PACER POSTS HIGHER NET INCOME IN THIRD QUARTER
Pacer International, Inc., a non-asset based provider of logistics and transportation services, reported on Tuesday that its net income increased to $8.2 million in the third quarter of 2002, compared to net income of $1 million in the third quarter of 2001.
Pacer’s net revenues in the third quarter increased 9.2 percent to $87.7 million, from $80.3 million in the third quarter of 2001.
In Pacer’s Wholesale segment, which provides doublestack rail transportation services, revenues increased by $8.3 million, or 18.7 percent, to $52.8 million for the quarter.
“We continue to review the impact of the [West Coast] port work stoppage on Pacer, So far, in part due to our flexible business model, we have not seen any significant impact on Pacer’s results,” said Don Orris, chairman and chief executive officer of Pacer, which is based in Concord, Calif.