Utah-based LTL carrier Motor Cargo Industries said its second quarter revenues for 2001 were up compared to last year, but that its earnings were off slightly due to stock re-pricing charges.
Operating revenues for Motor Cargo’s second quarter increased 9.5% to $34.8 million compared to $31.7 million for the same period in 2000. Net earnings prior to the stock re-pricing charge were up 2.5% to $1.67 million, compared to $1.63 million last year.
The re-pricing of stock options in 1999 necessitated variable stock options accounting treatment as required by generally accepted accounting principles, said Motor Cargo, which resulted in a charge to earnings of $203,000 for its second quarter of 2001. As a result, net earnings for the second quarter dropped to $1.47 million.
MC Distribution Services Inc., the company’s third-party logistics and distribution management services subsidiary, saw its revenues rise 16.8% to $1.3 million during the second quarter, compared to revenues of $1.1 million for the same period in 2000.