Roadrunner’s Roadrunner Transportation Systems, Inc., a leading asset-light transportation and logistics services provider, reported total revenues of $208.27 million for the three and six months ended June 30, 2011, a 30.4 percent increase compared to the same period in 2010.
Net income was $7.43 million, a $13.81 million improvement from the net loss of $6.38 million posted for the same period last year.
Operating income was up 56.3 percent to $12.49 million, compared to $7.99 million for the second quarter of 2010.
Results for the periods ended June 30, 2010 include a one-time loss on early extinguishment of debt of $15.9 million and $1.5 million of expenses related to RRTS’s initial public offering in May 2010.
LTL revenues increased $15.1 million to $121.4 million, a 14.2 percent increase from the prior year. Truckload revenues grew by $31.1 million to $68.7 million, an 82.7 percent increase compared to the same period in 2010.
“Strong performance across each of our business segments contributed to record quarterly operating income and earnings per share,” said Mark DiBlasi, RRTS president. Revenues increased 30.4% and net revenues expanded 46.8% from the prior year, resulting primarily from new customer growth, pricing initiatives, fuel increases, and the inclusion of our February 2011 acquisition of Morgan Southern. Excluding $1.5 million in IPO related costs that impacted our second quarter 2010 results, our operating income growth of 31.6% outpaced revenue growth despite the effects of higher fuel prices on revenues and operating costs.”
