Mullen Transportation Reports 3rd Quarter Results
Mullen Transportation Inc. reported its financial and operating results for the three months and nine months ending Sept. 30, 2002 with comparisons to the same periods one year earlier
Mullen Transportation Inc. reported its financial and operating results for the three months and nine months ending Sept. 30, 2002 with comparisons to the same periods one year earlier.
The year-to-date results for 2001 reflect the restructuring of the company under the terms of a Plan of Arrangement as approved by the shareholders on May 28, 2001, which separated Mullen into two separate and distinct publicly listed and traded corporations -- Mullen Transportation Inc. and Moveitonline Inc.
For the three months ended Sept. 30, 2002, consolidated revenues were $67.1 million as compared to $86.2 million, a decline of 22.2% year-over-year. Profitability was negatively impacted with declines in both operating income, to $9.3 million from $15.1 million, and net income to $3.5 million from $6.5 million, 38.4% and 46.2% respectively. Basic earnings per share were $0.24 as compared to last year's $0.44, a decline of 45.5%. For the nine months ended Sept. 30, 2002, consolidated revenues were $217.1 million, operating income $31.8 million and net income $14.0 million ($.96 per share). For the same period in 2001, the company generated $269.8 million in consolidated revenues, operating income of $50.6 million and net income of $23.8 million ($1.67 per share), representing year-over-year percentage declines of 19.5%, 37.2% and 41.2% respectively
The trucking segment saw revenues decline by 14% year-over-year, and operating income fell by 24.2% due to restructuring initiatives and general competitive issues. The company is pleased to report an improvement in both revenues an operating income on a segmented basis with current quarter results increasing by 8.4% and 31.6% respectively over the second quarter of 2002.
More Drivers
How Top Trucking Fleets Improve Driver Retention [Video]
What do healthy snacks, optimized routing, and just picking up the phone have in common? They're all strategies the Best Fleets to Drive For are using to retain truck drivers.
Read More →
Trucker Path Adds Verisk CargoNet Theft Data to Navigation Platform
Trucker Path’s new cargo theft risk overlays give drivers and fleets visibility into high-risk areas, stolen commodity trends, and theft hotspots.
Read More →
Netradyne Intelligence Uses New AI Agents to Automate Response to In-Cab Camera Data
The company called the next-generation in-cab camera safety platform "a fundamental shift from systems that report on what happened to systems that actively drive what should happen next."
Read More →
Why Truck Detention Keeps Costing Fleets Time and Money
A 2024 ATRI study found detention affects nearly 40% of truckload stops and costs the industry more than $15 billion annually. Despite the toll on drivers, fleets, and supply chains, the problem remains stubbornly persistent.
Read More →
Prime Inc. to Open $7.9M Flagship Used-Truck Dealership
A new driver-focused facility to sell Prime Inc's used trucks and trailers will be the first purpose-built location in the company's history.
Read More →Short Takes: Inside K&B’s Truck Safety Tech
Listen to learn how K&B Transportation uses cellphone-blocking technology, speed management systems, weather geofencing, bridge avoidance tools, and more to improve driver safety.
Read More →
Nussbaum Expands Driver Compensation with Pay Raises, Profit Sharing
Nussbaum Transportation said its latest compensation package could push first-year driver earnings above $90,000 in key hiring markets.
Read More →Listen: Inside Modern Fleet Safety: AI, Cameras & Speed Control at K&B Transportation
Fleet safety is evolving fast—and technology is at the center of it. Learn how a former commercial vehicle enforcement officer turned director of safety at K&B Transportation is embracing real-world safety technology.
Read More →
Maverick Announces 2026 Driver Pay Raises
New raises for Maverick Transportation drivers will take effect on May 31, 2026.
Read More →
Illinois Trucker Indicted for Nearly $22,000 in Ohio Turnpike Toll Evasion
Authorities say an Illinois trucker avoided paying tolls for two years, and now faces felony charges, possible prison time, and forfeiture of his Freightliner tractor.
Read More →
