excluding the integration costs, full-year operating income increased 21% in 2002.
"Our strategy as a new public company is to build value by increasing profitability and pursuing attractive growth opportunities," Trucksess said.
"We are encouraged by our fourth quarter progress, though significant opportunities remain. Given our strong cost control and customer service capabilities, our businesses are prepared to deliver earnings improvement, even assuming a slow-growing economy in 2003. A stronger recovery this year will provide additional upside," he said.
SCS Transportation provides regional and interregional less-than-truckload (LTL) and selected truckload (TL) service solutions to more than 64,000 customers across the United States. Its operating subsidiaries are Saia, based in Duluth, Ga.; and Jevic, based in Delanco, N.J.
Operating income increased 40% to $7.5 million in the fourth quarter, from $5.4 million a year earlier. And earnings per share were $0.20 for the fourth quarter -- up 67% from $0.12 in the prior-year period.
"In our first quarter as an independent public company, we achieved significant profit improvement," said Bert Trucksess, chairman, president and chief executive officer of SCS Transportation.
"Despite a soft economy, both operating companies, Saia and Jevic, attained higher revenue and margins in the fourth quarter, through a combination of volume growth, a more stable pricing environment and efficiency gains."
Full-year revenue was $775.4 million in 2002, up slightly from $771.6 million in 2001. Operating income for 2002 was $27.2 million, up 73% from $15.7 million in the prior year. The full-year 2001 figure includes $6.7 million in costs for the integration of two western regional carriers into Saia. Excluding the integration costs, full-year operating income increased 21% in 2002.
"Our strategy as a new public company is to build value by increasing profitability and pursuing attractive growth opportunities," Trucksess said.
"We are encouraged by our fourth quarter progress, though significant opportunities remain. Given our strong cost control and customer service capabilities, our businesses are prepared to deliver earnings improvement, even assuming a slow-growing economy in 2003. A stronger recovery this year will provide additional upside," he said.
SCS Transportation provides regional and interregional less-than-truckload (LTL) and selected truckload (TL) service solutions to more than 64,000 customers across the United States. Its operating subsidiaries are Saia, based in Duluth, Ga.; and Jevic, based in Delanco, N.J.
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