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.