U.S. Xpress Enterprises Inc., Chattanooga, Tenn., has reported that operating revenue for the third quarter ended Sept. 30, 2002, increased 6.1% to $220.1 million compared with $207.5 million for the quarter ended Sept. 30, 2001.
For the nine months ended Sept. 30, 2002, revenues increased 6.1% to $632.9 million from $596.5 million in the prior-year period.
U.S. Xpress Enterprises Inc. is the fifth-largest publicly owned truckload carrier in the United States. The company provides regional, dedicated and expedited truckload services throughout North America.
The company reported net income of $1.1 million, or $0.08 per common share (diluted) for the quarter compared with net income of $304,000, or $0.02 per common share (diluted) for the prior-year period. For the first nine months of 2002, the company reported net income of $1.7 million, or $0.12 per share, before a $1.1 million extraordinary item for the early extinguishment of debt, compared with a net loss of $529,000, or $0.04 per share, for the prior-year period.
Giving effect to the extraordinary item, the company reported net income of $577,000, or $0.04 per share, for the first nine months of 2002.
Patrick Quinn, co-chairman, said, "We are encouraged with the trend of year over year improvements in revenues and operating income generated in each quarter of 2002 in both U.S. Xpress truckload and CSI/Crown operations. Excluding the effect of fuel surcharges, our truckload revenues for the third quarter increased 5.5% driven by a 2.7% increase in average revenue per tractor per week and a 1.7% increase in the average tractor fleet. Operating income in our truckload operations increased 18.1% to $5.8 million, despite the negative impact of steadily rising fuel prices which adversely impacted our truckload operating income by over $600,000, or $0.02 per share, compared to the third quarter of 2001."
Max Fuller, co-chairman, added, "Despite the progress we are making on increasing operating efficiencies, we still have much room for improvement in each of our operating segments. Our primary goal for the balance of the year and 2003 will be to translate ongoing initiatives to increase margins within each of our operating segments into improved earnings performance."