Despite a slight drop in revenue, troubled car hauler Allied Holdings narrowed its losses to $1.2 million in the first quarter of 2002, down from $18.9 million in losses suffered during the same period last year. Allied's revenues for the quarter shrank to $213.3 million, compared to $218.2 million in the first quarter last year.
Allied noted that it also made a $1.7 million after-tax gain on the early retirement of debt and a $550,000 after-tax gain on the sale of assets. In the first quarter of 2001, net losses included an after-tax charge of $3.2 million for severance and workforce reduction expenses.
Allied president & CEO Hugh Sawyer pointed out that Allied repaid $9.1 million of long-term debt this quarter, compared to borrowing $13.2 million in the first quarter of 2001.
Decatur, GA-based Allied is the parent company of several subsidiaries engaged in providing distribution and transportation services of new and used vehicles to the automotive industry. Those services include logistics, car-hauling, intramodal transport, inspection, and dealer preparation.