Overnite Corporation's First Quarter Net Income Increases 51
Percent RICHMOND, Va., April 28 /PRNewswire-FirstCall/ -- Overnite
Corporation (NASDAQ:OVNT) today reported financial results for the
quarter ended March 31, 2005. (Logo:
http://www.newscom.com/cgi-bin/prnh/20050408/OVNTLOGO ) First
Quarter Operating revenue for the first quarter was a $418.0
million, an increase of $39.5 million, or 10.4%, from $378.5
million in the first quarter of 2004. Net income was $11.4 million
in the first quarter of 2005, an increase of 51.3% or $3.9 million,
as compared to net income of $7.5 million for the first quarter of
2004. First quarter 2005 diluted earnings per share were $0.40 as
compared with diluted earnings per share of $0.27 for the first
quarter of 2004, an increase of 49.2%. Operating income for the
first quarter of 2005 was $20.3 million as compared to operating
income of $14.0 million in the first quarter of 2004. Overnite's
operating ratio (total operating expenses divided by operating
revenue) was 95.1% for the first quarter of 2005, compared to 96.3%
for the first quarter of 2004. First quarter revenue growth
reflects a 4.3% increase in tons per day coupled with a 4.0%
increase in revenue per shipment, excluding fuel surcharges. "Our
strategy to improve yield by growing our mix of small to mid-sized
customers faster than that of large customers is continuing to gain
strength and has greatly assisted our yield growth in a stable
pricing environment," said Leo Suggs, Chairman, Chief Executive
Officer and President of Overnite Corporation. Business Outlook
Overnite anticipates second quarter 2005 earnings per diluted share
to be $0.71 to $0.76, and earnings per diluted share for the full
year of 2005 to be $2.60 to $2.70. "Our results so far for April
have been strong and have bolstered our view about Overnite's
future opportunities," said Mr. Suggs. Investor Conference Call and
Web Simulcast Overnite will conduct a conference call on April 29,
2005, at 8:30 a.m. EDT to discuss the first quarter results of
2005, guidance for 2005, and other developments. The number to call
for this teleconference is (800) 659-2056 or (617) 614-2714 for
international calls. The passcode will be 72472167. Callers should
dial in five to ten minutes in advance of the conference call. A
replay of the call will be available for 48 hours after the call
has been completed by dialing (888) 286-8010 or (617) 801-6888 for
international callers and entering passcode 35753567. The call also
will be webcast live via Overnite's Web site at
http://www.ovnt.com/ and will be archived there for future
playback. The webcast will also be available via StreetEvents at
http://www.streetevents.com/. Additional information is available
at Overnite's Web site: http://www.ovnt.com/. Overnite's contact
for investors is Mike Mahan, (804) 231-8852. Overnite's media
contact is Ira Rosenfeld, (804) 291-5362. Overnite Corporation is
one of America's leading less-than-truckload transportation
companies. Its principal operating company, Overnite Transportation
Company, operates in all 50 states, Canada, Puerto Rico, Guam, the
U.S. Virgin Islands and Mexico. Its other operating company, Motor
Cargo, is a regional less-than-truckload carrier primarily serving
the western United States, Canada and Mexico. Together, they form
one of the largest less-than- truckload carriers in the United
States with over 200 service centers. FORWARD-LOOKING AND
CAUTIONARY STATEMENTS This press release contains "forward-looking
statements" within the meaning of the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. These
forward-looking statements include information relating to future
events, future financial performance, strategy, expectations,
competitive environment, regulation and availability of resources.
