Truckload carrier Transport Corp. of America's 1Q revenues were relatively flat at $66 million, but took losses of nearly $20 million.
After losing $279,000, the company had to take a non-cash $2.5 million charge after taxes to dispose of 260 tractors and 500 trailers along with a $16.7 million charge to adopt new accounting standards. Altogether, the company posted a net loss of $19.5 million for the quarter.
Revenue per tractor per week improved 9% and total loaded miles increased 7% in the first quarter. Pricing pressure drove its overall freight rates down by three cents per mile compared to last year. Also, insurance cost increases and several large claims increased by 41%, Transport America said.
The carrier also announced appointing Richard Lane as vp of sales and marketing. He will oversee Transport America's customer development activities.
Before joining Minneapolis-based Transport America, Lane spent nine years at Covenant Transport Inc. in various sales and marketing roles, including vp of national accounts.