A.M. Executive Briefing - Aug. 27
This Morning's Headlines:
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C.H. Robinson Worldwide Names Two Corporate Vice Presidents
C.H. Robinson has named Mark Walker and James V. Larsen as new corporate vice presidents. Walker is president of T-Chek Systems and Larsen is a past president of Preferred Systems. Both T-Chek Systems and Preferred Systems are C.H. Robinson subsidiaries. T-Chek gives payment and information services for transportation and logistics companies, while Preferred Systems is an LTL third party transportation/information company.Chairman and CEO D.R. "Sid" Verdoorn says, "These appointments signal our commitment to continuing to provide value-added services to our logistics and transportation customers." Business Wire (08/27/99)
Western Star Trucks Holdings Ltd. Announces Fiscal 1999 Fourth Quarter and Year End Financial Results
Western Star Trucks Holdings net income for FY99, which ended June 30, was C$29.8 million, up from C$324,000 in FY98. This is attributed to gross margins up C$69.1 million due to higher selling prices as well as cost-cutting. Gross margin percentage was 10.7 percent, compared to 8.3 percent in the previous fiscal year.FY99 revenue was C$1.8 billion, up 19 percent from the previous year, due in part to Western Star truck sales being up 38 percent. Earnings for the fourth fiscal quarter, which also ended June 30, showed an improvement over both the third quarter and the year-earlier quarter. The fourth-quarter net was up C$2.3 million from the third quarter and C$24.0 million from FY98's fourth quarter.
Western Star Trucks sales were up 24 percent from the year-earlier quarter. FY99 earnings before interest, taxes, depreciation, and amortization (EBITDA) was C$99.8 million, up from C$46.4 million in FY98, while EBITDA for the fourth quarter was C$30.2 million, up from C$8.2 million in the year-earlier quarter. Sales were also up for Orion buses, although unit sales dropped a bit for ERF. Canada NewsWire (08/27/99)
California Statistics Show Reduction in Accidents Caused by Trucks
The California Highway Patrol has released statistics showing truck-crash fatalities falling 14.9 percent from 114 to 97 between 1997 and 1998. Injurious crashes where trucks were at fault went down 1.3 percent from 4,110 to 4,058. Traffic fatalities in general were down 5.8 percent statewide to 3,459, the lowest California traffic-fatality number since 1955. Truckers News Online Magazine (08/26/99)Fortune's One Hundred Fastest Growing Companies: Oshkosh Truck
By adding fire- and cement-truck divisions, the military contractor Oshkosh Truck made it into 72nd place on Fortune magazine's 100 Fastest-Growing Companies list for 1999. In the last year, the company has posted net income of $26 million on revenue of $1.1 billion. By a three-year annual rate, per-share earnings rose 65 percent, revenue went up 39 percent, and total return was 57 percent. It is estimated that the price-to-earnings ratio will be 16 in a year. Fortune (09/06/99) Vol. 140, No. 5; P. 90USPS Wants Partnership With Online Vendors
U.S. Postal Service (USPS) officials are trying to establish partnerships with e-commerce firms, whereby products sold online would be handled by the USPS. Right now, Amazon.com splits its shipments between the USPS and United Parcel Service.In an Aug. 16 speech at the National Association of Postmasters of the United States (NAPUS) convention, Postmaster General William Henderson told postmasters that the USPS will be important in the future because of e-commerce. NAPUS President-elect Charlie Moser says his association and the USPS brass clash on some issues. However, current NAPUS President Ted Carrico says he agrees with Henderson regarding e-commerce. Federal Times (08/23/99) Vol. 35, No. 30; P. 8; Jackson, Brenden
More Trucks to be Exported
Isuzu Motors intends to make its truck factories in Thailand concentrate more on exports, due to decreased domestic demand in recent months. The General Motors Australian unit Holden Ltd. will receive 2,000 trucks from the Thai sites this year and 20,000 next year. Total annual truck exports should be up to 100,000 in three years with the addition of new recipients around the globe. Nikkei Weekly (08/23/99) Vol. 37, No. 1890; P. 16© copyright 1999 INFORMATION, INC. Terms of Service
