News Briefs - Nov. 15
The Latest Headlines:
- US 1 Says Net Income Up 70%
- Major Fire Breaks Out at Ohio Trucking Co.
- Cannon Express Sees Wider Fiscal 1Q Loss
- Intermodal Rail Loadings Up 7.4% Last Week
- Low Inventories Push Crude Oil Prices Higher
- Major Fire Breaks Out at Ohio Trucking Co.
US 1 Says Net Income Up 70%
US 1 Industries Inc. said Friday that for the third quarter of 2002, its net income jumped 70% to $542,600 from the $318,400 the company earned in the same three-month period in 2001.The Gary, Ind.-based company said that its revenues increased 72% to $30.4 million from $17.7 million in the same quarter last year.
“Increased profitability for the quarter and for the nine-month period were primarily the result of increased revenues, lower financing costs and improved cost control of the company's operations,” US 1 said.
(Click here for the full press release.)
Major Fire Breaks Out at Ohio Trucking Co.
A major fire and several explosions were reported at a trucking company in suburban Cleveland Friday, gutting the building and destroying the business, news reports said.The fire at Bencin Trucking Co. in Walton Hills, Ohio, began in a scrap metal processing plant Becin's owner told WEWS, a local television staion. Bencin and the plant share the same building.
The fire apparently consumed some titanium and magnesium, which exploded when doused with water by firefighters, the station said. Witnesses reported seeing three distinct explosions tear through the building.
Bencin owns between 55 and 60 vehicles, the station reported, and the trucking company was "a total loss," after the fire. Transport Topics
Cannon Express Sees Wider Fiscal 1Q Loss
Truckload carrier Cannon Express said Thursday that its loss-per-share in the fiscal first quarter widened to 98 cents a share this year from the 64 cents a share the company reported in the same quarter last year.The company said its overall net loss for the quarter ended Sept. 30 was $3.1 million, compared with a $2.1 million loss in the fiscal first quarter of 2002.
The Springdale, Ark.-based company said its revenue in the fiscal first quarter of 2003 was $18.8 million vs. $21.7 million last year.
Cannon said its “revenue equipment continued to be under utilized due to a combination of weak freight demand and a shortage of qualified drivers.” The company added that it planned on reducing its fleet by approximately 200 trucks and 315 trailers in order to increase the utilization and profitability of its equipment.
Cannon previously discontinued its logistics and intermodal operations in the fourth quarter of fiscal 2002. Transport Topics
(Click here for the full press release.)
Intermodal Rail Loadings Up 7.4% Last Week
The number of intermodal rail car loadings rose last week by 7.4%, the Association of American Railroads reported Thursday.Intermodal service is the segment of the railroad industry that competes most directly with long-haul trucking.
Container loadings rose 11.3% from the same week last year to 149,672, but trailer loadings continued to lag, slipping 2.2% to 54,201.
Year-to-date, the number of overall loadings is up 4.1% to 7.9 million, AAR said. Transport Topics
Low Inventories Push Crude Oil Prices Higher
The price of crude oil rose less than 1% in trading Friday after a government report showed that U.S. crude oil supplies fell last week, Bloomberg reported.Crude oil prices often impact prices for refined products like diesel and gasoline – both of which are important to trucking.
The Department of Energy said that oil inventories fell 6.9% to 283.6 million barrels, and that report pushed crude prices up 18 cents, or 0.7%, to $25.47 a barrel. Oil prices had fallen to an eight-month low after Iraq agreed to allow United Nations weapons inspectors into the country. Transport Topics
