million, but net earnings dropped over 50% to $5 million, down from $10.6 million in the first quarter of 1999.
Profit was hurt by fuel costs that were 54% higher than the same quarter a year ago. Fuel surcharges recovered approximately 60% of the higher costs, but earnings were enhanced by a drop in the effective income tax rate.
It was the first quarter that the company separately reported segment results from its truck and intermodal business units. Previously, the two units had been reported together as the van segment.
Revenue in the truck segment grew 12%, intermodal segment revenue declined 3% and revenue from dedicated contract services rose 40%.
Revenues from the non-asset based Logistics segment increased 34%. Overall truck revenue per mile, exclusive of fuel surcharges, rose 3.7% and intermodal rates were essentially flat when compared with the same period in 1999.