ROADWAY SERVICES ANNOUNCES FIRST QUARTER RESULTS
ROADWAY SERVICES ANNOUNCES FIRST QUARTER RESULTS AKRON, Ohio, April 14 /PRNewswire/ -- Roadway Services, Inc.
(NASDAQ: ROAD) reports revenue for the first quarter ended March 28, 1992 of $802,666,000 compared with revenue of $667,717,000 in the first quarter last year, which ended March 23, 1991.
Net income for the first quarter this year was $30,723,000 or $.78 per share compared with $18,604,000 or $.48 per share in 1991. There were 62 shipping days in the first quarter this year versus 58 shipping days in the first quarter of 1991. First quarter revenue per day for Roadway Express, the company's largest operating subsidiary, increased 7.4 percent while the operating margin improved to 4.6 percent from 3.1 percent in the first quarter a year ago. Daily tonnage was up 3.1 percent, less-than- truckload tons were up 4.8 percent, and truckload tonnage was down 2.7 percent. The revenue levels also reflect the impact of a freight rate increase of 4.84 percent on Jan. 1. Rates were 5.1 percent higher than in the quarter a year ago. Daily revenue for the company's other operations for the first quarter increased 22.4 percent, led primarily by Roadway Package System (RPS). RPS revenues were also impacted by a Feb. 24 increase in rates of approximately 4.4 percent, matching a United Parcel Service increase. Earnings in the first quarter, exclusive of Roadway Express, totaled $.42 per share this year compared with $.26 per share in the first quarter of 1991. "Comparisons with last year's first quarter are affected by four additional shipping days this year and by the weak business levels a year ago," said Joseph M. Clapp, chairman and president. "These results nonetheless reflect revenue growth at each of our operating companies, as well as improvements in productivity, and, in some cases, better pricing," he said. "Continuing progress in these areas will be important in attaining satisfactory results during the year." Revenue and earnings (unaudited) for the company's first quarter, with comparable figures for the first quarter of 1991 are as follows: Twelve Weeks Ended (First Quarter) March 28, 1992 March 23, 1991 Revenue $802,666,000 $667,717,000 Operating Income $ 48,764,000 $ 28,392,000 Other Income - Net 2,753,000 2,061,000 Income Before Income Taxes $ 51,517,000 $ 30,453,000 Provision for Income Taxes 20,794,000 11,849,000 Net Income $ 30,723,000 $ 18,604,000 Net Income Per Share $ .78 $ .48 Average Shares Outstanding 39,263,000 38,644,000 The company operates on a 13 four-week period calendar with 12 weeks in each of the first three quarters and 16 weeks in the fourth quarter. Roadway Services owns Roadway Express, Inc., one of the nation's largest motor freight carriers; Roadway Package System, Inc., serving shippers in the small package market; Viking Freight, Inc., the parent of Viking Freight System, Inc. and Spartan Express, Inc., regional carriers serving the Western region and Central and Southern regions, respectively; Roberts Express, Inc., a critical shipment carrier; and Roadway Logistics Systems, Inc., which provides contract logistics services. -0- 4/14/92 /CONTACT: D.A. Wilson of Roadway Services, Inc., 216-384-8184/ (ROAD) CO: Roadway Services, Inc. ST: Ohio IN: TRN SU: ERN
KK -- CL003 -- 8064 04/14/92 08:40 EDT
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|Date:||Apr 14, 1992|
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