Printer Friendly

ROADWAY SERVICES REPORTS SECOND QUARTER EARNINGS

 ROADWAY SERVICES REPORTS SECOND QUARTER EARNINGS
 AKRON, Ohio, July 7 /PRNewswire/ -- Roadway Services, Inc.


(NASDAQ: ROAD) reports revenue for the second quarter ended June 20 of $803,501,000 compared with revenue of $711,478,000 in the second quarter last year, which ended June 15, 1991.
 Net income for the second quarter this year was $32,363,000 or $.82 per share compared with $25,708,000 or $.66 per share in 1991.
 For the 24 weeks constituting the company's first half, revenue was $1,606,167,000 compared with revenue of $1,379,195,000 for the first half last year. Net income for the first half this year was $63,086,000 or $1.60 per share compared with net income of $44,312,000 or $1.14 per share for the first half of 1991.
 There were 59 shipping days in both the second quarter this year and the second quarter a year ago. For the first half, there were four more shipping days this year than in the first half of 1991.
 Second quarter revenue for Roadway Express, the company's largest operating subsidiary, was up 6.2 percent while tonnage increased 2.6 percent from last year. Less-than-truckload tons were up 4.6 percent and truckload tonnage declined 4.1 percent. Rates were 1.6 percent higher than in the quarter a year ago and down 0.4 percent compared with first quarter levels.
 The second quarter operating margin for Roadway Express decreased to 4.5 percent from last year's margin of 5.0 percent.
 On June 24, the company completed the acquisition of Coles Express, Inc., New England's oldest regional carrier, celebrating its 75th anniversary this year. Revenue and earnings for Coles will be included in the company's third quarter results.
 Revenue and earnings (unaudited) for the company's second quarter and 24 weeks ended June 20, 1992, with comparable figures for 1991, are as follows:
 Twelve Weeks Ended
 (Second Quarter)
 June 20, 1992 June 15, 1991
 Revenue $ 803,501,000 $ 711,478,000
 Operating Income $ 50,447,000 $ 40,806,000
 Other Income - Net 3,921,000 1,996,000
 Income Before Income Taxes $ 54,368,000 $ 42,802,000
 Provision for Income Taxes 22,005,000 17,094,000
 Net Income $ 32,363,000 $ 25,708,000
 Net Income Per Share $ .82 $ .66
 Average Shares Outstanding 39,397,000 38,825,000
 Twenty-Four Weeks Ended
 (First Half)
 June 20, 1992 June 15, 1991
 Revenue $1,606,167,000 $1,379,195,000
 Operating Income $ 99,211,000 $ 69,198,000
 Other Income - Net 6,674,000 4,057,000
 Income Before Income Taxes $ 105,885,000 $ 73,255,000
 Provision for Income Taxes 42,799,000 28,943,000
 Net Income $ 63,086,000 $ 44,312,000
 Net Income Per Share $ 1.60 $ 1.14
 Average Shares Outstanding 39,329,000 38,736,000
 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 System, Inc., Spartan Express, Inc., and Coles Express, Inc., regional carriers serving the Western region, Central and Southern regions, and New England region, respectively; Roberts Express, Inc., a critical shipment carrier; and Roadway Logistics Systems, Inc., which provides contract logistics services.
 -0- 7/7/92
 /CONTACT: D.A. Wilson of Roadway Services, Inc., 216-384-8184/
 (ROAD) CO: Roadway Services, Inc. ST: Ohio IN: TRN SU: ERN


KK -- CL002 -- 6857 07/07/92 08:24 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jul 7, 1992
Words:608
Previous Article:KWIK GOAL LTD. FILES REGISTRATION STATEMENT
Next Article:BACHMAN ANNOUNCES MANAGEMENT CHANGE
Topics:


Related Articles
ROADWAY SERVICES ANNOUNCES FOURTH QUARTER AND YEAR RESULTS
ROADWAY SERVICES REPORTS THIRD QUARGER EARNINGS
ROADWAY SERVICES REPORTS FOURTH QUARTER AND YEAR 1992 RESULTS
ROADWAY SERVICES, INC. REPORTS FIRST QUARTER RESULTS
ROADWAY SERVICES REPORTS SECOND QUARTER RESULTS
ROADWAY SERVICES REPORTS THIRD QUARTER EARNINGS
ROADWAY SERVICES REPORTS FOURTH QUARTER AND YEAR-END RESULTS
ROADWAY SERVICES REPORTS SECOND QUARTER RESULTS
ROADWAY SERVICES REPORTS THIRD QUARTER RESULTS
ROADWAY SERVICES REPORTS THIRD QUARTER EARNINGS; REENGINEERING EFFORTS UNDERWAY TO REDUCE COSTS

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters