Transportation Industry
Earnings
Transport Topics, August, 2003 by Anonymous
Smithway Motor Xpress Corp. (Nasdaq: SMXC), Fort Dodge, Iowa, is a flatbed truckload carrier.
As part of the company's initiatives to return to profitability, after the end of the quarter it consolidated five operating terminals into existing locations and closed two maintenance facilities.
After the close of the quarter, the company obtained waivers for loan covenant violations on June 20. The company's primary lender extended the due dates for the credit agreement to July 1, 2004.
During the quarter operating ratio improved to 100.4 from 102.8. For the six-month period, operating ratio improved to 102.7 from 104.6.
Average weekly revenue per seated tractor rose slightly during the quarter to $2,511 from $2,503 a year earlier. For the six months, average...
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