C.H. ROBINSON REPORTS BOOST IN 4TH-QUARTER, ANNUAL RESULTS

C.H. ROBINSON REPORTS BOOST IN 4TH-QUARTER, ANNUAL RESULTS    Minneapolis-based C.H. Robinson Worldwide, Inc. reported increases in its revenues and net income for the quarter and year ended Dec. 31, 2000.
   For the fourth quarter of 2000, gross revenues reached $733.5 million, up 27 percent on the $579.0 revenues for the year-earlier quarter. Net revenues increased 38 percent to $107.4 million, from $77.9 million in 1999. Income from operations increased 34 percent to $30.3 million, from $22.7 million in 1999. Net income increased 28 percent to $18.6 million, from $14.6 million.
   For the year, the third-party logistics company’s gross revenues were $2.88 billion in 2000, up 27 percent when compared to the $2.26 billion in gross revenues for 1999. Net revenues increased 43 percent to $419.3 million, from $293.3 million in 1999. Income from operations increased 40 percent to $117.0 million, from $83.8 million the previous year. Net income increased 34 percent to $71.2 million, from $53.3 million.
   “We’re very happy with our results this quarter, which capped off another great year for Robinson,” said D.R. “Sid” Verdoorn, C.H. Robinson chairman and chief executive officer. “Our net revenue growth surpassed our own expectations.”
   The third-party logistics company expects to meet its long-term overall net revenue and operating income growth target of 15 percent this year.
   Of the company’s $107.4 million in net revenues for the fourth quarter, $83.0 million came from trucking, $3.8 million from intermodal, $3.7 million from ocean transportation, $721,000 from air transportation, $1.6 million from miscellaneous transportation, $9.3 million from sourcing and $5.2 million from information services.
   “The company’s international air and ocean business grew from both adding new customers and expanding business with existing customers, who looked to C.H. Robinson to handle their domestic and international needs,” a spokesman for the group said.