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.