"We have continued to see demand for our services improve, especially in our full-truckload operations," said chairman & CEO Stoney M. (Mit) Stubbs Jr.
Due to the sale of a major non-freight subsidiary last December, FFE's third quarter 2002 total revenue was 5.4% lower than last year's third quarter. However, the company's mainline business freight transportation generated 5.2% more revenue than in the same period last year.
Stubbs cited an improving economy as "contributing some to the better demand," but said that a weak market for trucking services during the past two years and rising operating costs "have taken thousands of trucks off the road, improving business for those truckers who have survived."
Stubbs said the stronger demand has enabled it to raise some of its freight rates, something he added the company had not been able to do for some time.
"Most of the improved demand is for our full-truckload services, but we're beginning to see some light shine on our less-than-truckload operations," he said.