News Briefs - Feb. 11
The Latest Headlines:
- Schneider Signs Miller to Logistics Deal
- UPS Wants to Rename Mail Boxes Etc. Stores
- Transport Corp. Nearly Triples 4Q Loss
- Velocity Express Narrows Quarterly Loss
- Expeditors International Boosts Earnings by 33%
- Oil Prices Steady Ahead of Inventory Reports
- UPS Wants to Rename Mail Boxes Etc. Stores
Schneider Signs Miller to Logistics Deal
Schneider Logistics Inc., a subsidiary of Schneider National Inc., said Tuesday that it has reached an agreement with Miller Brewing Co. to handle supply-chain management for the Milwaukee, Wis.-based beverage company.Miller’s load control center will use Schneider’s Sumit system to manage the company’s transportation activities.
Financial terms of the contract were not disclosed.
Schneider National is ranked No. 9 on the 2002 Transport Topics listing of the largest trucking companies in the United States and Canada. Transport Topics
(Click here for the full press release.)
UPS Wants to Rename Mail Boxes Etc. Stores
United Parcel Service Inc. is encouraging its Mail Boxes Etc. franchisees to adopt “The UPS Store” name after test stores showed positive returns, Bloomberg reported.The Atlanta-based package-delivery company said that test stores showed a 70% jump in shipping, Bloomberg reported.
Stores are not required to make the switch, Bloomberg said, but those that do in the continental United States will be able to offer services at lower costs, Bloomberg reported.
UPS bought Mail Boxes Etc. from U.S. Office Products Co. in 2001, Bloomberg said.
UPS is ranked No. 1 on the 2002 Transport Topics 100 listing of the largest trucking companies in United States and Canada. Transport Topics
Transport Corp. Nearly Triples 4Q Loss
Transport Corp. of America Inc. said Tuesday that its loss during the fourth quarter last year was nearly triple the loss it suffered in 2001.In the final quarter of 2002, the Minneapolis-based company said its net loss was $1.3 million or 18 cents per share. In the same period in 2001, the company reported a net loss of $454,000 or 6 cents per share.
The company said that its revenues during the quarter were virtually flat, as it generated $69.2 million in 2002 and the $68.8 million in 2001.
Transport Corp., a truckload carrier, is ranked No. 63 on the 2002 Transport Topics 100 listing of the largest trucking companies in the United States and Canada. Transport Topics
(Click here for the full press release.)
Velocity Express Narrows Quarterly Loss
Logistics provider Velocity Express Corp. said Monday that it narrowed it quarter loss by about $8.5 million in its fiscal second quarter ended Dec. 28, 2002.During the quarter, the company had a net loss of $1.05 million or 24 cents a share, compared to the 9.67 million or $2.81 it lost in 2001.
"Despite a difficult economic environment, which adversely affected results, our continuing efforts to reduce costs and move more fully to a variable cost model yielded significant benefits," said Jeffry J. Parell, chief executive officer. Transport Topics
(Click here for the full press release.)
Expeditors International Boosts Earnings by 33%
Logistics firm Expeditors International of Washington Inc. said that in the fourth quarter, it had net earnings of $36 million or 33 cents per share, up from the $27.1 million or 25 cents a share the company earned in the same quarter in 2001.The company said that its net revenues increased to $201.6 million in the fourth quarter, up about 30% from the $155.3 million it generated in the same quarter in 2001.
The company’s annual earnings rose to $112.5 million from the $97.2 million it reported in 2001. Expeditors International’s yearly earnings per share were $1.03 a share, up from the 89 cents a share it earned in 2001. Transport Topics
(Click here for the full press release.)
Oil Prices Steady Ahead of Inventory Reports
The price of crude oil was nearly unchanged in early trading Tuesday as traders cautiously waited for the Department of Energy and the American Petroleum Institute to release their weekly reports on oil inventories, Bloomberg reported.The DOE and API reports were expected to be released on Wednesday. Last week’s reports showed large declines in diesel fuel and home heating oil stocks, in addition to declines in crude oil inventories.
In early morning trading Tuesday, the price of crude oil fell 3 cents, or 0.1%, to $34.45 a barrel on the New York Mercantile Exchange, Bloomberg said.
Recently, concerns about a possible war with Iraq and higher demand for home heating oil due to the unusually cold winter on the East Coast. Transport Topics
