U.S. Xpress announced Thursday, July 20, that revenue for the second quarter ended June 30 increased 39.2 percent to $389.5 million compared with $279.9 million in the second quarter of 2005. Net income for the second quarter increased to $5.7 million, compared with net income of $482,000 in the prior year period. The 2005 second-quarter results include a one-time pre-tax charge of $2.8 million related to the sale and exit of its airport-to-airport business; before the one-time charge, the company reported net income of $1.9 million in the prior-year period.
For the six months ended June 30, revenue increased 25.5 percent to $689.2 million from $549.0 million in the prior-year period. For the first six months of 2006, the company reported net income of $6.5 million, compared with a net loss (after the one-time charge) of $1.6 million for the prior-year period; before the charge, the company reported a net loss of $196,000 for the first six months of 2005.
On Feb. 28, U.S. Xpress acquired additional equity in both Arnold Transportation and Total Transportation, increasing its ownership interest in each to 80 percent from 49 percent. Accordingly, the financial results from Feb. 28 of Arnold and Total are included in the company’s consolidated financial statements. Consolidated revenue, excluding fuel surcharge, and operating income for the second quarter of 2006 includes $78.3 million of revenue and $4.8 million in operating income of Arnold and Total. The six months ended June 30 includes $107.4 million of revenue and $6.6 million in operating income of Arnold and Total.
“We are pleased with the improvements realized in our U.S. Xpress truckload operations during the second quarter,” said Patrick Quinn, co-chairman of Chattanooga, Tenn.-based U.S. Xpress. “The results demonstrate the progress we are making in improving the performance of our over-the-road and regional solo fleets, as well as the benefits of a continued focus on growing our dedicated, expedited truck and rail services. The results of Arnold and Total, which were in line with our expectations, also contributed to the strong earnings growth in the quarter.”