News Briefs - Feb. 18
The Latest Headlines:
- Smithway Posts 4Q Loss
- DaimlerChrysler to Extend CEO Schrempp's Contract
- XRG Completes Acquisition of R&R Express
- OPEC May Cut Production Again in March
- DaimlerChrysler to Extend CEO Schrempp's Contract
Smithway Posts 4Q Loss
Truckload carrier Smithway Motor Xpress Corp. said Tuesday its net loss for the fourth quarter was $268,000, or 6 cents per, compared with a net loss of $4.7 million or 97 cents a year earlier.Operating revenue increased 2.5% to $40.7 million, the company said in a release. For the full year, the net loss was $2.6 million or 53 cents, compared with a loss of $8.7 million or $1.79 a share.
Smithway is ranked No. 85 on the Transport Topics 100 list of the largest U.S. and Canadian trucking companies. Transport Topics
DaimlerChrysler to Extend CEO Schrempp's Contract
DaimlerChrysler AG, the world's largest truck maker, said Wednesday it planned to extend the contract of Chief Executive Office Juergen Schrempp by three years, the Associated Press reported.The company owns several units around the world that manufacture trucks including Freightliner LLC and Mercedes-Benz.
Schrempp's extension to 2008 was not officially ratified at the meeting, but the company said that board "unanimously supports" the move and that it intends to make it official at its next meeting, AP said. Transport Topics
XRG Completes Acquisition of R&R Express
Truckload carrier XRG Inc. said Feb. 9 it completed the stock purchase of drayage-carrier R&R Express Intermodal Inc., for $100,000 in cash and 100,000 shares of its common stock.Under the agreement, which XRG announced in August, R&R will become an XRG subsidiary.
For the 2003 9-month period ended Sept. 30, Pittsburgh-based R&R posted net income of $20,000 on revenues of $23.9 million.
For the 3-month period ended Sept. 30, XRG posted a net loss of $942,849 on revenue of $298,225. That compared with a net loss of $150,495 on revenue of $230,702 in the 2002 quarter. Transport Topics
This story appeared in the Feb. 16 print edition of Transport Topics.
OPEC May Cut Production Again in March
OPEC President Purnomo Yusgiantoro said the oil cartel could decide in March to cut output limits again in May if prices start falling, Reuters reported.Ministers decided last week to reduce output limits by one million barrels per day on April 1 to avoid any price collapse in the second quarter when demand for oil ebbs at the end of the northern hemisphere winter.
OPEC aims to keep its basket price between $22 and $28 a barrel. Although the price was near $29 last week, the cartel is expecting the price to start falling in the weeks ahead, Reuters said. Transport Topics
