Canadian truckload carrier Mullen Transportation had a 22.2% decline in revenues and a nearly 50% drop in net income in the third quarter, the result of what its CEO calls a "frustrating market."
Mullen Transportation said its revenues dropped to $67.1 million in the third quarter, down from $86.2 million in the same period last year, with net income falling to $3.5 million from $6.5 million. For the first nine months of 2002, Mullen said its revenues fell to $217.1 million, with net income dropping to $14 million, down from revenues of $269.8 million and net income of $23.8 million.
CEO Murray Mullen said the quarter was tough in more ways than one.
"On one hand the fundamentals of our business have never been better. Our on-time deliveries are at record levels, our safety performance is outstanding and we have a strong balance sheet," he said. "Unfortunately, our financial performance is below expectations in spite of the growth in the economy."