The company reported net income of $1.2 million for the quarter compared with net income of $387,000 for the prior-year period. For the first six months of 2002, the company reported net income of $697,000 before an extraordinary item and one-time charge associated with refinancing the company's line of credit, compared with a net loss of $833,000 for the prior-year period.
During the first quarter of 2002, the company recognized a $390,000 after-tax one-time charge associated with the refinancing of the company's line of credit and a $1.1 million after-tax extraordinary item to reflect the early extinguishment of debt. Giving effect to these charges, the company reported a net loss of $799,000, or $.06 per share, for the first six months of 2002.
"We were pleased with the growth in revenues and improved operating income realized in both our truckload and CSI/Crown operations," said co-chairman Patrick Quinn. "We expect these positive trends to continue throughout the remainder of 2002."
Quinn said the company's improved operating results in the quarter were driven by a 2.9% increase in revenue per mile in truckload operations, improved operating results in its airport-to-airport transportation business and reduced interest expense.
Co-chairman Max Fuller added that the second quarter results reflect an improving freight environment in the truckload sector and the results of its ongoing initiatives to improve operating margins in every segment of its business.
