Yellow said its consolidated operating revenue for the quarter dropped 8.4% to $762 million, compared to $832 million in the same period last year. Consolidated operating income, before the accounting charge, totaled $9.1 million this quarter, compared to $18.4 million in the first quarter of 2001.
Overland Park, KS-based Yellow's subsidiaries had a rough time in the first quarter. LTL carrier Yellow Transportation said its revenue dropped 9.8% on a per-day basis to $565 million this quarter, down from $636 million in the same quarter last year. First quarter total tonnage was down 7.4% and LTL tonnage dropped 7.2% on a per day basis from levels reached in the first quarter of 2001.
Meridian IQ, formally launched in March as Yellow's subsidiary for managing non-asset-based transportation services, had operating revenue of $15 million and lost $1.4 million for the quarter. SCS Transportation's operating revenue dropped 4.3% to $184 million in the quarter from $196 million in the first quarter last year, with operations declining 5% to $5.1 million. N.J.-based Jevic reported first-quarter revenue of $69 million, down 8% on a per-day basis from $77 million a year ago. Jevic's operating income totaled $1 million this quarter compared to $2.3 million in the same period last year.
