News Briefs - Nov. 22
The Latest Headlines:
- Ryder, Budget Settle Trademark Suit
- Patriot Transportation Reports Gain for Quarter
- C.H. Robinson Ups Dividend
- Sysco Completes Purchase of Asian Foods
- Collins Industries Reports improved Fiscal 4Q Results
- Universal Express Adds Funding in Pursuit of Cargo Airline
- Grand Vehicle Works Buys Ex-Dana Plant
- Intermodal Traffic Up Last Week
- OPEC Members Still Defying Own Quota
- Patriot Transportation Reports Gain for Quarter
Ryder, Budget Settle Trademark Suit
Ryder System Inc. said Friday that it has “reached a favorable out-of-court settlement” in its trademark infringement dispute with Budget Group Inc.The suit, according to Ryder “resolves the longstanding brand confusion in the marketplace since the 1996 sale of Ryder's consumer "yellow" truck rental business, which included limited use of the Ryder mark.”
The deal forces Budget to immediately discontinue the use of the Ryder name and trademark in advertising, signage and other identifying materials as well as accelerate its removal of the Ryder name from all existing consumer trucks beginning in January 2003. This removal should be done by the end of 2004. Budget Group must also pay Ryder $1.25 million in cash.
Ryder is ranked No. 3 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.)
Patriot Transportation Reports Gain for Quarter
Patriot Transportation Holding Inc. said Thursday that it had net income of $1.31 million or 41 cents per share for the fiscal fourth quarter of 2002 – up from the loss of $1.33 million or 42 cents per share the company reported during the same period in 2001.Patriot, which operates two distinct, wholly-owned subsidiaries in the trucking industry, said that its net income for the full fiscal year 2002 was $5.7 million, up from the $2.7 million the company had in 2001. For the most current fiscal year, Patriot had earnings per share of $1.79 million, up more than 100% from the 86 cents per share the company earned in fiscal 2001.
The company’s two subsidiaries, Florida Rock & Tank Lines Inc., a liquid and dry bulk carrier, and SunBelt Transportation Inc., a flatbed carrier, results "in addition to being similarly impacted by uncertainties surrounding the national economy, will also be affected by industry consolidation among both shippers and carriers," the company said in its release. Transport Topics
(Click here for the full press release.)
C.H. Robinson Ups Dividend
C.H. Robinson Worldwide Inc. said Thursday that its board of directors has increased its regular quarterly cash dividend to 8 cents per share from its previously announced 6 cents a share.The dividend will be paid out on Jan. 3, 2003 to shareholders of record on Dec. 6. C.H. Robinson said that as of the time of its release, there were approximately 84.25 million shares of its stock outstanding.
Based in Minneapolis, C.H. Robinson is a major third-party logistics provider serving customers in North and South America, Asia and Europe. Transport Topics
(Click here for the full press release.)
Sysco Completes Purchase of Asian Foods
Sysco Corp. said Friday that it has completed its acquisition of Asian Foods Inc. for an undisclosed sum.Asian Foods Inc., the largest Asian food- service distributor in North America, operates 42 delivery vehicles in 14 states and had sales of more than $100 million for the 12 months ended Oct. 31.
The deal was originally announced on Nov. 12.
Sysco is ranked No. 3 on the 2002 Transport Topics 100 listing of private trucking companies in the United States and Canada. The Houston-based company runs 952 trucks and 3,237 tractors and had sales of $21.8 billion in 2001. Transport Topics
(Click here for the full press release.)
Collins Industries Reports improved Fiscal 4Q Results
Collins Industries Inc., a leading manufacturer of ambulances and terminal trucks, said Friday that during its fiscal fourth quarter, which ended Oct. 31, it had earnings per share of 18 cents – up from the 15 cents the company had in the same quarter last year.Those earnings came on net income of $1.2 milion, a 17% improvement from the 1.05 million the company earned during the fiscal fourth quarter of 2001.
"Fiscal 2002 was certainly a challenging year as we posted a larger than expected loss in the first quarter and only marginal earnings in the second quarter,” Donald Lynn Collins, chief executive officer. However, we were pleased with our recovery in the last half of the year, posting respective net earnings of 15 cents and 18 cents per share in our third and fourth fiscal quarter.”
Collins is based in Hutchinson, Kan. Transport Topics
(Click here for the full press release.)
Universal Express Adds Funding in Pursuit of Cargo Airline
Logistics firm Universal Express Inc. said Thursday that it is has added $25 million in funding, specifically directed at the purchase foa cargo airline, from TransAmerica and New Millennium Funding."This funding, in addition to other previously announced funding of $100 million and $460 million, which have been targeted for land and bus transportation and third party logistical delivery acquisitions, is designed to advance our delivery network capabilities and obviously add revenues and personnel infrastructure," said Richard A. Altomare, chief executive officer.
Universal Express Inc. said it owns several subsidiaries providing "logistical services, equipment leasing and cost-effective delivery of goods." Transport Topics
Grand Vehicle Works Buys Ex-Dana Plant
Grand Vehicle Works Holdings Corp., parent company of Autocar LLC, said Thursday that it has purchased a manufacturing facility in Hagerstown, Ind. – formerly owned by Dana Corp.The plant, according to the company’s release, will accommodate all of Autocar’s manufacturing equipment and will allow the company to start limited pilot production in the second quarter of 2003 and full production of trucks by July 2003 at the latest.
Grand Vehicle said last August it was resurrecting the Autocar nameplate (Click here for related coverage.).
According to Grand Vehicle, Autocar is the oldest vehicle nameplate in continuous production at 103 years old. Transport Topics
Intermodal Traffic Up Last Week
The number of intermodal loadings on America’s railroads rose 5.4% in the week ended Nov. 16, the Association of American Railroads reported Thursday.Intermodal is the segment of the rail industry that competes most directly with long-haul trucking.
Container loadings, the largest piece of intermodal service, rose 7.3% versus last year’s total for the week to 137,563. Trailer loadings rose 0.9% to 52,975 – bringing the overall total to 190,538.
For the year-to-date, the number of loadings is up 4.1% to 8.3 million, the AAR said. Transport Topics
OPEC Members Still Defying Own Quota
Members of OPEC are still pumping more crude oil than their self-imposed quotas allow even as prices for crude have fallen 14% in the last seven weeks, an independent research group said Friday.PetroLogistics, a group that monitors worldwide oil production, said that the members of the Organization of Petroleum Exporting Countries pumped 13% more oil last month than their 21.7 million barrel a day quota, Bloomberg reported.
Oil prices have eased in recent weeks after a war with Iraq was, at least temporarily, averted by United Nations' resolutions.
Price changes on the oil market are often reflected in fuel prices at the pump, which can be good for trucking's bottom line.
The drop has caused OPEC leaders to call for stricter adherence to the quota, but so far, PetroLogistics said, there is no evidence of a drop in supply, Bloomberg reported. Transport Topics
