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Mullen reports second quarter results

ALDERSYDE, Alta. -- Mullen Transportation reports its revenues for the quarter have slipped compared to the second...


ALDERSYDE, Alta. — Mullen Transportation reports its revenues for the quarter have slipped compared to the second quarter of 2001.

For the three months ended June 30, consolidated revenues were $61.9 million as compared to $75.6 million, a decline of 18.1 per cent year-over-year.

Profitability was negatively impacted with declines in both operating income, to $7 million from $12.6 million, and net income to $2.6 million from $6.6 million or 44.4 per cent and 60.6 per cent respectively.

Basic earnings per share were $0.18 as compared to last year’s $0.46, a decline of 60.9 per cent.

For the six months ended June 30, consolidated revenues were $150.0 million, operating income $22.5 million and net income $10.5 million ($0.72 per share).

For the same period in 2001 the company generated $183.7 million in consolidated revenues, operating income of $35.5 million and net income of $17.4 million ($1.23 per share), representing year-over-year percentage declines of 18.3, 36.6 and 41.5 respectively.

“This is a challenging market which is reflected in our results year to date,” says Murray Mullen, chairman, president and chief executive officer. “While some sectors of the economy have experienced strong growth in 2002, the same cannot be said about the customer base Mullen serves.”


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