Mullen reports another strong quarter

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ALDERSYDE, Alta. — Mullen Transportation has announced it generated consolidated revenues of $91.1 million for the three month period ending June 30. That’s an increase over last year.

The results reflect the strong oil and gas sector which continues to benefit from high commodity prices, the company reports. It notes, however, that overall drilling activity and rig moving services were lower than expected last quarter due to weather-related delays in Western Canada.

Revenues from Mullen’s trucking segment were also slightly lower than the same period last year, which has been attributed to the completion of the transportation contract associated with the construction phase of a major oilsands project.

The company noted overall demand for general trucking services has up over the same period last year indicating a strengthening Canadian economy.

"Market conditions in both sectors of the economy we serve, the oil and gas industry and the transportation of general freight, are as good as we have seen since 1997. In particular we saw the demand for trucking services really gain momentum during the second quarter, a good indication that the Canadian economy is experiencing strong growth. And of course the oil and gas sector continues to benefit from high commodity prices. With this combination we expect good results for the foreseeable future. As a result we will be increasing our annual capital expenditures to approximately $20.0 million for 2004,” said Murray Mullen, Chairman and Co-CEO.

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