Swift Transportation Co. Inc., the Phoenix-based truckload fleet operator, said revenues for the second quarter of 2003 increased 10.7% to $584.9 million,
compared with $528.6 million for the corresponding quarter of 2002.
The second quarter of 2003 includes $23.4 million of fuel surcharge revenue versus $8.1 million in the second quarter of 2002. Excluding this fuel surcharge revenue, the increase in revenues would have been 7.9%.
Net earnings were $19.2 million, or 23 cents per share, compared to $17.7 million, or 20 cents per share, for the second quarter of 2002.
For the six months ended June 30, 2002, the company's revenues increased 13.1% to $1.136 billion from $1.004 billion in 2002. The first six months of 2003 include $46.5 million of fuel surcharge revenue versus $10.8 million in 2002. Excluding this fuel surcharge revenue, the increase in revenues would have been 9.7%. Net earnings were $28.1 million or 33 cents per share, compared to $27.1 million or 31 cents per share in 2002. The six months ended June 30, 2003 and 2002 results include a $1.1 million and $1.4 million noncash pre-tax expense for the increase in market value of interest rate derivative agreements. The company's earnings per share prior to the effect of the interest rate derivatives would have been 34 and 32 cents per share for the first six months of 2003 and 2002, respectively.
Jerry Moyes, chairman and chief executive officer, said, "Despite improvement in operating revenue and net earnings, we are disappointed with our results. We will continue to focus on improving our rate per mile and reducing costs. On a positive note, I am pleased with the addition of $200 million of strategic capital in the form of our private placement of five- and seven-year Senior Notes. We are also pleased with the completion of our Merit acquisition, which is now fully integrated."