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
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|Date:||Jul 7, 1992|
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