Chattanooga, TN, July 29—-Trucking company U.S. Xpress Enterprises in the second quarter reported net income of $1.9 million, or $0.12 per diluted share, before a one-time pre-tax charge of $2.8 million related to the sale and exit of its airport-to-airport business.
After the one-time charge, the company reported net income of $482,000, or $0.03 per diluted share, compared with net income of $4.2 million, or $0.30 per diluted share, in the prior-year period.
Revenue for the quarter increased 3.5% to $279.9 million compared with $270.3 million in the second quarter of 2004.
During the quarter, truckload revenue, excluding the effect of fuel surcharges, declined slightly to $222.4 million from $223.8 million a year ago.
Co-Chairman, Patrick Quinn said that the company’s earnings were adversely impacted by the one-time charge of $2.8 million associated with the sale and exit of the company’s airport-to-airport business in the quarter plus an operating loss of $2.8 million incurred by Xpress Global largely as a result of losses in the airport-to-airport operation prior to its sale and shutdown.
Quinn said with the exit from the airport-to-airport business, results at Xpress Global operation should show significant improvement over the current quarter.
