Truckload carrier Swift Transportation Co. Inc., Pheonix, Ariz., reported this week that its revenues for the fourth quarter of 2004 increased 23.2% to $785.5 million compared with $637.6 million

for the corresponding quarter of 2003. The fourth quarter of 2004 includes $74.6 million of fuel surcharge revenue versus $21.0 million in 2003. Excluding this fuel surcharge revenue, revenues increased 15.3%.
Net earnings were $36.8 million or 50 cents per share, compared to $26.7 million or 31 cents per share for the fourth quarter of 2003. The results for the fourth quarter of 2004 and 2003 include a $1.0 million and $1.4 million noncash pre-tax benefit for the decrease in market value of interest rate derivative agreements, respectively. The company's net earnings per share prior to the adjustment for interest rate derivatives would have been 49 cents and 30 cents for the fourth quarter of 2004 and 2003, respectively.
For the year ended Dec. 31, 2004, the company's revenues were $2.8 billion compared to $2.4 billion in 2003. The year ended 2004 includes $189.7 million of fuel surcharge revenue versus $88.8 million in 2003. Excluding this fuel surcharge revenue, revenues increased 12.9%. Net earnings for the year ended Dec. 31, 2004 were $103.5 million or $1.29 per share, compared to $79.4 million or 94 cents per share, for the same period in 2003. The results for the year ended Dec. 31, 2004 and 2003 include a $2.6 million and $2.1 million non-cash pre-tax benefit for the reduction in market value of the interest rate derivative agreements, respectively. The company's net earnings per share prior to the change in fair market value of the interest rate derivatives would have been $1.27 and 92 cents for the years ended Dec. 31, 2004 and 2003, respectively.
For more information, visit www.swifttrans.com.