News Briefs - Nov. 16
The Latest Headlines:
- UPS Wins Delay in Deaf Driver Case
- ArvinMeritor's Sales Rise, but Post Loss on Charges
- Profits Rise at US 1 Industries
- Arctic Express Emerges From Bankruptcy
- Schneider Debuts New Intermodal Container
- ArvinMeritor's Sales Rise, but Post Loss on Charges
UPS Wins Delay in Deaf Driver Case
A federal judge put on hold a ruling that would force UPS Inc. to throw out a policy barring deaf people from driving some of its vehicles, Bloomberg reported.U.S. District Court Judge Thelton Henderson granted the company's request to delay his earlier ruling during an appeal. UPS said changing its policies could endanger public safety, Bloomberg reported.
Henderson had ruled excluding deaf drivers from operating trucks under 10,000 pounds violated the federal American with Disabilities Act.
he ruling postpones a decision on whether UPS will have to pay damages to 1,000 drivers.
UPS is ranked No. 1 on the Transport Topics 100 list of the largest U.S. and Canadian trucking companies. Transport Topics
ArvinMeritor's Sales Rise, but Post Loss on Charges
Vehicle parts maker ArvinMeritor Inc. said its net loss for the fiscal fourth quarter ended Sept. 30 was $153 million, or $2.23 per share, compared with a net income of $38 million or 56 cents a year earlier.Excluding charges, net income would have been $37 million or 54 cents, the company said in a statement. Sales for the quarter were $2 billion.
"During the quarter, our commercial vehicle systems business continued to benefit from strong global markets, and we are pleased with our top-line growth in this important segment," said ArvinMeritor Chairman and Chief Executive Officer Charles McClure.
For the full year, net loss was $42 million or 61 cents. Transport Topics
Profits Rise at US 1 Industries
US 1 Industries Inc. said Monday its net income for the third quarter was $507,967 or 4 cents per share, compared with $238,376 or 2 cents a year earlier.Revenues increased to $37 million for the quarter from $30.9 million, the company said in a statement.
The company provides financial resources, insurance and information technology to the trucking and logistics industries. Transport Topics
Arctic Express Emerges From Bankruptcy
Refrigerated truckload carrier Arctic Express Inc. said it emerged from bankruptcy Nov. 4 with a reorganization plan that would settle a seven-year-old lawsuit with the Owner-Operator Independent Drivers Association, and reduce the carrier’s overall debt load.Arctic said on its Web site its revenues were $61 million in 2003, and that it had 300 drivers and 65 other employees.
Under a court-approved plan, Arctic said it would pay $900,000 to settle with drivers seeking the return of maintenance-escrow funds they provided for equipment leased through Arctic’s affiliate, D&A Associates Ltd.
“The bankruptcy provided a way to reasonably, efficiently and economically resolve the dispute so that we could concentrate on improving our business,” Richard Durst, the trucking company’s owner and chief executive officer, said Nov. 8 in a statement.
Arctic’s bankruptcy lawyer, Nicholas Franke, told Transport Topics Nov. 10 the reorganization would also reduce Arctic’s debts secured by trucks and trailers by $7 million, leaving the debt at $12 million.
OOIDA said it was seeking an additional $4.6 million in escrow funds from the bank that had been holding all of Arctic’s assets. Roger Gilroy
Schneider Debuts New Intermodal Container
Schneider National Inc. said Monday it had debuted a new stackable intermodal container for use on any railroad at the Intermodal Association of North America Intermodal Expo in San Antonio.Schneider said in a statement it worked with Stoughton Trailers and Wabash National to design the container to match the inside dimensions of a standard 53-foot trailer. It also said it purchased 200 units it is testing this fall with plans for full deployment in 2005.
"In order to simplify intermodal logistics, our containers have the same load capacity as our 53-foot van trailers, allowing for easy conversion from over-the-road to rail," said Brian Bowers, vice president and general manager of intermodal for Schneider.
chneider National is ranked No. 7 on the Transport Topics 100 list of the largest U.S. and Canadian trucking companies. Transport Topics
