Mullen Transportation has frustrating 3Q

Mullen Transportation said its revenues dropped to $67.1 million in the third quarter, down from $86.2 million in the same period last year, with net income falling to $3.5 million from $6.5 million. For the first nine months of 2002, Mullen said its revenues fell to $217.1 million, with net income dropping to $14 million, down from revenues of $269.8 million and net income of $23.8 million.

CEO Murray Mullen said the quarter was tough in more ways than one.

"On one hand the fundamentals of our business have never been better. Our on-time deliveries are at record levels, our safety performance is outstanding and we have a strong balance sheet," he said. "Unfortunately, our financial performance is below expectations in spite of the growth in the economy."