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.