Swift Transportation Co. Inc. said its revenues for the first quarter of 2003 increased 15.9% to $551.3 million, compared with $475.8 million for the corresponding quarter of 2002.

The first quarter of 2003 includes $23.1 million of fuel surcharge revenue versus $2.7 million in 2002. Excluding this fuel surcharge revenue, the increase in revenues would have been 11.7%.
Net earnings were $8.9 million or 10 cents per share, compared to $9.4 million or 11 cents per share for the first quarter of 2002. Excluding the impact of an interest rate derivative agreement, net earnings increased to $8.8 million (10 cents per share) from $8.6 million (10 cents per share).
Jerry Moyes, chairman and chief executive officer, said, "We continue to make fundamental improvements in our business as reflected in the increase in the rate per all miles of more than 2 cents, driven by our deadhead percentage decrease of 118 basis points. In addition, our revenue per tractor per quarter increased by more than $2,400 in this quarter compared to last year. We previously disclosed the impact of a higher fuel cost per gallon would be significant in the current quarter. Our average cost per gallon of fuel was 45 cents higher in the first quarter of 2003 as compared to the first quarter of 2002, or $10.6 million, net of fuel surcharge revenue. Without the higher fuel prices, our operating ratio of 96.7% would have been 94.7% in the current quarter compared with 96.3% in the first quarter of 2002, further evidence of our continuing fundamental improvement."
Swift is the holding company for Swift Transportation Co. Inc., a truckload carrier headquartered in Phoenix.