Covenant posts 4Q net loss on lower revenue - Truckers' Trucking Forum

Cybergal · **^ Top** #1 02.03.2009

Covenant posts 4Q net loss on lower revenue

Quote:

Covenant Transportation Group today, Feb. 3, announced financial and operating results for the quarter and year ended Dec. 31.

For the fourth quarter, total revenue decreased 11.4 percent to $171.0 million from $192.9 million in the same quarter of 2007. Freight revenue, excluding fuel surcharges, decreased 9.8 percent to $143.9 million from $159.5 million. Including impairment charges, the company reported a net loss of $39.8 million compared to net income of $176,000. On a non-GAAP basis, without impairment charges, the company's net loss would have been $6.2 million compared to net income of $176,000.
http://www.etrucker.com/apps/news/article.asp?id=75818

bigblue19 · **^ Top** #2 02.08.2009

Quote:

The carrier said its 2009 plan includes the purchase of about 1,050 tractors and disposal of approximately 1,250 tractors, at a cost of $45 million to $55 million, though said that in light of first-quarter freight demand, it may reduce its planned tractor purchases.
Covenant Transportation Group is ranked No. 39 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.

Looks like they will be downsizing by more then 200 trucks

Jinx · **^ Top** #3 07.22.2009

Here's the latest scuttlebutt from Covenant: The ship is going down. I work for SRT, which, along with Star Transport and Covenant Transport, are all owned by the same conglomerate - Covenant Transport Group.

Anyway, My husband and I were on one of the Covenant yards getting our truck serviced, and what we heard from a couple of Cov drivers is that one of the head honchos of Cov embezzled a bunch of dough and decamped post haste. He left the company high and dry and so broke they are depending on another company to help keep them in fuel.

Course, this is all coming from the driver's rumor mill, so take it with a grain of salt. We're just hoping that if Covenant goes down it won't take SRT with it.

stranger · **^ Top** #4 07.22.2009

Covenant has not shown a quarterly profit since the third quarter of 2006, and that was only one penny per share. How they keep operating is beyond me.

Thread Tools
Show Printable Version Email this Page
Display Modes	Rate This Thread
Linear Mode Switch to Hybrid Mode Switch to Threaded Mode	Rate This Thread:

Similar Threads
Thread	Thread Starter	Trucker Forum	Replies	Last Post
Landstar posts lower 4Q net income, revenue	Cybergal	Landstar	1	01.29.2009 10.23 AM
Knight reports higher 4Q net earnings, lower revenue	Cybergal	Knight	0	01.29.2009 10.18 AM
Old Dominion reports lower 4Q net income, revenue	Cybergal	Old Dominion	0	01.29.2009 10.16 AM
Knight posts lower 2Q net income on higher revenue	Cybergal	Knight	0	07.24.2008 09.11 AM
Heartland Express posts higher 2Q operating revenue, lower net profit	Cybergal	Heartland	0	07.23.2008 09.46 AM

Truckers' Trucking Forum/Message Board - The Premiere Truck Driver Forum

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)