SCS Transportation Inc., Kansas City, Mo., announced earnings per share of $0.17 for the first quarter of 2004, up 89% from $0.09 in the first quarter of 2003.
Net income was $2.6 million in the quarter, a 97% increase from approximately $1.3 million in the first quarter of 2003. Results for the current quarter included $1.0 million, or $0.04 per share, in integration charges relating to the company's recent acquisition. First-quarter revenues were $225.3 million, up 12.6% from $200.1 million a year earlier.
"We are encouraged by this strong start to 2004," said Bert Trucksess, chairman, president and chief executive officer of SCS Transportation. "In addition to growing revenues and improving first-quarter profitability, the integration of Clark Bros. Transfer Inc., which we acquired in February, remains on track. This acquisition expands the Saia service area to 30 states, now including the Midwest and Plains regions."
Saia revenues were $142.8 million in the first quarter, up 15.5% from a year earlier. The revenue increase resulted from volume gains in Saia's historical geography plus approximately $9.2 million attributable to the mid-quarter acquisition of Clark Bros.
Jevic reported revenues of $82.5 million in the first quarter, up 7.8% from a year earlier. Both LTL and TL revenues for Jevic grew in the first quarter on volume gains and yield improvement.
"Our growth initiatives and operational improvements position SCS Transportation well for the economic upturn we're seeing in 2004. Additionally, customers are embracing Saia's expansion into the Midwest and Plains, which we believe will provide revenue synergy benefits in the second half of 2004," Trucksess said.
Net income was $2.6 million in the quarter, a 97% increase from approximately $1.3 million in the first quarter of 2003. Results for the current quarter included $1.0 million, or $0.04 per share, in integration charges relating to the company's recent acquisition. First-quarter revenues were $225.3 million, up 12.6% from $200.1 million a year earlier.
"We are encouraged by this strong start to 2004," said Bert Trucksess, chairman, president and chief executive officer of SCS Transportation. "In addition to growing revenues and improving first-quarter profitability, the integration of Clark Bros. Transfer Inc., which we acquired in February, remains on track. This acquisition expands the Saia service area to 30 states, now including the Midwest and Plains regions."
Saia revenues were $142.8 million in the first quarter, up 15.5% from a year earlier. The revenue increase resulted from volume gains in Saia's historical geography plus approximately $9.2 million attributable to the mid-quarter acquisition of Clark Bros.
Jevic reported revenues of $82.5 million in the first quarter, up 7.8% from a year earlier. Both LTL and TL revenues for Jevic grew in the first quarter on volume gains and yield improvement.
"Our growth initiatives and operational improvements position SCS Transportation well for the economic upturn we're seeing in 2004. Additionally, customers are embracing Saia's expansion into the Midwest and Plains, which we believe will provide revenue synergy benefits in the second half of 2004," Trucksess said.
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