M.S. Carriers Inc. announced that its operating revenues for the first quarter of 2001 increased 9% to $182.2 million from $167.1 million in the same period 2000. However, diluted earnings per share were $0.09 cents, a decrease of 76.3% from $0.38 for the same quarter last year.
“Softness in the truckload freight markets lowered our operating margins primarily through a greater percentage of non-revenue miles,” said chairman and CEO Mike Starnes, who added that January and February were particularly affected.
The carrier, which also said it is continuing with its proposed merger with Swift Transportation, said operating income for the first quarter of 2001 was $6.7 million, a 31.8% decrease from $9.9 million in the same period 2000.
Net income for the quarter was $1.1 million, a 77.0% decrease from $4.6 million in the same time last year.