ENTERPRISES, INC. REPORTS FIRST QUARTER RESULTS
(April 19, 2007) - U.S. Xpress Enterprises, Inc. (NASDAQ:XPRSA) today announced
operating revenue and earnings for the first quarter ended March
first quarter of 2007 increased 20% to $360.9 million compared with
$299.7 million in the first quarter of 2006. The Company reported a net
loss of $2.6 million for the first quarter, or $0.17 per share, compared
with net income of $734,000, or $0.05 per diluted share, in the prior-year
2006, the Company acquired additional equity in both Arnold Transportation
Total Transportation, increasing its ownership interest in each to 80% from
Accordingly, the financial results of Arnold and Total from February 28, 2006,
are included in the Company’s consolidated financial statements. Consolidated
revenue for the first quarter of 2007 and 2006 includes $86.7 million and $33.0
million, respectively, in revenues of Arnold and Total.
quarter, truckload revenue, excluding the effect of fuel surcharges, increased
22% to $295.1 million from $241.3 million a year ago while truckload operations
reported an operating loss of $1.2 million, compared with operating income
$4.4 million in the first quarter of 2006.
Global Systems increased 0.5% to $22.6 million in the quarter compared with
$22.4 million for the prior-year quarter. Xpress Global Systems’ operating
income for the first quarter was $1.5 million compared with $369,000 in the
Co-Chairman, stated, “Consistent with the early first quarter trends we cited in
our February conference call and our announcement last week, the truckload
operating environment proved to be much more difficult than a year ago.
Profitable operating results in both our truckload and Xpress Global Systems
operating segments in March were not sufficient to overcome the operating losses
of our truckload segment in January and February, as the quarter was adversely
impacted by lower than expected freight demand, severe winter weather in key
high-traffic markets that hampered tractor utilization, and rising fuel prices
in the second half of the quarter. As we have demonstrated the last couple
years, the operating leverage in our business model is substantial.
Unfortunately, the leverage did not work in our favor this quarter due in part
to the difficult truckload environment, as well as the normal seasonality we
experience in our business in the first quarter.
note, Xpress Global achieved its fifth consecutive quarter of improved
year-over-year quarterly operating income. Additionally, we have completed
of our pre-buy of new tractors with 2006 engines. Upon completion of the
pre-buy, the average age of the Company’s over-the-road tractor fleet will be
approximately 17 months. As a result, over the next twelve months we expect
reduce capital expenditures on revenue equipment and utilize our cash flow
reduce our outstanding debt.”
Call and Webcast
Enterprises will host a conference call to discuss first quarter results on
Friday, April 20, 2007, at 11:00 a.m. ET. The number to call for this
interactive teleconference is (913) 981-4910. A replay of the conference
call will be available through April 27, 2007, by dialing (719) 457-0820
and entering the passcode 4697350.
The following information was filed by Us Xpress Enterprises Inc (USX) on Friday, April 20, 2007 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.