Transport Corp. loses over $20 million in 2002

Financially struggling truckload carrier Transport Corp. of America went from bad to worse in 2002, losing over $20.3 million on $273.2 million in revenues, compared to a loss of just $352,000 on revenues of $274.5 million in 2001. Transport Corp. said much of its losses came from a $20 million charge in the first quarter last year to cover accounting charges regarding goodwill deductions. For the

Financially struggling truckload carrier Transport Corp. of America went from bad to worse in 2002, losing over $20.3 million on $273.2 million in revenues, compared to a loss of just $352,000 on revenues of $274.5 million in 2001.

Transport Corp. said much of its losses came from a $20 million charge in the first quarter last year to cover accounting charges regarding goodwill deductions.

For the fourth quarter, Minneapolis-based Transport Corp. said it lost $1.29 million on just over $69.1 million in revenues. During the same period in 2001, the carrier lost just $454,000 on revenues of $68.7 million.

President & CEO Michael Paxton said that Transport Corp. lost its largest customer in 2002, which significantly hurt revenues. However, he added that the carrier has been able to maintain year-over-year growth in customer-paid miles in each quarter of 2002.

Paxton added that Transport Corp.'s fleet improved in terms of both efficiency and revenue generation in the fourth quarter, which is a positive trend for 2003.

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