Swift Transportation Co Inc said second-quarter revenues increased 7% to $535.6 million, compared with $500.3 million for the corresponding quarter of 2000. The company said revenues were affected by the transfer of its logistics business to Transplace.com, an Internet-based logistics company that it owns with five other truckload carriers. The company said its revenue increase would have instead been 12%.
The results include a $7-million pretax insurance adjustment for M S Carriers, which it recently merged with, and claims reserves and $2 million in merger expenses. The company previously disclosed that it anticipated an adjustment between $9 million and $13 million for the insurance and claims reserves.
Jerry Moyes, Swift chairman and chief executive officer, said integration of M S Carriers into Swift is proceeding as anticipated, and complete integration is expected by Jan 1, 2002.