Swift Transportation announced its revenues for the fourth quarter of 2005 increased 7.4 percent to $843.6 million compared with $785.5 million for the corresponding quarter of 2004.

The fourth quarter of 2005 includes $128.1 million of fuel surcharge revenue versus $74.6 million in 2004. Excluding this fuel surcharge revenue, revenues increased 1 percent. Net earnings were $39.3 million, or 53 cents per diluted share, for the fourth quarter of 2005, compared to $36.8 million, or 50 cents per diluted share, for the fourth quarter of 2004. The fourth quarter net earnings were a record for the company. The results for the fourth quarters of 2005 and 2004 include a $665,000 and $1.0 million, respectively, pre-tax benefit to recognize the decrease in market value of interest rate derivative agreements. The company's net earnings per share adjusted for the derivatives would have been 52 cents and 49 cents for the fourth quarters of 2005 and 2004, respectively.
"Our performance in the fourth quarter of 2005 reflects a strong freight environment, our announced focus on improving operational metrics and the positive impact of declining fuel prices in the quarter," said Robert W. Cunningham, chief executive officer and president. "While revenues excluding fuel surcharges were essentially flat, reflecting our strategic decision to pare our fleet, we believe our progress over the past year will position us well for improved profitability and growth in our intermodal and dedicated lines. Many of the important initiatives we implemented during the year are beginning to produce tangible results, and we are most gratified to have been named carrier of the year by four of our valued customers: Wal-Mart, Lowes Home Improvement, Rite Aid and Dollar Tree Stores."