Smithway Motor Xpress, Fort Dodge, Iowa, saw lower revenues and higher losses during the first quarter of the year.

For the quarter, revenue excluding fuel surcharge was $41 million compared with $45.5 million during the 2001 quarter. Net loss was $2 million compared with $1.3 million during the 2001 quarter.
A combination of tractors without drivers, seasonally slow freight demand, and continued weakness in the steel and construction materials industries throughout the Midwest were the main contributors to the loss.
Chairman, President and CEO William G. Smith said, "Despite the loss, Smithway made progress toward accomplishing several key goals during the quarter.”
He said for the quarter, revenue per loaded mile increased approximately 3% over the 2001 quarter.
"We also continued our commitment to minimizing our number of tractors without drivers,” said Smith. “Since January 1, we have reduced the number of tractors without drivers by almost 17% through a combination of enhanced recruiting and selling high-mileage tractors. In this process, we are recruiting experienced drivers and maintaining our high driver standards. For the second quarter in a row we achieved one of the safest accident records in the past five years. In addition, driver turnover for the quarter was the best in the past three years.”
Smith also noted the company’s van operation showed improvement as revenue per loaded mile increased 3 cents per mile and revenue per seated truck per day improved approximately 1.4%.
Smithway is a truckload carrier that hauls diversified freight nationwide, concentrating primarily on the flatbed segment of the truckload market.