Covenant Transport, Chattanooga, Tenn., has announced its second quarter revenue increased 23% to a record $139.4 million. This number is up from last year at this time, when Covenant revenue hit $113.2. However, net income decreased 51% to $2.9 million from $5.9 million in the 1999 period.
Earnings per share were at $.20 compared to $.40 for the second quarter of last year.
Chairman, President, and Chief Executive Officer David R. Parker said high fuel prices were a factor, but the major area of disappointment for the quarter was miles per tractor.
For the six months, revenue increased 26% to a record $265.9 million from $211.0 million during the same period in 1999. Net income decreased 46% to $4.9 million from $9.2 million in the 1999 period. Diluted earnings per share were $.33 compared with $.61 for the 1999 period.
On July 18, the Covenant board of directors approved a second stock repurchase program, and authorized the company to repurchase an additional 500,000 shares, with no expiration date.