Knight Transportation, Phoenix, Ariz., announced revenue and income from operations and net income for the quarter and nine months ended Sept. 30.
The company also announced that it was recently selected to be included in Forbes magazine's list of "200 Best Small Companies" for an eighth consecutive year.
For the quarter ended Sept. 30, revenue before fuel surcharge, increased 14.1% to $72.8 million from $63.8 million for the same quarter of 2001. Net income increased 18.7%, to $7.4 million from $6.3 million, and net income per diluted share increased 11.1%, to $0.20 from $0.18. Net income and net income per diluted share for 2001 exclude a one-time, non-cash charge of $3.4 million after-tax, or $0.10 per diluted share, related to a minority investment made in a wireless communications company during 1998 and 1999.
For the nine months ended Sept. 30, 2002, revenue, before fuel surcharge, increased 15.0% to $203.0 million from $176.5 million for the same period of 2001. Net income increased 26.5%, to $19.7 million from $15.6 million, and net income per diluted share increased 15.6%, to $0.52 from $0.45, in each case excluding the charge discussed above recorded during the 2001 period.
Net income per diluted share for the quarter and nine months of 2002 were impacted by an additional 2.7 million weighted-average shares outstanding resulting from a public offering of common stock by the company during the fourth quarter of 2001.
Chairman and Chief Executive Officer Kevin P. Knight, said, "We are quite pleased with all aspects of our operations during this third quarter. We believe double-digit revenue growth was very positive in the current environment, especially considering that our truck count was less than expected due to slow tractor deliveries during the first and second quarters. The successful opening of our ninth regional facility, located in Memphis, Tenn., occurred during the third quarter and we are very pleased with the initial results. Focusing on our revenue yield, as well as continuous emphasis on cost controls, allowed us to achieve an operating ratio of 82.8% for the quarter."
Also, the company was selected to be included on the S&P SmallCap 600 Index after the close of trading on Oct. 11, 2002. The company was added to S&P SmallCap 600 GICS trucking sub-industry.
Knight Transportation Inc. is a short to medium haul, dry van truckload carrier serving most of the United States through its regional operations in Phoenix; Salt Lake City; Indianapolis; Katy, Texas; Kansas City, Kan.; Portland, Ore.; Gulfport, Miss. (formerly John Fayard Fast Freight Inc.); Charlotte, N.C.; and Memphis, Tenn. The company transports general commodities, including consumer goods, packaged foodstuffs, paper products, beverage containers,and imported and exported commodities.