Ryder System Inc. said its net income rose to $93.7 million in 2002 after taking several restructuring charges throughout the year, compared to net income of $18.7 million in 2001.

The Miami-based company added that its income rose despite a nearly 5% drop in revenue last year to $4.78 billion, down from revenues of $5.01 billion in 2001.

The slow economy contributed to a reduction in transportation miles for the company's dedicated contract carriage operation and continued weak leasing demand, according to president & CEO Gregory Swienton.

However, commercial rental revenue for the fourth quarter grew 6% compared with the same period in 2001, marking the first rental revenue improvement in 10 quarters, he said.

The company noted that it also recorded a non-cash equity charge of $227.6 million at the end of last year to reflect the under-funded status of its U.S. pension plan. That charge resulted mainly from recent declines in the market value of equity securities coupled with declines in long-term interest rates, the company said.