Allied Holdings Inc., Decatur, Ga., reported net income of $2.1 million, or $0.25 per basic share and $0.24 per diluted share, in the fourth quarter of 2002, versus a net loss of $2.3 million,
or $0.28 per basic and diluted share, in the fourth quarter of 2001, an improvement of $4.4 million.
In addition, the company continued to aggressively reduce debt, repaying $12.7 million of debt during the fourth quarter of 2002. The company's total debt repayment for calendar 2002 was $40.7 million, a 14% reduction in long-term debt.
Allied Holdings is the parent company of several subsidiaries engaged in providing distribution and transportation services of new and used vehicles to the automotive industry.
Net income for the fourth quarter of 2002 includes an after-tax loss of $0.8 million from the disposal of assets. Revenues for the fourth quarter of 2002 were $232.8 million compared to revenues of $224.4 million for the fourth quarter of 2001, an increase of 3.7%.
Commenting on the results, Hugh E. Sawyer, Allied's president and chief executive officer, said, "I am pleased to report that our fourth quarter and full year results exceeded our expectations and the guidance we had previously provided as we continue to gain traction in our initiatives to improve core competencies related to execution. In particular, we have seen a significant improvement in risk management where AAG's professional drivers and management have reduced cargo damage, worker injuries and traffic accidents. This benefits all of our key constituents -- customers, lenders, shareholders and employees." Revenues for the year ended Dec. 31, 2002 were $898.1 million versus $896.8 million in 2001, an increase of $1.3 million. Calendar 2002 was the first time the company's revenues had increased from the prior year since 1999.