News Briefs - Nov. 4
The Latest Headlines:
- P.A.M. Boosts 3Q Earnings
- UPS Will Not Make Seasonal Hires at Ky. Hub
- Dockworkers, Ports Make Progress
- Ventura Names Independent Barkley to Vacant Senate Seat
- Alaska Quake Shuts Pipeline, Cracks Highways
- Fabric Maker Buys Motor Carrier
- Dondero Resigns at U.S. Xpress
- Crude Oil Price Slips in Early Trading
- UPS Will Not Make Seasonal Hires at Ky. Hub
P.A.M. Boosts 3Q Earnings
Truckload carrier P.A.M. Transportation Services Inc. reported net income of $4 million or 35 cents a share, for the quarter ended Sept. 30, 2002,compared with $2 million, or 23 cents for the corresponding period in 2001.The Tontitown, Ark.-based company said total operating revenue for the third quarter ended Sept. 30 was $65 million, up 21.2% from the $53.7 million the company reported last year.
P.A.M. said operating revenues for the nine months of 2002 were $199.2 million, a 17.5% increase compared to $169.5 million for same period.
P.A.M. is ranked No. 69 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.)
UPS Will Not Make Seasonal Hires at Ky. Hub
United Parcel Service Inc. said it does not plan hiring temporary workers for the holiday season at its air hub in Louisville, Ky. because it has installed a new automated package sorting system, the Associated Press reported Saturday.Before installing the new $1.1 billion system, UPS had hired as many as 1,700 additional workers at the hub to deal with the increased flow of packages as the busy holiday season arrived. At its busiest, usually a week before Christmas, a UPS spokesman told AP that the Atlanta-based company handles nearly 19 million deliveries a day.
The company said it will still hire seasonal workers at its ground hubs at Louisville and around the country, AP reported.
UPS is ranked No. 1 in the 2002 Transport Topics 100 listing of the largest trucking companies in the United States and Canada. Transport Topics
Dockworkers, Ports Make Progress
In a possible breakthrough in the contentious West Coast port labor dispute, the longshoremen’s union and the shipping companies have reached a tentative deal on the use of technology in tracking cargo, the Associated Press reported.The use of technology to track cargo was being resisted by the International Longshore and Warehouse Union, which feared the loss of union jobs. The Pacific Maritime Association said that it needs to modernize package tracking to improve supply flow and security, Reuters reported.
Details were sketchy, AP said, but the deal will allow the union domain over cargo planning on the docks and in rail yards, but not onboard vessels.
The technology issue was the major sticking point in the talks, but not the only issue still left to be resolved.
The two sides called the agreement the first real progress in the dispute since a 10-day lockout of dockworkers last month, AP reported. Transport Topics
Ventura Names Independent Barkley to Vacant Senate Seat
Gov. Jesse Ventura named a key adviser, Dean Barkley, as interim senator from Minnesota, the Associated Press reported Monday.Barkley, a former Democrat, will join Sen. Jim Jeffords (I-Vt.) as an independent in the Senate for the upcoming lame duck session of Congress, AP said. As it stands now, the Senate is split 49-49 between Democrats and Republicans, with Jeffords and Barkley as independents.
Barkley said he did not know if how he would vote during his term, but promised to speak with the leadership of both parties and to seek out Jeffords.
The appointment was made necessary by the untimely death of Sen. Paul Wellstone (D-Minn.) in a plane crash last month.
As the appointment was made, replacement Democratic candidate Walter Mondale and Wellstone's former challenger, Republican Norm Coleman had their first and only debate, AP said. Transport Topics
Alaska Quake Shuts Pipeline, Cracks Highways
A major earthquake in Alaska Sunday cracked several highways and closed the trans-Alaska pipeline as a precaution, the Associated Press reported.The quake, which measured 7.9 on the Richter scale, was centered on the Denali Fault, 90 miles south of Fairbanks, Alaska. The quake opened up large cracks in several roads, some as large six feet wide and closed the Alaska Highway between Fairbanks and Anchorage, AP reported.
The pipeline, which was designed to withstand quakes up to a magnitude 8.0 on the Richter scale, was shutdown as representatives of the Alyeska Pipeline Service Co. inspected the line for leaks or cracks.
There were no reports of major injuries as a result of the quake, which began at about 1:12 p.m. local time Sunday, or 5:12 p.m. EST. Major earthquakes are not uncommon in Alaska, but often do not cause injuries or deaths because they happen in remote and sparsely inhabited areas, AP said. Transport Topics
Fabric Maker Buys Motor Carrier
Veltex Corp. has acquired MultiModal Transportation Inc., a motor freight carrier headquartered in Tennessee, Veltex announced Monday.Veltex manufactures and distributes high quality fabrics, using facilities in Bangladesh and Diamond Bar, Calif. Currently, the company produces 100% cotton twill, duck and sheeting for existing customers along with some new lines of caps, T-shirts and twill shirts for new U. S. buyers.
Andrew Fridel, president of MultiModal, expressing pleasure in the acquisition of his company by Veltex, predicted the company will have revenues above $29 million next year and be profitable. Transport Topics
(Click here for the full press release.)
Dondero Resigns at U.S. Xpress
Cort J. Dondero, has resigned as executive vice president and chief operating officer at U. S. Xpress Enterprises Inc. after two years with the company.A publicly owned truckload carrier, U.S. Xpress is based in Chattanooga, Tenn.
Max Fuller, co-chairman with Patrick Quinn, said he wishes Dondero well "in his future endeavors and looks to building on the trend of year over year improvements in revenues and operating income we have generated through the first nine months of 2002. With the management team we have in place, we believe we are well positioned to deliver improved earnings performance to our shareholders."
Fuller will assume Dondero's title as COO.
.S. Xpress is ranked No. 25 in the Transport Topics 100 listing of the biggest trucking companies in the United States and Canada. Transport Topics
(Click here for the full press release.)
Crude Oil Price Slips in Early Trading
Saudi Arabia said it wouldn’t allow the United States to use its military bases for an attack upon Iraq, but the price of crude oil still slipped 1.4% in early trading Monday, Bloomberg reported.The price dipped to $26.75 a barrel, a decline of 38 cents in electronic trading on the New York Mercantile Exchange.
Crude oil is often distilled down into important motor fuels like diesel and gasoline. Price changes in crude are often passed on to the consumer. Transport Topics
