Rush Enterprises said its fourth quarter was characterized by decreases in both net income and gross revenue, compared with the year-ago quarter.

The commercial vehicle dealer posted gross revenues of $295.6 million, a 22.7 percent drop from gross revenues of $382.7 million for the same quarter of 2008. Net income was $1.5 million, or 4 cents a share, during the fourth quarter of 2009, compared to $5.1 million, or 14 cents a share, in the fourth quarter of 2008.

The company's truck segment saw revenues of $281.7 million in the fourth quarter, down from $356.5 million in the fourth quarter of 2008. The company delivered 956 new heavy-duty trucks, 614 new medium-duty trucks and 762 used trucks during the fourth quarter of 2009. In the same quarter of 2008, Rush delivered 1,235 new heavy-duty trucks, 903 new medium-duty trucks and 603 used trucks. Parts, service and body shop sales were down to $90.5 million from $108.1 million in the fourth quarter of 2008.

"While 2009 was one of the most difficult operating environments since the 1980s, and even worse than originally anticipated, Rush Enterprises was able to remain profitable," said W. Marvin Rush, chairman of Rush Enterprises.

"We opened new facilities and expanded existing facilities in 2009, and we are on schedule to open our new Rush Truck Center facility in Oklahoma City in 2010," said Rusty Rush, president and CEO. "We believe 2010 will be a difficult year. Industry experts currently estimate U.S. Class 8 retail sales for 2010 to be 114,000 units, up from 97,000 units in 2009. However, we believe U.S. Class 8 retail sales will only increase slightly over 2009 to about 105,000 units."

Rusty Rush said he expects excess freight capacity to dissipate in 2010, with a strong recovery in retail sales in 2011 and 2012.