ROADWAY CORP. 2002 EARNINGS PLUMMET

ROADWAY CORP. 2002 EARNINGS PLUMMET

   'Roadway Corp., the Akron, Ohio-based holding company of motor carriers, said its 2001 net income fell 45.5 percent to $30.8 million, on revenues of $2.79 billion, down 8.2 percent

   Total tonnage for Roadway Express and its subsidiaries were down 12.6 percent. Less-than-truckload tonnage was down 12.5 percent and tonnage decreased 13.0 percent.

   For the fourth quarter, net income fell 46.3 percent to $13.7 million on revenue of $867.5 million, down 9.3 percent. Tonnage was down 13.2 percent, with LTL tonnage down 13.0 percent and truckload tonnage down 13.6 percent.

   'Due to the continuing downturn in the national economy, our business volumes were depressed going into the fourth quarter,' said Michael W. Wickham, chairman and chief executive officer of Roadway Corp. 'With the events of Sept. 11, they dipped even further , but fairly quickly returned to their previously soft levels.'

   Despite a number of cost-cutting controls, the company completed the acquisition of Arnold Industries, and became a partner in a new joint venture, Integres Global Logistics.

   Wickham said Roadway anticipates the 'dismal economic conditions' continuing into the first quarter of 2002, although profitable results are expected, consistent with the year-earlier period.