Boyd Bros. Transportation, a flatbed carrier based in Clayton, AL, narrowed its losses in 2001 even as it took charges to cover write-downs and losses within its WTI Transport division.
For 2001, Boyd said its operating revenues declined 2% to $123.8 million from $126.7 million in 2000. However, the carrier said it reduced its losses in 2001, losing $406,700 last year compared to $974,454 in 2000.
For the fourth quarter of 2001, Boyd's operating revenues rose 1% to $29.4 million, up from $29 million in the same quarter in 2000. Its net loss in the fourth quarter of $626,717 was much lower than the net loss of $1.34 million Boyd racked up in the same quarter of 2000.
Much of those losses related to write-downs at its WTI Transport division, a division formed from the acquisition of Welborn Transport in 2000. Boyd said it took charges in 2001 to reduce the carrying value of power equipment at WTI and charges to increase reserves for WTI's receivables associated with owner/operator leases.