Revenue drops and losses rise for Smithway Motor Xpress

Feb. 11, 2002
Truckload carrier Smithway Motor Xpress of Fort Dodge, IA, said its financial losses for the fourth quarter of 2001 stayed flat, while its overall losses for the year more than doubled compared to 2000. Smithway president & CEO William Smith said decreased revenue production of its tractor fleet, higher insurance premiums, and increased parts and maintenance expenses were responsible for its rising
Truckload carrier Smithway Motor Xpress of Fort Dodge, IA, said its financial losses for the fourth quarter of 2001 stayed flat, while its overall losses for the year more than doubled compared to 2000.

Smithway president & CEO William Smith said decreased revenue production of its tractor fleet, higher insurance premiums, and increased parts and maintenance expenses were responsible for its rising losses in 2001.

For the quarter, Smithway said its operating revenue decreased 8.1% to $43.1 million, down from $46.9 million during the same quarter in 2000. Net losses stayed flat at $2.3 million, which was the same loss posted the previous year.

For 2001, operating revenue decreased only 4% to $190.8 million, down from $199 million the previous year. However, net losses skyrocketed to $5.2 million, up from net losses of $2 million in 2000.

About the Author

Sean Kilcarr | Editor in Chief

Sean reports and comments on trends affecting the many different strata of the trucking industry -- light and medium duty fleets up through over-the-road truckload, less-than-truckload, and private fleet operations Also be sure to visit Sean's blog Trucks at Work where he offers analysis on a variety of different topics inside the trucking industry.

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