OTRX reports fourth quarter and year end results.OLATHE Olathe (ōlā`thē), city (1990 pop. 63,352), seat of Johnson co., NE Kans., suburb of Kansas City; inc. 1858. In an area of livestock farms, Olathe grew markedly in the late 20th cent. , Kan Kan, river, China: see Gan. .--(BUSINESS WIRE)--Feb. 13, 1996--OTR Express Inc., a long haul Long distance. Long haul implies traversing a state or a country. Contrast with short haul. truckload carrier Merrian-Webster online dictionary defines truckload as " a load or amount that fills or could fill a truck". A truckload carrier is a trucking company that generally contracts an entire trailer-load to a single customer. , today reported a net loss of $88,000, or $0.05 per share, in the fourth quarter of 1995. For the year, the carrier reported a net loss of $157,000, or $0.09 per share. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. President William William, crown prince of Germany William or Frederick William, 1882–1951, crown prince of Germany, son of William II. In World War I he commanded (1914) an army on the Western Front and was nominal commander in the German attack P. Ward: "The company continued to operate in a very competitive market for freight services, resulting in lower miles per unit and lower revenue per mile than the previous year. The competition for truckload truck·load n. The quantity that a truck can hold. truckload n → camión m lleno freight has increased due to an over-capacity of class 8 trucks in the national fleet." Ward added that he expected the first quarter of 1996 to remain somewhat flat, with freight statistics and earnings improving slightly over the fourth quarter of 1995. The company is implementing an aggressive marketing plan to improve equipment utilization utilization, n 1. the extent to which a given group uses a particular service in a specified period. Although usually expressed as the number of services used per year per 100 or per 1000 persons eligible for the service, utilization rates may be in the current weak market. As a result of an increase in the number of units in service, revenues increased in the fourth quarter 11% to $13,216,000 from $11,853,000 in 1994. For the year, revenues improved 15% to $49,211,000 from $42,760,000 in 1994. Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. decreased to $530,000 in the fourth quarter from $1,056,000 in 1994. The company reported operating income for the year of $2,029,000 compared to $3,648,000 in 1994. The net loss in the fourth quarter compares to net earnings of $369,000, or $0.20 per share in the fourth quarter of 1994. The company reported net income for 1994 of $1,278,000, or $0.70 per share. The average number of units in service increased to 497 in the fourth quarter compared to 385 units in 1994. Equipment utilization declined to 1,959 miles per week per unit from 2,195 in the fourth quarter of 1994. Revenue per loaded mile was $1.022 for the quarter compared to $1.045 in 1994. Ward added: "Based upon analysis of the freight demand and reports from industry analysts, the weak freight market will most likely continue into 1996. In response, we are aggressively marketing OTR OTR Over The Road (truckers) OTR Other OTR Old Time Radio OTR On The Road OTR Off the Record OTR Outer OTR Over The Rainbow OTR Office of Tax and Revenue OTR Over-The-Rhine to larger shippers, offering a complete transportation package. We offer customers extremely high on-time service percentages, drdivers with an average of 17 years experience and premium equipment. "This marketing program will be supported by the addition of on-board On board usually means to be traveling on some vehicle. For example, Baby On Board. Compare with overboard. Metaphorically, the term on-board is often used to refer to some piece of technology that is integrated in a moving vehicle, for example: "Through global positioning satellite reports, our customers will have current load status information regarding both location and estimated time of delivery. We are also implementing electronic data interchange See EDI. (application, communications) electronic data interchange - (EDI) The exchange of standardised document forms between computer systems for business use. EDI is part of electronic commerce. (EDI (Electronic Data Interchange) The electronic communication of business transactions, such as orders, confirmations and invoices, between organizations. Third parties provide EDI services that enable organizations with different equipment to connect. ) with our larger customers to transmit To send data over a communications line. See transfer. data electronically through our computer network." OTR Express Inc. is a long haul, dry van truckload carrier serving a large base of over 800 customers throughout the 48 states. The company currently has 575 employees, including 87 at the home office in Olathe. The common stock is traded on the NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on National Market System under the symbol OTRX. For further information, please contact Gary Gary, city (1990 pop. 116,646), Lake co., NW Ind., a port of entry on Lake Michigan; inc. 1909. Gary was founded by the U.S. Steel Corporation, which purchased the land in 1905 and landscaped it for a city. Klusman, executive vice president, OTR Express Inc. The telephone number is 913/829-1616, ext. 3127. -0-
Summary of Results
(in thousands, except per share amounts)
Quarter Ended Year Ended
12/31/95 12/31/94 %Incr 12/31/95 12/31/94 %Incr
Revenue $13,216 $11,853 11% $49,211 $42,760 15% Operating income 530 1,056 -50% 2,029 3,648 -44% Net income (loss) -88 369 -124% -157 1,278 -112% EPS -0.05 0.20 -124% -0.09 0.70 -112% Shares outstanding 1,830 1,825 1,830 1,825
OTR Express Inc.
Statements of Operations
Fourth Quarter Ended Twelve Months Ended
Unaudited 12/31/95 12/31/94 12/31/95 12/31/94
Operating revenue Freight revenue $12,589,837 $11,186,707 $46,615,804 $40,490,206 Brokerage revenue 626,156 666,228 2,595,318 2,269,373 Total operating revenue 13,215,993 11,852,935 49,211,122 42,759,579 Operating expenses Salaries, wages, and benefits 5,420,392 4,632,295 19,837,132 15,911,573 Purchased transportation 557,385 628,993 2,401,605 2,093,512 Fuel 1,559,505 1,290,737 5,511,198 4,546,499 Maintenance 715,733 642,878 3,005,321 2,648,374 Depreciation 1,759,598 1,453,317 6,516,919 5,243,267 Insurance and claims 426,978 249,129 1,593,642 1,737,593 Taxes and licenses 1,546,024 1,282,220 5,511,240 4,683,752 Supplies and other 699,964 617,205 2,774,623 2,247,089 Total operating expenses 12,685,579 10,796,774 47,181,680 39,111,659 Operating income 530,414 1,056,161 2,029,442 3,647,920 Interest expense 671,893 426,193 2,283,107 1,449,202 Income (loss) before income taxes (141,479) 629,968 (253,665) 2,198,718 Income tax expense (benefit) (53,763) 260,713 (96,393) 920,815 Net income (loss) (87,716) 369,255 (157,272) 1,277,903 Average shares outstanding 1,830,073 1,825,106 1,830,246 1,825,118 Net income (loss) per share (0.05) 0.20 (0.09) 0.70
Balance Sheets
Dec. 31 , 1995 Dec. 31, 1994
Unaudited
Assets
Current assets $ 6,798,984 $ 6,108,692
Property and equipment 11,989,346 30,527,092
Other assets 94,478 83,845
Total assets $48,882,808 $36,719,629
Liabilities and Stockholders' Equity Current liabilities $17,186,934 $10,781,103 Notes payable, banks -- 732,555 Long term debt 20,844,188 13,862,215 Deferred income taxes 1,695,772 2,042,824 Stockholders' equity 9,155,914 9,300,932 Total liabilities and stockholders' equity $48,882,808 $36,719,629 CONTACT: OTR Express Inc., Olathe Gary Klusman, 913/829-1616 Ext. 3127 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion