Boyd Bros. Transportation Inc., Clayton, Ala., said its operating revenues rose 6% in the first quarter to $34,617,390 from $32,577,476 in the year-earlier quarter.
Pre-tax income for the first quarter was $647,633 compared with $6,850 in the same period last year. Net income for the first quarter of 2004 was $383,967 compared with $4,185 in the same quarter of 2003.
The company's higher operating revenues for the periods reported reflected increases within its Boyd division, which is structured primarily using company-owned drivers, and its WTI division, which operates primarily using owner-operators, both resulting from higher freight revenue and fuel surcharges compared with year-earlier amounts.
For the company, operating revenues included total fuel surcharges of $1,429,115 and $991,564 in the first quarter of 2004 and 2003, respectively.
"We are pleased to announce continued momentum in our operations during the first quarter of 2004, as our top-line growth outpaced the cost pressures we saw in several areas, particularly for fuel and operating supplies," said Gail B. Cooper, president and chief executive officer. "These results helped us achieve an improved operating ratio for the quarter and, combined with lower interest expense, produced solid earnings for the quarter.
"Despite the gains, we remain concerned about the potentially dampening effect that higher fuel costs may have on the general economy in the months ahead and the related impact on overall freight levels and our own profitability."
Pre-tax income for the first quarter was $647,633 compared with $6,850 in the same period last year. Net income for the first quarter of 2004 was $383,967 compared with $4,185 in the same quarter of 2003.
The company's higher operating revenues for the periods reported reflected increases within its Boyd division, which is structured primarily using company-owned drivers, and its WTI division, which operates primarily using owner-operators, both resulting from higher freight revenue and fuel surcharges compared with year-earlier amounts.
For the company, operating revenues included total fuel surcharges of $1,429,115 and $991,564 in the first quarter of 2004 and 2003, respectively.
"We are pleased to announce continued momentum in our operations during the first quarter of 2004, as our top-line growth outpaced the cost pressures we saw in several areas, particularly for fuel and operating supplies," said Gail B. Cooper, president and chief executive officer. "These results helped us achieve an improved operating ratio for the quarter and, combined with lower interest expense, produced solid earnings for the quarter.
"Despite the gains, we remain concerned about the potentially dampening effect that higher fuel costs may have on the general economy in the months ahead and the related impact on overall freight levels and our own profitability."
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