SWIFT TRANSPORTATION’s NET INCOME DROPS 86%

SWIFT TRANSPORTATIONÆS NET INCOME DROPS 86%    Swift Transportation Co. Inc. said third-quarter net income fell 86 percent to $2.8 million, on revenue of $536.4 million, up 7 percent.
   The recent quarter's results include a $10.5-million non-cash pretax adjustment for the recognition of the impairment of an investment, held by M.S. Carriers Inc., in Transportes EASO, the largest intra-Mexico truckload carrier.
   In addition, the third-quarter results included a $3.6-million non-cash adjustment for the change in market value of interest rate derivative agreements of M.S. Carriers.
   For the first nine months of 2001, net earnings were $14.2 million, down 75 percent, on revenue of $1.58 billion, up 8.3 percent. Operating income fell 45 percent to $63 million.
   Swift said it was optimistic that it would complete integration of EASO by Jan. 1.
   “At that point we will be able to take full advantage of the efficiencies of what will be the largest truckload fleet in the United States,” said Jerry Moyes, chairman and chief executive officer.