A.M. Executive Briefing - Oct. 21
This Morning's Headlines:
ul>
Time Checks for Truckers
Transport Canada motor-carrier safety official Brian Orrbine said to the National Transportation Safety Board that Canada will soon be shortening truckers' allowed hours of service. The U.S. board is looking into Nafta road safety. Later, Orrbine said truckers' maximum on-duty hours will be reduced from 15 to 14 per day, and changes in daily driving hours will be announced in about two weeks. Calgary Sun (10/21/99) P. 36Springs Industries' Truck Fleet Safest Again According to SCTA
The South Carolina Trucking Association gave its award for the state's safest truck fleet to Springs Industries, making this the second consecutive year in which the textile firm won the award. The Most Improved Fleet Safety Award went to Bi-Lo Inc; numerous other companies took top honors in different categories. PR Newswire (10/20/99)
Emons Transportation Group Announces Construction of New $1.5 Million Bulk Transfer Terminal in York, Pennsylvania
Emons Transportation Group subsidiary Emons Logistics Services has begun building a York, Pa., bulk transfer terminal featuring five double-ended tracks with a capacity of roughly 70 cars. Half of the estimated $1.5 million price tag will be covered by $762,500 in state money. The rail-to-truck terminal is to be located next to Yorkrail Inc., also an Emons subsidiary. Business Wire (10/20/99)Hub Group, Inc. Announces Results for the Third Quarter Ended September 30, 1999
Hub Group says its third-quarter revenue was $333.3 million, up 12.7% from the year-earlier quarter, with intermodal revenue of $249.1 million, up 6.1%, revenue from truckload brokerage of $50.1 million, up 16.5%, and logistics revenue of $34.1 million, up 89.9%.Net revenue for the third quarter was $41.5 million, or 12.4% of revenue, up from last year's figures of $36.5 million and 12.3%, as net income was $3.2 million, up 22.8%, and diluted earnings per common share were 41 cents, 7 cents higher than last year.
The first nine months saw revenue of $960.5 million, up from $834 million in the comparable 1998 period, as net revenue rose to $119.7 million from $100.6 million and net income rose to $7.8 million from $6.3 million. The first nine months' diluted earnings per common share rose to $1 from 82 cents. PR Newswire (10/20/99)
Florida East Coast Industries, Inc. Announces Third Quarter Result
Florida East Coast Industries says its net income for the third quarter was $8.6 million, down from $13 million in the year-earlier quarter, with third quarter per-share net dropping to 24 cents from 36 cents. The drop is attributed in part to a $3.1 million property-sale gain in 1998's third quarter, and this year's third quarter saw higher depreciation at the commercial-property subsidiary as well as expenses at the telecom subsidiary.For the first nine months, net income was $28.9 million, counting special charges totaling $8.2 million, down from $32.9 million in the comparable 1998 period, as per-share net for the first nine months fell to 81 cents from 91 cents.
The quarter and nine months saw an 11% gain in railway operating profit, and the operating ratio has fallen past 73 percent. Rail revenue for the third quarter was $41.4 million, up 3.7% from the year-earlier quarter, as unit volume growth and better pricing made up for poor intermodal traffic.
he first nine months' net operating profit for the International Transit trucking subsidiary was up to $0.1 million from 1998's break-even, and third-quarter operating revenues were $7.3 million, down 7.8% due to three important customers leaving the carrier.
Operating profits for the third quarter fell $0.1 million to roughly break even. All the company's trailers are now 1998/1999 Great Dane units, and between 1999's fourth quarter and next year's second quarter the company will receive 80 Volvo tractors. The company expects to attract more drivers with the new tractors. Business Wire (10/20/99)
Arkansas Best Corporation Announces Fourth Quarter 1999 Cash Dividends on Preferred Stock
Holders of Arkansas Best Corp.'s $2.875 Series A Cumulative Convertible Exchangeable Preferred Stock as of Nov. 5 are to be paid a 71.875 cents-per-share dividend Nov. 15 for this year's fourth quarter PR Newswire (10/20/99)Swift Transportation Co. Inc. Announces Groundbreaking for New Salt Lake City Facility
The groundbreaking for the roughly $7 million Swift Transportation facility in Salt Lake City is to be held 10:30 a.m. Friday. An office building, maintenance building, fuel island, and truck wash are to be located on the 29-acre land. Chairman and CEO Jerry Moyes says the company expects that in the coming three years it will increase the Salt Lake City tractor fleet to 550 from the current 275 and the payroll to 100 from 45. PR Newswire (10/20/99)© copyright 1999 INFORMATION, INC. Terms of Service
