U.S. Xpress reported a smaller loss for the first quarter of the year, while P.A.M. Transportation reported higher income and revenue for the same period.


U.S. Xpress Enterprises, Chattanooga, Tenn., reported Operating revenues for the first quarter increased 5.8% to $197.2 million, compared with $186.5 million for the same quarter a year ago. Excluding fuel surcharges, operating revenues increased 9.7% over the prior-year period.
For the first quarter of 2002, the company reported a loss of $300,000 before one-time charges associated with the refinancing of the company's line of credit. This compares with a net loss of $1.2 million for the prior year period.
"We posted improved operating results in both our U.S. Xpress and CSI/Crown operations during what continued to be a difficult operating environment for the truckload industry," said Patrick Quinn, Co-Chairman. "The continued growth in dedicated contract services and an increase in rates led to a nearly 6% increase in truckload revenue, excluding fuel surcharges. CSI/Crown's 72% increase in revenues during the quarter was driven by both strong demand experienced in our floor covering logistics business and the continued ramp-up in revenues of our airport-to-airport transportation services."
Max Fuller, Co-Chairman, said the company is optimistic about the rest of the year, thanks to initiatives completed over the last year and possible incremental improvements in the overall freight environment. U.S. Xpress increased the size of its tractor fleet by 5.3%, primarily by increasing its owner-operator fleet. It also achieved higher rates, reduced fixed expenses in its truckload operations and expanded its regional and dedicated truckload business.
"With a record number of weaker carriers having exited the market in the past year, we believe there will be significant opportunities for U.S. Xpress given our size in the industry, high service levels and solid customer base."

P.A.M. Transportation Services, Tontitown, Ark., on Tuesday reported net income of $3.6 million for the first quarter, compared to net income of $2.64 million for the first quarter of 2001. Revenues for the first quarter of 2002 increased 8.4% to $63.31 million, compared to $58.41 million in the same quarter of 2001.
"Our quarter ending March 31 has been one of the most eventful quarters in the history of our Company," said President Robert Weaver. "Business has continued to remain strong and allowed us to report strong earnings for the quarter. The successful completion of a stock offering during the quarter has had a significant positive impact on our balance sheet as we used net proceeds to repay a portion of our outstanding indebtedness. We are both pleased and proud of our position in the industry."