SCS Transportation (Up 98.9%) Announces
50% Increase In EPS for 4th Quarter of 2003
01/22/2004
How SCS Transportation has done for us: +98.9% in 13.2 months
(86.4% annualized). Today the company reported that net income
of $4.6 million, a 50 percent increase from $3.0
million in the fourth quarter of the prior year. More details
are contained in the company's following statement:
(KANSAS CITY, Mo.) – SCS Transportation,
Inc. (NASDAQ: SCST) today reported
revenue of $207.5 million in the fourth quarter of 2003, up
6.8 percent from $194.3 million in
the year-earlier quarter. Net income was $4.6 million, a 50
percent increase from $3.0
million in the fourth quarter of 2002. Fourth-quarter earnings
per share were $0.30, up 50
percent from $0.20 a year earlier.
For full-year 2003, revenue was $827.4 million,
up 6.7 percent from $775.4 million in 2002.
Net income was $14.9 million for 2003, a 23.8 percent increase
compared with income of
$12.1 million before the recognition in 2002 of the cumulative
effect of a change in
accounting for goodwill. Earnings per share for 2003 were
$0.99, up 20.7 percent from $0.82
per share in 2002 income before the change in accounting for
goodwill.
“Earnings improved in the fourth quarter
of 2003 as both operating companies, Saia and
Jevic, increased volumes while managing costs and productivity,”
said Bert Trucksess,
chairman, president and chief executive officer of SCS Transportation.
“During our first full
year as an independent public company, we also strengthened
our balance sheet and increased
our financial flexibility for future growth initiatives.”
Operating income in the fourth quarter of
2003 increased 10.9 percent to $8.3 million, from
$7.5 million a year earlier. While Saia and Jevic each achieved
significant growth in fourth quarter
operating profits, the holding company recorded higher net
operating expenses in the
quarter, primarily due to an increase in corporate self-insurance
reserves. Offsetting those
expenses, SCS Transportation benefited from a non-recurring
reduction in tax expense in the
fourth quarter as a result of changes in state laws during
the year.
The Securities and Exchange Commission encourages
companies to disclose forwardlooking
information so that investors can better understand the future
prospects of a company
and make informed investment decisions. This news release
contains these types of statements, which are “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995.
SCS Transportation Investor Contact:
Greg Drown
SCS Transportation, Inc.
816-714-5906
gdrown@scstransportation.com
SCS Transportation Media Contact:
Dick Johnson
Johnson Strategic Communications Inc.
913-649-8885
dick@johnsonstrategic.com
The company's complete press release can
be found at www.scstransportation.com
Source: SCS Transportation, Inc.
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