Gary Enzor, Chief Executive Officer, commented, "I am very pleased with our fourth quarter and full year results, which reflect continued year over year increases in revenue and earnings. Demand for our services continues to show improvement, and we are realizing the earnings power of our asset-light business model."
Total revenue for the fourth quarter ended December 31, 2010 was $165.8 million, an increase of 9.6% versus the same quarter last year. Excluding fuel surcharges, revenue for the fourth quarter of 2010 increased 7.0% compared to the prior-year quarter. This increase was driven primarily by higher volumes resulting from a 5.3% increase in loads and a 2.8% increase in miles driven within the chemicals business, as well as a 15.2% increase in revenues from Boasso's intermodal and depot business.
Total revenue for the year ended December 31, 2010 was $686.6 million, an increase of 11.9% versus the same period last year. Excluding fuel surcharge, revenue increased 8.3% for the full year 2010 compared to the prior year. This increase was primarily due to higher volumes resulting from a 5.4% increase in loads and a 5.6% increase in miles driven within the chemicals business, as well as a 24.6% increase in revenues from Boasso's intermodal and depot business.
Adjusted EBITDA for the fourth quarter of 2010 was $14.7 million, up 6.7% versus the comparable prior-year period, driven primarily from higher volumes and an improvement in operating results at Boasso. Adjusted EBITDA for the year ended December 31, 2010 was $62.7 million, up 21.7% from 2009. A reconciliation of net (loss) income to adjusted EBITDA is included in the attached financial exhibits.Gary Enzor commented further, "Both our logistics and intermodal operations showed excellent results in 2010 and we will continue to leverage our asset-light business model to drive bottom line results. We are optimistic about 2011 and look forward to pursuing our multifaceted growth strategy and delivering enhanced value to our shareholders."
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