Technology Briefs -- Sept. 4 - Sept. 9
The Latest Headlines:
- DOT to Test Hazmat Safeguards
- Terion Emerges From Bankruptcy
- Velocity Express Posts Improved Results
- UTi Worldwide Reports 43% Jump in 2Q Net Income
- Terion Emerges From Bankruptcy
DOT to Test Hazmat Safeguards
The U.S. Department of Transportation is planning to start an operational test of the effectiveness of security technologies for protecting hazardous materials being transported by trucks, Secretary Norman Y. Mineta said Friday.Private and public interests have committed to “significant cost sharing” for the Intelligent Transportation Systems test, the DOT said.
The two-year test will have 100 trucks equipped with a variety of current technologies to test several different security tools. Among the tools being tested are: biometric driver verification, off-route vehicle alerts, stolen vehicle alerts, cargo tampering alerts and remote vehicle disabling.
(Click here for the full press release.)
Terion Emerges From Bankruptcy
Terion Inc., a provider of trailer monitoring systems, said Thursday its reorganization became effective on Aug. 30, and its investor group has funded the company with an additional $10.8 million.The Melbourne, Fla.-based company filed in January for protection from creditors under Chapter 11 of the bankruptcy code.
Terion said in a release it will be focusing on its FleetView product, which offers fleet management information through the Internet. Transport Topics
(Click here for the full press release.)
Velocity Express Posts Improved Results
Velocity Express posted improvements in its results for the fiscal fourth quarter and for the fiscal year 2002, the company said Wednesday.For the fiscal fourth quarter ended June 29, Velocity Express had a net income of $909,000, or 25 cents a share. This is a marked improvement from the net loss of $8.6 million, or $1.87 a share, the company posted in the final quarter of fiscal 2001.
During the full fiscal year, the Minneapolis-based company narrowed its net loss from $35.27 million last year to $10.48 million in 2002.
"For Velocity Express, fiscal 2002 was a year of significant achievement, as our results show," said Jeffry Parell, chief executive officer. "The earnings improvement was a direct result of our determined efforts to reduce expenses and the adoption of a variable cost model nationwide that has enabled us to effect a successful turnaround of the company.”
Formerly United Shipping and Technology, Velocity Express is ranked No. 60 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.)
UTi Worldwide Reports 43% Jump in 2Q Net Income
Supply chain management company UTi Worldwide Inc. said Wednesday that its net income during the second quarter rose 43% over the same three-month period last year.During the quarter, the company had a net income of $7.7 million, or 30 cents per share as compared with $5.4 million, or 21 cents per share in the second quarter of 2001.
The firm, based in Rancho Dominguez, Calif., firm saw its second-quarter gross revenues jump 25% to $274.8 million from $219.4 million during the same timeframe last year.
"We are beginning to reap the benefits of sales efforts made over the past 12 months," said Chief Executive Officer Roger I. MacFarlane. "During the past year, we have focused on cost control measures while aggressively pursuing additional market share. We have already realized operating margin improvement through cost controls, and our revenues are now reflecting the investments we have made in developing major customer relationships.” Transport Topics
(Click here for the full press release.)
