Covenant Transport Inc., Chattanooga, Tenn., said its first quarter revenues remained essentially constant at $137.7 million in the 2004 quarter and $137.9 million in the 2003 quarter.

Freight revenue, before fuel surcharges, also remained essentially constant, at $130.6 million in the 2004 quarter and $130.4 million in the 2003 quarter. Net income decreased to $721,000, or $.05 per diluted share, from $839,000, or $.06 per diluted share, for the first quarter of 2003.
Chairman, President, and Chief Executive Officer David R. Parker said, "We were encouraged by several trends that developed during the quarter and, based on these trends, we expect the remainder of the year to improve considerably. The three main trends were a substantial increase in revenue per loaded mile, drawing to the end of a substantial fleet upgrade, and significantly decreasing our number of tractors without drivers.
"We were pleased with the progress on the revenue side of our business. Our revenue per loaded mile, excluding fuel surcharges, increased 5.3%, to $1.318 compared with $1.252 in the same quarter last year. The trend is continuing in April, as we have renewed several large contracts at meaningfully higher rates."
Parker also said the company "is nearing the end of a massive equipment upgrade, in which we accepted delivery of 1,700 tractors and 3,800 trailers and disposed of 1,700 and 2,900 trailers over the past nine months."