Covenant Transportation Group said late Wednesday its fourth-quarter loss narrowed from a year ago, as freight revenue declined.
It lost $2.7 million, or 19 cents per share, compared with a loss of $39.8 million, or $2.83, a year earlier. Excluding charges, the year-ago loss was $6.2 million, or 44 cents per share.
Revenue fell 7.7%, to $157.8 million and freight revenue fell 5.6% to $135.8 million, the truckload carrier said in a statement.
Covenant recorded an operating loss of $800,000, compared with an operating loss of $45.1 million a year earlier.
Chairman and Chief Executive Officer David Parker said $5.1 million of the total $11.2 million revenue decline for the quarter was attributable to lower fuel surcharges.
Net loss for the full year was $25 million, or $1.77 per share, compared with a loss of $53.4 million, or $3.80, in 2008.
Excluding impairment charges, the 2009 loss would have been $13.5 million, or 96 cents, compared with a loss of $19 million, or $1.36, for 2008.
Covenant Transportation Group is ranked No. 37 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
