A.M. Executive Briefing - Nov. 16
This Morning's Headlines:
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Port Lockout Over
Canadian Labor Minister Claudette Bradshaw said Monday that the lockout at British Columbia ports was over. Legislation to end the dispute was written but did not need to be entered, since the longshoremen's union and employers resolved their dispute.While the union opposed Sultran's use of a sulfur-testing firm that was not unionized, the employers said Sultran was not in their association. The fact that the legislation was prepared was a factor in a speedy end to the dispute, said Jim Edwards, who heads Economic Development Edmonton.
Bucks Trucking Facility Seeing Strike Incidents
Police are looking into the shooting of a Overnite Transportation truck's windshield near the Bensalem, Pa., terminal early Friday morning. The windshield on the driver's side was apparently shot with a shotgun, but the trucker was unhurt. Police said the incident had to do with the current Teamsters strike of Overnite.Also in Bensalem, Teamsters member Donald Cummiskey, who had said an Overnite truck hit him Nov. 2, was given a charge of filing a false accident report. Police say a security company's video recording depicted Cummiskey intentionally going in front of the slow truck. Both company and union say there has been violence in various U.S. locations. At 11 locations, the Teamsters are on the receiving end of restraining orders. Philadelphia Inquirer Online (11/16/99) ; Brown, Jack
USF Holland Opens New Terminal in Joliet, Illinois
USF Holland on Monday debuted its 100-door Joliet, Ill., terminal, which will provide more capacity and equipment to serve the area. The USFreightways unit provides next-day service from Joliet to such cities as Detroit, Minneapolis, Nashville, and Pittsburgh. "USF Holland now is ideally positioned for the rapid business growth that we are seeing in southwest Chicago," said Joliet terminal manager Tom Harper. Business Wire (11/15/99)DOT: Port of Entry to Leave Sheridan
The Sheridan, Wyo., port of entry is to be replaced by one closer to Montana. Two possible locations are being eyed by the state Transportation Department. However, there will be no contract to build the new port for about three years or longer, following impact studies. Trucks frequently have a hard time entering the current facility. Associated Press (11/15/99)Waste Systems International, Inc. Announces Third Quarter 1999 Results
Waste Systems International said it saw a record $17.4 million in third-quarter revenues, up 148% from the year-earlier quarter and up 55% from the second quarter. WSI saw a $7.1 million (40 cents a share) net loss in the third-quarter, down from a $1.5 million (12 cents a share) net loss in the year-earlier quarter and down from a $4.8 million (36 cents a share) net loss in the second quarter.Third-quarter adjusted EBITDA, or EBITDA leaving out one-time costs related to integrating its C&J Trucking and Eastern Trans-Waste of Maryland purchases, was $2.12 million, up from $2.10 million in the year-earlier quarter and down from $2.3 million in the second quarter.
In December, the company will debut a new landfill in Somerset, Pa., which will be owned by WSI and therefore will enable the company to deliver a higher percentage of waste to WSI sites. The company said it saw $37.5 million in revenues for the first nine months, up 196% from the comparable 1998 period. That year-over-year revenue gain was mostly because of 34 acquisitions in 1998 and 13 acquisitions in this year's first nine months.
WSI saw a $20.6 million ($1.39 a share) net loss in the first nine months, including one-time charges, down from a $4.9 million (68 cents a share) net loss in the comparable 1998 period. Business Wire (11/15/99)
Trucking Leaders Gather in Toronto This Week for Annual Three-Day Convention
This year's Ontario Trucking Association convention will be held Wednesday through Friday at Toronto's Regal Constellation Hotel. The convention will include roundtable talks, a panel debate, information about cargo theft prevention, and various speakers. Motor Carriers of the Millennium is the convention theme. More information is available at www.ontruck.org. Canada NewsWire (11/15/99)Auctions of Preston Trucking's Assets Gets Underway
Blackmon Auctions auctioned some Preston Trucking assets at the bankrupt carrier's Preston, Md., terminal, and will move on to five other locations before finishing up Dec. 8-9 in St. Louis. Preston, whose secured and unsecured loan debt totals $92 million, believes it will make $95 million through the sale of real estate and other assets and collect $42 million from customers, said CFO Sean Callahan. The deadline for claims in U.S. Bankruptcy Court is Nov. 30. Associated Press (11/15/99)U.S. Trucking, Inc. Engages CIBC World Markets as Strategic Advisor
CIBC World Markets, the investment banking company, will advise U.S. Trucking on the carrier's growth goals. U.S. Trucking President and CEO Dan Pixler says, "U.S. Trucking intends to become one of the nation's top 100 carriers through acquisitions and internal growth." Business Wire (11/15/99)Market Transport, Ltd. Unveils New Driver Services Building - Providing a Home Away from Home
Market Transport is set to debut its driver services building this week in Portland, Ore., which will include space and various amenities for truckers. The building will house some company offices in addition to shower, laundry facilities, Internet connections, and other features for Market Transport owner-operators and company drivers. PR Newswire (11/15/99)© copyright 1999 INFORMATION, INC. Terms of Service
