Revenue, income slips for Transport Corp.

Aug. 6, 2001
Minn.-based truckload carrier Transport Corp. of America, Inc. said its revenues for the second quarter of 2001slipped to $69.4 million, compared with second quarter revenues of $73.4 million in 2000. Second quarter net income was $376,000, compared with net income of $1.3 million, in the same period in 2000. For the first six months of 2001, the company reported revenues of $135.5 million compared
Minn.-based truckload carrier Transport Corp. of America, Inc. said its revenues for the second quarter of 2001slipped to $69.4 million, compared with second quarter revenues of $73.4 million in 2000. Second quarter net income was $376,000, compared with net income of $1.3 million, in the same period in 2000.

For the first six months of 2001, the company reported revenues of $135.5 million compared with $145.6 million for the same period last year. Net loss for the six-month period was $376, compared with net income of $2.2 million in 2000.

“Weak economic conditions continue to negatively impact our results, with our manufacturing, industrial and retail customers experiencing the full effect of the economic slowdown,” said Robert J. Meyers, Transport’s president & CEO. “However, we have improved both our revenue and profitability performance over first quarter results and expect this trend to continue into the third quarter. Additionally, we continued our debt reduction trend for the fifth straight quarter by reducing our outstanding debt balance by an additional $6 million in the second quarter.”

Transport also said that Federal Express has recognized it for commitment to service and on-time performance. FedEx awarded its Annual Service Award for fiscal year 2001 to Transport America, the only publicly traded company to receive this recognition, Meyers said.

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