U.S. Xpress Enterprises, Inc. recently announced operating revenue and earnings for the second quarter and six months ended June 30, 2007. Revenue for the second quarter of 2007 increased 2.8% to $400.3 million, compared with $389.5 million in the second quarter of 2006. For the six months ended June 30, 2007, revenue increased 10.5% to $761.2 million from $689.2 million in the prior-year period.
"Although our truckload operating results improved significantly from the first quarter of 2007, continuing softness in truckload freight demand in the second quarter resulted in a difficult pricing environment and lower utilization compared to the prior year second quarter adversely impacting truckload operating income,” observed Pat Quinn, co-chairman. “On a positive note, Xpress Global achieved its sixth consecutive quarter of improved year over year quarterly operating income."
In response to the June 22, 2007, announcement by co-chairmen Max Fuller and Pat Quinn that an entity controlled by them intended to commence a tender offer for all of the company's outstanding Class A common stock at an offer price of $20.00 per share, the board of directors has appointed a special committee comprised solely of independent directors to evaluate the offer.
