News Briefs - Feb. 19
The Latest Headlines:
- P.A.M. Signs Letter of Intent to Acquire McNeill Trucking
- Vitran Improves Quarterly Net Income
- Cannon Express Sees 2Q Performance Worsen
- EGL Improves Quarterly Earnings, Revenue
- Housing Starts Rise in January, But Permits Issued Fall
- Vitran Improves Quarterly Net Income
P.A.M. Signs Letter of Intent to Acquire McNeill Trucking
P.A.M. Transportation Services Inc. said Wednesday that it has signed a non-binding letter of intent to acquire certain assets of McNeill Trucking Co. Inc. for cash.The Little Rock, Ark.-based McNeill currently operates roughly 125 tractors and 220 trailers, the release said.
Details of the transaction were not disclosed in the release.
( for the full press release.)
Vitran Improves Quarterly Net Income
Canadian transportation and logistics firm Vitran Corp. Inc. said Wednesday that net income for the fourth quarter rose 58% to $3.4 million or 36 cents a share from the $2.2 million or 22 cents a share it reported in the same quarter during 2001.The Toronto-based company said that during the final quarter, revenues dipped slightly to $117.2 million from the $118.5 million the company in the year-before period.
Vitran, a diversified trucking company, is ranked No. 52 on the 2002 Transport Topics 100 listing of the largest trucking companies in the United States and Canada. Transport Topics
( for the full press release.)
Cannon Express Sees 2Q Performance Worsen
Cannon Express Inc. said recently that during its fiscal second quarter, it had a net loss of $2.9 million or 90 cents per share, compared to a net loss of $2.5 million or 78 cents a share the company reported in the same quarter the previous year.For the quarter ended Dec. 31, 2002, the company said it generated revenues of $16.4 million, down from the $19.8 million it claimed in the previous second quarter.
The Springdale, Ark.-based truckload carrier has been operating under the direction of CFOex since August 2002 in an effort to improve its financial position. Transport Topics
( for the full press release.)
EGL Improves Quarterly Earnings, Revenue
Logistics firm EGL Inc. said Tuesday that in the fourth quarter it posted earnings of $6.7 million or 14 cents a share, up from the $821,000 or 2 cents a share it reported earning in the previous year.During the final quarter of 2002, the company said it generated revenues of $183.5 million, up from the $167.5 million it reported in the same quarter in 2001.
For all of 2002, the company had earnings of $9.4 million or 20 cents a share, reversing the full-year loss of $40.1 million or 84 cents per share the company posted in 2001. Transport Topics
( for the full press release.)
Housing Starts Rise in January, But Permits Issued Fall
The rate at which U.S. homebuilders were starting new homes rose 0.2% in January to an annualized pace of 1.85 million units – a 17-year high – but cold weather and a decline in building permits may slow growth in the sector going forward, the Commerce Department reported.New construction can help stimulate the economy and boost demand for trucking services to haul construction materials and household goods.
Despite the gain in housing starts, the number of building permits issued during January, an indicator of future construction, fell 5.6% to an annual rate of 1.781 million
The housing-start rate exceeded a consensus estimate compiled by Bloomberg of 1.775 million units.
A strong housing market helped carry the economy through a rough 2002, analysts told Bloomberg, and it appears to continue to be strong. Transport Topics