Knight Transportation Inc. said total revenue for the third quarter increased 3.2 percent, to $180.3 million from $174.7 million for the same quarter of 2006. Revenue before fuel surcharge, increased 3.5 percent,
to $151.7 million from $146.6 million for the same quarter of 2006.
Net income decreased to $14.5 million from $18.9 million for the same period of 2006. Net income per diluted share for the quarter was $0.17, compared to $0.22 for the same period of 2006.
Year-to-date, total revenue increased 7.7 percent, to $527.0 million from $489.5 million for the same period of 2006. Revenue, before fuel surcharge, increased 8.0 percent, to $449.5 million from $416.3 million for the same period of 2006. Net income decreased to $49.3 million from $52.8 million for the same period of 2006. Net income per diluted share was $0.57 compared to $0.61 for the same period of 2006.
Chairman and Chief Executive Officer Kevin P. Knight, said, "The third quarter presented the most difficult operating environment in several years for the execution of our business model based on leading growth and profitability. By opening four new asset-based service centers and eight new brokerage branches over the past four quarters, we demonstrated our commitment to growth to our customers, our employees, and our shareholders.
"We lived up to this commitment by expanding our tractor fleet by 10 percent year-over-year, filling out a sustainable fleet at each service center, and staffing our service centers for efficient operation. Over the long term, we believe proper execution of our decentralized growth plan is critical to providing the opportunity that is ingrained in our culture. As we did following the freight recession of 2000-2001, we expect to emerge from the downturn with more capacity, more market share, and more opportunity."
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