For the first six months of 2001, Smithway’s operating revenue decreased 2.7%, to $99.1 million, compared to $101.8 million during 2000. Net losses totaled $1.7 million, compared with net earnings of $245,000 during the same period in 2000.
William G. Smith, Smithway’s chairman, president & CEO, said soft freight demand and high fuel costs continued to impact the company’s profitability during the second quarter. “Revenue per tractor per week improved almost 6% sequentially versus the first quarter of 2001, but remained about 1% below the level of the second quarter last year. The resulting revenue shortfall impacted our results,” he said.
Smithway has hired Donald Orr to be its new executive VP & COO. Orr has almost 30 years of trucking management experience and most recently served as a management consultant to truckload carriers. From 1985 to 1999, Orr served in several senior management positions, including president & CEO, for the $120-million Roberson Transport Companies.