|
|
NEWS
SCS Transportation Reports 3rd Qtr. Results
10/28/2005
SCS Transportation, Inc. today reported third-quarter revenue of $284.5 million, up 11 percent from $256.8 million in the third quarter of 2004. Consolidated operating income for the third quarter was $13.9 million, up 3 percent from the prior-year quarter. Net income was $7.0 million, up 7 percent from $6.6 million in the third quarter of 2004. Earnings per share were $0.47, a 9 percent increase compared with $0.43 a year earlier.
The current-quarter and year-earlier operating results were subject to several unusual items:
Hurricanes Katrina and Rita caused property damage and disrupted operations, which adversely impacted third-quarter consolidated results. The company has not completed an assessment of business interruption impact and third-quarter results do not include an estimate of insurance recovery, which we anticipate in a future period.
Current-quarter results also include a charge of $0.8 million, or $0.03 per share, for executive severance costs.
Third-quarter 2004 results at Jevic included a $1.9 million charge, which resulted from unfavorable development of prior-year workers' compensation claims, partially offset by a $0.6 million gain on the sale of excess real estate, for a net unfavorable impact of $0.05 per share.
Update on Operating Companies
Saia
Revenue increased 15 percent to $198.8 million versus the prior-year quarter.
LTL tonnage increased 7 percent from the prior year.
Operating income rose 27 percent to $13.4 million, for an operating ratio of 93.3 percent.
Jevic
Revenue was $85.7 million, up 1 percent from 2004.
Tonnage weakness continued, with tonnage down 4 percent versus 2004.
Operating income was $1.4 million, for an operating ratio of 98.4 percent.
|
