For this quarter, Clayton, AL-based Boyd said its operating revenues topped $30.6 million, up slightly from $30.3 million in the same period last year. Losses for the quarter shrank slightly to $288,097, down from $293,479 last year.
President & CEO Gail Cooper said freight levels strengthened over the course of the quarter, beginning with rather weak conditions but ending in March on a stronger note. Though load levels have not rebounded as strongly as he would have liked from the downturn in late 2001, considering that the first quarter is seasonally the slowest period of the year for Boyd, Cooper said he was pleased with current cargo levels.
"It should be noted that higher safety costs relating to accruals for liability, cargo and workers' compensation claims were primarily responsible for the loss we incurred in the first quarter," she added. "Even though we continue to confront a difficult freight environment, and have been hampered by a recent spike in insurance and claims expense, we remain cautiously optimistic that business conditions will continue to improve over the balance of the year."
