SCS Transportation Inc., Kansas City, Mo., reported revenue of $207.5 million in the fourth quarter of 2003, up 6.8% from $194.3 million in the year-earlier quarter.
Net income was $4.6 million, a 50% increase from $3.0 million in the fourth quarter of 2002. Fourth-quarter earnings per share were $0.30, up 50% from $0.20 a year earlier.
For full-year 2003, revenue was $827.4 million, up 6.7% from $775.4 million in 2002. Net income was $14.9 million for 2003, a 23.8% increase compared with income of $12.1 million before the recognition in 2002 of the cumulative effect of a change in accounting for goodwill. Earnings per share for 2003 were $0.99, up 20.7% from $0.82 per share in 2002 income before the change in accounting for goodwill.
"Earnings improved in the fourth quarter of 2003 as both operating companies, Saia and Jevic, increased volumes while managing costs and productivity," said Bert Trucksess, chairman, president and chief executive officer of SCS Transportation. "During our first full year as an independent public company, we also strengthened our balance sheet and increased our financial flexibility for future growth initiatives."
Net income was $4.6 million, a 50% increase from $3.0 million in the fourth quarter of 2002. Fourth-quarter earnings per share were $0.30, up 50% from $0.20 a year earlier.
For full-year 2003, revenue was $827.4 million, up 6.7% from $775.4 million in 2002. Net income was $14.9 million for 2003, a 23.8% increase compared with income of $12.1 million before the recognition in 2002 of the cumulative effect of a change in accounting for goodwill. Earnings per share for 2003 were $0.99, up 20.7% from $0.82 per share in 2002 income before the change in accounting for goodwill.
"Earnings improved in the fourth quarter of 2003 as both operating companies, Saia and Jevic, increased volumes while managing costs and productivity," said Bert Trucksess, chairman, president and chief executive officer of SCS Transportation. "During our first full year as an independent public company, we also strengthened our balance sheet and increased our financial flexibility for future growth initiatives."
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