Forward-looking statements should not be read as a guarantee of
future performance or results. Forward-looking statements are based
on information available at the time and/or management's good faith
belief with respect to future events, and are subject to risks and
uncertainties that could cause Overnite's actual performance or
results to differ materially from those expressed in the
statements. Important factors that could cause such differences
include, but are not limited to: whether Overnite is fully
successful in implementing its financial and operational
initiatives; industry competition, conditions, performance and
consolidation; legislative and/or regulatory developments; the
effects of adverse general economic conditions, both within the
United States and globally; any adverse economic or operational
repercussions from terrorist activities, any government response
thereto and any future terrorist activities, war or other armed
conflicts; changes in fuel prices; changes in labor costs; labor
stoppages; the outcome of claims and litigation; natural events
such as severe weather, floods and earthquakes; and other factors
detailed from time to time in the reports that Overnite files with
the Securities and Exchange Commission. Overnite assumes no
obligation to update forward-looking statements to reflect actual
results, changes in assumptions or changes in other factors
affecting forward-looking information except to the extent required
by applicable securities laws. OVERNITE CORPORATION CONSOLIDATED
CONDENSED STATEMENTS OF INCOME (Unaudited) (Thousands of Dollars)
For the three months Ended March 31, 2005 2004 Operating Revenue $
417,955 $ 378,531 Operating Expenses: Salaries, wages and employee
benefits 245,384 227,319 Supplies and expenses 44,445 32,550
Operating taxes 15,004 14,009 Claims and insurance 12,161 12,100
Rents and purchased transportation 43,065 41,161 Communication and
utilities 5,614 5,535 Depreciation 14,508 15,058 Other 17,430
16,821 Total operating expenses 397,611 364,553 Operating Income
20,344 13,978 Other Income and Expense: Interest expense 1,351
1,346 Other income 74 39 Income before Income Taxes 19,067 12,671
Income tax expense 7,668 5,137 Net Income $ 11,399 $ 7,534 Net
income per share - basic $ 0.41 $ 0.27 Net income per share -
diluted $ 0.40 $ 0.27 Number of shares - basic 27,940,691
27,761,944 Number of shares - diluted 28,215,798 27,836,496
Operating Ratio 95.1% 96.3% Number of workdays 63 64 Work Day
Operating Statistics Actual Adjusted Gross Weight hauled % Change
(millions of pounds): LTL(1) 2,251.7 2,204.6 2.1% 3.8% Truckload(1)
463.2 439.0 5.5 7.2 Total 2,714.9 2,643.6 2.7% 4.3% Shipments
(000's) LTL(1) 2,356.0 2,336.1 0.9% 2.5% Truckload(1) 32.1 30.5 5.2
6.9 Dedicated truckload 24.7 20.1 22.9 24.8 Total 2,412.8 2,386.7
1.1% 2.7% LTL weight per LTL shipment (pounds) 955.8 943.8 1.3%
Length of Haul (miles) 775.1 774.9 - LTL revenue including fuel
surcharge $ 362,338 $ 334,050 8.5 TL revenue including fuel
surcharge $ 53,400 $ 42,473 25.7 LTL revenue per CWT (including
fuel surcharge) $ 16.09 $ 15.15 6.2 LTL revenue per CWT (excluding
fuel surcharge) $ 14.87 $ 14.54 2.3 TL revenue per CWT (including
fuel surcharge) $ 6.23 $ 5.55 12.3 TL revenue per CWT (excluding
fuel surcharge) $ 5.62 $ 5.32 5.6 OVERNITE CORPORATION CONSOLIDATED
CONDENSED STATEMENTS OF FINANCIAL POSITION (Unaudited) (Thousands
of Dollars) As of March 31, December 31, Assets 2005 2004 Current
Assets Cash and cash equivalents $ 40,779 $ 20,774 Accounts
receivable 184,572 171,804 Other current assets 46,828 59,624 Total
current assets 272,179 252,202 Net properties 512,476 522,548 Total
other assets 102,530 112,650 Total assets $ 887,185 $ 887,400
Liabilities and Common Shareholders' Equity Current liabilities $
212,313 $ 200,121 Non-current liabilities: Long term debt 85,625
95,625 Other non-current liabilities 161,345 175,118 Total
non-current liabilities 246,970 270,743 Common shareholders' equity
427,902 416,536 Total liabilities and common shareholders' equity $
887,185 $ 887,400 OVERNITE CORPORATION CONSOLIDATED CONDENSED
STATEMENTS OF CASH FLOWS (Unaudited) (Thousands of Dollars) Quarter
Ended Quarter Ended March 31, 2005 March 31, 2004 Cash provided by
operating activities: Net income $ 11,399 $ 7,534 Depreciation
14,508 15,058 Change in current assets and liabilities 18,812 3,937
Other (5,657) 8,288 Cash provided by operating activities 39,062
34,817 Cash used in investing activities: Capital investment, net
of sales proceeds (4,436) (5,327) Cash used in investing activities
(4,436) (5,327) Cash provided by (used in) financing activities:
Repayment of debt (10,000) (3,125) Cash overdrafts (3,491) -
Dividends paid to shareholders (1,130) (1,120) Cash provided by
(used in) financing activities (14,621) (4,245) Net change in cash:
20,005 25,245 Cash at beginning of period 20,774 11,068 Cash at end
of period $ 40,779 $ 36,313
http://www.newscom.com/cgi-bin/prnh/20050408/OVNTLOGO
http://photoarchive.ap.org/ DATASOURCE: Overnite Corporation
CONTACT: Ira Rosenfeld, Director, Corporate Communications, of
Overnite Transportation Company, +1-804-291-5362, or Web site:
http://www.ovnt.com/
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