GREENEVILLE, Tenn. (April 24, 2002) -- Landair Corporation (Nasdaq/NM:LAND) today reported the first quarter 2002 results of its operations. Landair Corporation is a high-service-level transportation company providing truckload, dedicated and other transportation-related services in the United States and Canada.
Landairs operations for the first quarter of 2002 resulted in record net income of $1.1 million, or $0.23 per share on a fully diluted basis. The Companys first quarter profit compares to a profit of $1.0 million in the prior year quarter. The Companys overall operating performance was accomplished on lower overall revenue. Operating revenue decreased by $3.4 million to $25.6 million for the quarter ended March 31, 2002 compared with $29.0 million for the same quarter in 2001.
Commenting on the Companys results, President and Chief Operating Officer John Tweed said, Prudent and balanced growth, equipment utilization and cost control will remain our focus. We are pleased with our first quarter 2002 results which represented our fifth consecutive quarter of record comparable earnings. We now look forward to building on the Companys foundation that was established in 2001.