CHATTANOOGA, Tenn., April 24, 2013 (GLOBE NEWSWIRE) -- Covenant Transportation Group, Inc. (Nasdaq:CVTI) announced today financial and operating results for the first quarter ended March 31, 2013. Highlights for the quarter included the following:
- Total revenue of $164.7 million, an increase of 4.9% compared with the first quarter of 2012;
- Freight revenue of $129.1 million (excludes revenue from fuel surcharges), an increase of 5.9% compared with the first quarter of 2012;
- Operating loss of $0.7 million and an operating ratio of 100.6%, compared with operating income of $2.4 million and an operating ratio of 98.1% in the first quarter of 2012;
- Net loss of $2.0 million, or ($0.13) per share, compared with net loss of $0.6 million, or ($0.04) per share in the first quarter of 2012; and
- Gains on sale included $0.7 million from revenue equipment in the 2013 quarter compared with $2.4 million from the sale of a terminal real estate property and $0.6 million from revenue equipment in the 2012 quarter. Gains on sale are reflected as a reduction of depreciation and amortization on our statement of operations.