Transport Corporation of America Inc. experienced "an unfortunate increase in accident costs" in the third quarter, according to Michael Paxton, chairman, president and CEO.
The statement came with Transport Corp.'s quarterly report announcing third quarter net earnings of $36,000 or $0.01 per diluted share, compared with 2003 third quarter net earnings of $1 million, or $0.15 per diluted share.
Paxton said that "underlying business fundamentals and the demand for freight continues to remain very strong," but "insurance, claims and damage expense was $3.9 million, or 6.0% of revenue, during the third quarter 2004 compared to $2.4 million, or 3.8% of revenue, for the same period 2003. This increase is primarily due to several serious accidents that occurred during the quarter. While we are disappointed with the increased accident costs, we believe this to be an anomaly. Our record based on accidents per million miles continues to be one of the best in the industry."
Transport Corp. revenues for the third quarter 2004 of $65.7 million, compared to revenues of $64.1 million for the third quarter 2003, an increase of 2.5%. Excluding fuel surcharge revenues, revenues decreased 1.5% to $60.9 million in the third quarter 2004 from $61.8 million in the same period of 2003.
The statement came with Transport Corp.'s quarterly report announcing third quarter net earnings of $36,000 or $0.01 per diluted share, compared with 2003 third quarter net earnings of $1 million, or $0.15 per diluted share.
Paxton said that "underlying business fundamentals and the demand for freight continues to remain very strong," but "insurance, claims and damage expense was $3.9 million, or 6.0% of revenue, during the third quarter 2004 compared to $2.4 million, or 3.8% of revenue, for the same period 2003. This increase is primarily due to several serious accidents that occurred during the quarter. While we are disappointed with the increased accident costs, we believe this to be an anomaly. Our record based on accidents per million miles continues to be one of the best in the industry."
Transport Corp. revenues for the third quarter 2004 of $65.7 million, compared to revenues of $64.1 million for the third quarter 2003, an increase of 2.5%. Excluding fuel surcharge revenues, revenues decreased 1.5% to $60.9 million in the third quarter 2004 from $61.8 million in the same period of 2003.
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