SWIFT TRANSPORTATION IMPROVES BOTTOM LINE

SWIFT TRANSPORTATION IMPROVES BOTTOM LINE    Swift Transportation Co. Inc., the largest U.S. publicly traded truckload carrier, reported flat revenue but sharply higher profit for 2002.
   Net earnings for the year ended Dec. 31 were $63.5 million compared to $27.2 million in 2001, the Phoenix-based motor carrier said Friday. Operating income was $123.4 million in 2002, up from $87.6 million in 2001. Revenue of $2.1 billion was unchanged from the previous year.
   For the fourth quarter, revenue increased $4.3 percent to $543.5 million. Including fuel surcharge revenue of $16.5 million, up from $9.5 million in 2001, total operating revenue rose 5.5 percent to $560.1 million compared with $530.7 million for the same quarter in 2001. The company achieved net earnings of $20 million, up from $13 million during the year earlier period.
   The fourth quarter results include the impact of a nonrecurring pretax charge of $1.2 million to exit the online business-to-business portion of Transplace Inc., Greg Enzor, Swift's chief financial officer, confirmed. Transplace is the non-asset based third party logistics company formed three years ago by a half-dozen major trucking companies. It has recently changed the focus of its fleet services division away from an equipment component marketplace to provide Web-based management services such as drug and alcohol compliance testing. Swift remains an equity partner in Transplace.
   Enzor also said the company's financial results will not be affected by an $11-million verdict against the company in an Arizona motor vehicle accident lawsuit. The verdict consists of a $7-million award for compensatory damages and a $4 million for punitive damages. Enzor said Swift has resolved a dispute with its insurance company about whether the punitive damages were covered under its policy and that the insurance company will pay the full $11 million.
   Swift's fourth-quarter operating ratio improved to 93.5 percent, from 95.4 percent.