For the quarter ended March 31, 2000, operating revenues increased 13% to $33.8 million versus $30 million last year. Net income for the first quarter of 2000 was $230,781 or $.07 per share compared with $662,207 or $.18 per share in the same period last year.
"Although we have seen some modest improvements in key efficiency metrics during the first quarter, such as longer lengths of haul, average number of loads per week and reduced deadhead mileage," said President and CEO Gail B. Cooper, "we have not been able to overcome the effect of fuel costs, which have increased 28% compared with the same period last year.
"These higher costs obviously have a direct impact on our profits, but they also have had an indirect effect by reducing the economic incentive of our owner-operators who are paid a fixed rate per mile. This has stalled our efforts to build a larger owner-operated fleet and has hurt our overall fleet efficiency."