YELLOW CORPÆS NET INCOME FALLS SHARPLY
Yellow Corp., the multimodal transportation and logistics holding company, reported second-quarter net income of $5.7 million, down from $23.5 million for the year-earlier period.
Income from operations was $17.6 million, compared to $46.0 million in the second quarter of 2000. Revenue was down to $824.8 million, from $904.2 million.
For the first six months of 2001, net income was $7.4 million, down from $33.9 million last year. Income from operations fell to $30.1 million, from $71.3 million, while revenue was $1.66 billion, down from $1.79 billion.
Yellow Freight System, the company's largest subsidiary, reported operating income of $15.4 million, down from $26.6 million a year earlier. Revenue was $628.6 million, down from $696.7 million in the second quarter of 2000.
Saia Motor Freight Line reported improved operating income of $5.1 million, compared to $3.7 million last year. Revenue rose slightly to $123.0 million, from $122.1 million.
Jevic, which along with Saia, is part of the regional carrier group, saw operating income of $1.6 million, down from $2.7 million last year. Revenue fell to $72.6 million, from $76.7 million.
Transportation.com, which concluded its first year of operation in the second quarter, reported revenue of $7.7 million, up 16.4 percent over the first quarter.
The non-asset-based logistics company said the second quarter results reflect a $1.2-million after-tax loss, due to ongoing business expenses.