A.M. Executive Briefing - Nov. 3
This Morning's Headlines:
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Towne Air Buys R&M Trucking
The Chicago-area carrier R&M Trucking has been bought by Towne Air Freight, which offers LTL and air-cargo trucking service from its 17 terminals around the country and via its Averitt Express, Freightmasters, and Quik-X Transportation partnerships. R&M, an intermodal and LTL carrier, will be run separately. Journal of Commerce Online (11/03/99)Freightliner Extends Capabilities of Truck Data Logging Unit
Freightliner has added a feature to the data logging unit on the Century Class S/T trucks that will cause the DLU to save vehicle operating data prior and subsequent to the inflation of the air bag, which is used as the indication that an accident has occurred. This data can be used by accident investigators. Freightliner will begin incorporating this feature into its new DLUs starting in January.
Landair Corporation Reports Third Quarter 1999 Results
Landair says it saw a third-quarter operating revenue record of $33 million, up 19.6% from the year-earlier quarter, while showing a $749,000 net loss, a diluted loss per share of 12 cents, counting expenses of about $583,000 for beginning a dedicated contract with Sonoco Products. The net loss compares to third-quarter 1998 figures of $797,000 in net income and 13 cents a share in pro forma diluted earnings.Landair Chairman and CEO Scott M. Niswonger predicts $60 million in revenue will result from the Sonoco contract, which "enabled us to shift under-utilized revenue equipment from our truckload division," during its four-year span.
In 1999's first nine months, Landair saw record operating revenue of $97.3 million, up 22.9% from the comparable 1998 period, with a $2.1 million net loss, or diluted loss per share of 34 cents. The net loss compares to figures of $2.1 million in net income and 34 cents a share in pro forma diluted earnings in 1998's first nine months. Business Wire (11/02/99)
CD&L Promotes Three to Top Financial Management Posts
Consolidated Delivery & Logistics has appointed Russell Reardon as chief financial officer, while Joseph J. Leonhard will take Reardon's place as vice president, finance and treasurer. Leonhard was vice president and controller at the same-day delivery concern. PR Newswire (11/02/99)Coldfoot Truck Stop Closes for Winter for All But Emergency Services
The Coldfoot Truck Stop on the Dalton Highway in Alaska above the Arctic Circle has closed its hotel and restaurant until April, until which time it will sell fuel for eight hours daily.This is the first year the truck stop has closed for the winter, says manager Linda Stanford, who says the stop "will be available for emergency services" in such situations as a weather-related shutdown of the highway. Stanford and two employees will be staying at the stop over the winter. Now, there are no places to stay or restaurants for a 350-mile portion of the highway. Associated Press (11/02/99)
Dispatch Management Services Corp. Announces Third Quarter Results
The delivery-services concern Dispatch Management Services says it saw $1.6 million in net income, up $1 million from the year-earlier quarter, as net income per basic and diluted share rose by 7 cents to 13 cents and gross margins rose by 7 percentage points to 39.5%. The company saw $53.2 million in third-quarter net revenue, down from the year-earlier figure of $56.4 million.The company also says it has begun the CitySprint brand for Atlanta, made a deal with an e-commerce concern for New York City-area same-day service, and begun sales incentives in various locations in the United States. PR Newswire (11/02/99)
Second Quarter Results for 1999-2000 - Once Again, TransForce Records Increased Profitability
TransForce says it saw C$56.3 million in revenues in its second fiscal quarter, up 41.2% from the year earlier quarter, with EBITDA up 61.2% to C$10.2 million, or C$0.33 a share, and net income up 30.4% to C$3.3 million, or C$0.10 a share.The company saw C$107.2 million in revenue in the first six months of the fiscal year, up 33% from the year-earlier half, with EBITDA up 55% to C$18.8 million, or C$0.60 a share, and C$6 million in net income, a per-share net income of C$0.19, up 28.9%. The second-quarter revenue gains were attributed in part to the company's acquisitions in the last year, says President and CEO Alain Bedard. Canada NewsWire (11/02/99)
Acklie Group Buys Hunt From Butler
The Omaha, Neb.-based flatbed carrier Hunt Transportation has been bought by Crete Carrier, which is owned by Duane and Phyllis Acklie. Adding Hunt to its other three trucking companies gives the Acklie group a 5,000-plus truck fleet.Crete bought Hunt and its parent company from Matt Butler, who will step down as Hunt's chairman and chief executive officer. President Richard A. Anderson will take over the CEO role at the company, which will keep the Hunt name. Omaha World-Herald (11/02/99) P. 16, Business Section; Taylor, John
Ex-Ryan Employee Says He Found Cash, Fund-Raising Tickets
Mark Lipe, a former special agent in office of the inspector general of the Illinois Secretary of State, says that when the driver licensing site in Libertyville was raided in 1993 he discovered money and campaign-contribution receipts in a briefcase. The contributions were for the fund of George Ryan, who then was secretary of state and is now Illinois governor.Lipe, who says he is going along with investigators probing bribery in exchange for driver licenses, says he does not know what became of the briefcase after it was taken from the site by Dean Bauer, who was inspector general at the time. The briefcase's contents were not "evidence in anything" and prosecutors in Lake County say they did not contribute to the criminal charges in the probe, a Ryan spokesman said Tuesday.
ccording to Sunday's Chicago Tribune, following the raid Ryan stated the number of licenses given for bribes but did not link it to campaign money. The briefcase belonged to then-zone manager James Quinn, who says his bosses pushed him to sell fundraiser tickets and that he gave better treatment to contributors but did not license anyone who was not qualified, the Tribune report said. Copley News Service (11/02/99) ; Schoenburg, Bernard
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