U.S. Xpress Enterprises Inc. announced higher operating revenues and earnings for the first quarter ended March 31, 2003.
Operating revenues increased 11.9% to $220.7 million, compared with $197.2 million for the first quarter of 2002. Net income for the first quarter was $121,000, or $0.01 per diluted share, compared with a loss of $1.4 million, or $0.10 per diluted share, in the first quarter of 2002. The first quarter of 2002 included a non-cash charge for the early extinguishment of debt of approximately $1.1 million, or $0.08 per diluted share.
"Although we posted year-over-year improvement in earnings for the fifth consecutive quarter, the impact from difficult weather conditions, the rapid spike in fuel prices that averaged approximately 38% above prior-year levels and a sluggish freight environment served to lessen the extent of year-over-year improvements achieved in our truckload operation," said Patrick Quinn, co-chairman of U.S. Xpress. "The higher fuel prices alone, net of fuel surcharges, reduced operating income in our truckload segment by approximately $3 million and earnings by $0.11 per diluted share.
"We are encouraged by the trend of improved operating results within each of our business segments. In the truckload segment, we posted an increase of 7.3% in revenues, net of fuel surcharges; realized a 2.8% increase in revenue per mile; and increased the average number of tractors by 4.7%. The end result was an 8.8% increase in truckload operating income to $3.0 million -- a figure that would have been nearly twice as much had we not experienced the dramatic rise in fuel costs during the quarter."
Operating revenues increased 11.9% to $220.7 million, compared with $197.2 million for the first quarter of 2002. Net income for the first quarter was $121,000, or $0.01 per diluted share, compared with a loss of $1.4 million, or $0.10 per diluted share, in the first quarter of 2002. The first quarter of 2002 included a non-cash charge for the early extinguishment of debt of approximately $1.1 million, or $0.08 per diluted share.
"Although we posted year-over-year improvement in earnings for the fifth consecutive quarter, the impact from difficult weather conditions, the rapid spike in fuel prices that averaged approximately 38% above prior-year levels and a sluggish freight environment served to lessen the extent of year-over-year improvements achieved in our truckload operation," said Patrick Quinn, co-chairman of U.S. Xpress. "The higher fuel prices alone, net of fuel surcharges, reduced operating income in our truckload segment by approximately $3 million and earnings by $0.11 per diluted share.
"We are encouraged by the trend of improved operating results within each of our business segments. In the truckload segment, we posted an increase of 7.3% in revenues, net of fuel surcharges; realized a 2.8% increase in revenue per mile; and increased the average number of tractors by 4.7%. The end result was an 8.8% increase in truckload operating income to $3.0 million -- a figure that would have been nearly twice as much had we not experienced the dramatic rise in fuel costs during the quarter."
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