Covenant Transport Revenue Up, But Has Net Loss For Quarter
Covenant Transport, Inc. (Nasdaq: CVTI) announced today financial and operating results for the quarter ended March 31, including a rise in revenue but a net loss.
Additionally, the company announced a proposed name change for the Nevada-based holding company from Covenant Transport, Inc. to Covenant Transportation Group, Inc.
For the quarter, total revenue increased 9.8%, to $166.4 million from $151.5 million in the same quarter of 2006.
Freight revenue, which excludes fuel surcharges, increased 10.9%, to $143.5 million in the 2007 quarter from $129.4 million in the 2006 quarter. The company measures freight revenue because management believes that fuel surcharges tend to be a volatile source of revenue and the removal of such surcharges affords a more consistent basis for comparing results of operations from period to period.
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