PACER BOOSTS INCOME FOR 2002

PACER BOOSTS INCOME FOR 2002    Pacer International Inc., a North American provider of third-party logistics and freight transportation, said its net income increased to $24.8 million for 2002, compared to $7 million in 2001.
   Income from operations in 2002 increased to $74.1 million, from $51 million in 2001. Net revenues increased 5.6 percent to $349.8 million.
   In the fourth quarter of 2002, Pacer’s net income increased $3.8 million to $7.8 million. Net revenues increased 5.6 percent to $94.3 million. Revenues rose 8 percent, to $433.2 million.
   Also in the fourth quarter, net revenues for Pacer Stacktrain increased 3.4 percent, to $57.6 million. Net revenues for Pacer Global Logistics increased 9.2 percent, to $36.7 million.
   “This improvement was a result of increased business in all retail units, with the largest increase being in rail brokerage services,” Pacer said in a statement.
   “Strong free cash-flow characteristics enabled the company to pay down bank debt in the fourth quarter. We expect to further reduce our debt during 2003,” said Don Orris, chairman and chief executive officer of Pacer International, which is based in Concord, Calif.
   Pacer Global Logistics is based in Dublin, Ohio.