SWIFT TRANSPORTATION IMPROVES EARNINGS

SWIFT TRANSPORTATION IMPROVES EARNINGS

   Swift Transportation Co. Inc., the publicly held truckload motor carrier, reported fourth quarter net income of $13.0 million, up from $11.5 million for the year-earlier period.

   Revenues improved 3.3 percent to $530.7 million. The fourth-quarter results included the benefit of a $1.6-million non-cash pre-tax adjustment for the reduction in market value of interest rate derivative agreements of M.S. Carriers, which was integrated with Swift on Jan. 1.

   'Our quarterly results were impacted by reduced demand from the manufacturing sector, however we benefited from lower interest rates and fuel prices,' said Jerry Moyes, chairman and chief executive officer of Swift.

   For 2001, net income was $27.2 million, compared to $68.9 million for 2000. The 2001 results include a $10.5-million on-cash pre-tax adjustment for the recognition of the impairment of an investment, held by M.S. Carriers, in Transportes EASO, the largest intra-Mexican truckload carrier. The 2001 figures also included a $7-million pre-tax adjustment of the M.S. Carriers insurance and claims reserves and $2 million in merger expenses.