Velocity Express’ First-Quarter Loss Narrows
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A major objective in the quarter was to lock in the cost-of-delivery efficiencies achieved during 2005 utilizing our route optimization and driver settlement technologies. Consequently, gross margin remained essentially constant,” said Velocity President Jeff Hendrickson.
ackage-delivery and supply chain management firm Velocity Express said late Tuesday it lost $4.5 million or 27 cents a share in the first quarter, compared with a loss of $36.6 million or $5.30 a year ago.
he company’s revenue for the quarter ended April 2 rose to $50.5 million from $49.3 million a year earlier.
Gross profit improved to $14.5 million from $12 million and the adjusted loss before interest and taxes was a $222,000, an improvement from $10.8 million a year earlier.
Velocity Express is ranked No. 70 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
