ALDERSYDE, Alta. — Last year was a record-setting one for Mullen Transportation, thanks to a strong oilfield services segment and improvements in the company’s trucking operations.
Mullen generated fourth quarter consolidated revenues of $110.3 million compared to $85.4 million over the same period in 2002, for an improvement of 29.2 per cent.
The trucking segment benefited from an overall stronger economy, the company says, as well as increased demand for freight services in Western Canada. Some of those increased revenues were offset by the closure of the U.S.-based operations of Mill Creek.
Operating income was also up in the fourth quarter compared to 2002 by 65.6 per cent. Net income rose by 82.6 per cent.
For the 12 months ending Dec. 31, 2003, Mullen raked in consolidated revenues of $421.5 million, compared to $302.5 million the year before.
“I am very pleased with our fourth quarter performance and our achievements in 2003, particularly the successful integration of acquisitions completed in 2002. It appears our timing was quite good given record drilling activity in 2003. The combination of these factors allowed Mullen to post a record year both in terms of revenue and profitability,” said Murray Mullen, chairman, president and CEO.
“In the Trucking segment our business units benefited from the increase in demand for trucking services in western Canada and the closing of our non-profitable U.S. based trucking operations," Mullen adds. "In spite of the competitive challenges in the trucking industry and the rapid rise in the Canadian dollar, our business units managed a respectable 13.8 percent increase in operating income in 2003."
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