SCS Transportation Inc. today reported revenues of $194.3 million in the fourth quarter of 2002, up 5.1% from $184.8 million in the fourth quarter of 2001.
Full-year revenue was $775.4 million in 2002, up from $771.6 million in 2001. Operating income for 2002 was $27.2 million, up 73% from $15.7 million in the prior year.
The full-year 2001 figure includes $6.7 million in costs for the integration of two western regional carriers into Saia. Excluding the integration costs, full-year operating income increased 21% in 2002.
Operating income increased 40% to $7.5 million in the fourth quarter, from $5.4 million a year earlier. Earnings per share were $0.20 for the fourth quarter, up 67% from $0.12 in the prior-year period.
"In our first quarter as an independent public company, we achieved significant profit improvement," said Bert Trucksess, president & CEO, who added that despite a soft economy, both operating companies, Saia and Jevic, attained higher revenue and margins in the fourth quarter.
"Both subsidiaries remain focused on delivering best-in-class service, our foundation for future growth," he said.
Net income for the fourth quarter was $3.0 million, a 68% improvement from $1.8 million in the fourth quarter of 2001.