Transport Corp Reports Q1 Revenues and Earnings
22 April 1998
Transport Corporation of America Reports Record Revenues and Earnings for its First Quarter
MINNEAPOLIS, April 22 -- Transport Corporation of America,
Inc. , today announced a 13.8 percent increase in revenues to
$49.5 million and a 32 percent increase in net income to $1.3 million or $0.19
per share for its first quarter ended March 31, 1998. This compares with
revenues and net income of $43.5 million and $1.0 million or $0.15 per share,
respectively, for the same period last year. The results for the quarter
include a loss of approximately $165,000 or $0.024 per share related to
Transport International Express.
"We were pleased with the first quarter results," said James B. Aronson,
chairman and chief executive officer. "Growth with our core customers
continues to improve. Thanks to the combination of a continued strong economy
and the success of our driver training program begun in mid-1997, all of our
company-owned units were assigned to drivers. We also did an excellent job of
managing expenses during the quarter. Further, we benefited from the
reduction in fuel prices compared to the same period a year ago. Volume
continues to improve at Transport International Express, our airfreight
subsidiary and customer response remains positive."
The company noted efforts toward completing the previously announced
acquisition of privately held North Star Transport, Inc. are proceeding as
expected. Transport America and North Star are in the final stages of
preparing a definitive agreement. Once the transaction has satisfied the
required waiting period under Hart-Scott-Rodino, the transaction should
proceed to completion. Transport America expects to complete the acquisition
early in the third quarter of 1998.
Transport America's continuing strategy of providing value-added services
that allow its customers to optimize their transportation requirements
continues to be validated. Providing customers with time-definite and other
tailored logistics services through a late-model fleet of approximately 1,350
tractors and more than 3,700 trailers, together with state-of-the-art
technology and information systems, is allowing the Company continued growth
with its focus customers.
Transport Corporation of America, Inc., based in the Minneapolis-St. Paul
metropolitan area, provides a wide range of truckload freight carriage and
logistics services to customers in the United States and Canada. Transport
America focuses on providing time-definite and other responsive services
through its team of dedicated and committed employees supported by state-of-
the-art technology and information systems.
TRANSPORT CORPORATION OF AMERICA, INC.
Consolidated Statements of Earnings
Three Months ended March 31, 1998 and 1997
(Dollars in thousands, except per share amounts)
(Unaudited)
1998 1997
Amount % Amount %
Operating revenues $49,488 100.0 $43,475 100.0
Operating expenses 46,331 93.6 41,188 94.7
Operating income 3,157 6.4 2,287 5.3
Interest expense, net 1,024 2.1 612 1.4
Earnings before income taxes 2,133 4.3 1,675 3.9
Provision for income taxes 833 1.7 687 1.6
Net earnings $1,300 2.6 $988 2.3
Earnings per common share
Basic $0.19 $0.15
Diluted $0.19 $0.15
Average common shares outstanding
Basic 6,669,700 6,515,624
Diluted 6,767,671 6,735,828
SOURCE Transport Corporation of America, Inc.