U.S. Xpress announces record 4Q

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U.S. Xpress Enterprises had a record fourth quarter, officials announced. Revenue for the fourth quarter of 2005 increased 1.8 percent to $318.0 million compared with $312.3 million in the fourth quarter of 2004. The company reported net income for the fourth quarter of $7.1
million compared with net income of $5.9 million in the prior-year period.

“The record earnings were driven by strong truckload freight demand comparable to what we experienced in the fourth quarter of 2004, improved truckload pricing, decreasing fuel prices and the reduction in operating losses at our Xpress Global Systems operation,” says Patrick Quinn, co-chairman of Chattanooga, Tenn.-based U.S. Xpress.

For the year ended Dec. 31, 2005, revenue increased 5.3 percent to $1.2 billion from $1.1 billion in 2004. For 2005, net income was $9.4 million — which included a one-time, pre-tax charge of $2.8 million related to the sale and exit of the company’s airport-to-airport business — compared with net income of $16.4 million in the prior year. Excluding this charge, net income for 2005 would have been $10.9 million.

“Looking ahead to our outlook for 2006, we believe that Xpress Global Systems will achieve profitable results following the seasonally difficult first quarter,” Quinn says. “In our truckload operations, we believe we have an opportunity to improve margins in 2006 given a favorable operating environment, including relatively strong freight demand and constrained tractor capacity, no further deterioration in fuel costs and a moderate increase in our seated truck capacity.”