8-K

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): April 29, 2003

SWIFT TRANSPORTATION CO., INC.

(Exact Name of Registrant as Specified in Charter)

Nevada	0-18605	86-0666860
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

2200 South 75th Avenue, Phoenix, Arizona      85043

(Address of Principal Executive Offices)         (Zip Code)

(602) 269-9700

(Registrant’s telephone number, including area code)

Not applicable

(Former Name or Former Address, if Changed Since Last Report)

TABLE OF CONTENTS

	ITEM 7. FINANCIAL STATEMENTS, PRO FORM FINANCIAL INFORMATION AND EXHIBITS.
	ITEM 9. REGULATION FD DISCLOSURE AND ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION
SIGNATURES
EXHIBIT INDEX
EX-99.1

ITEM 7. FINANCIAL STATEMENTS, PRO FORM FINANCIAL INFORMATION AND EXHIBITS.

     (c)  Exhibits

99.1 Press Release dated April 29, 2003.

ITEM 9. REGULATION FD DISCLOSURE AND

ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION

     References to “we,” “our” and “us” in this Current Report on Form 8-K refer to Swift Transportation Co., Inc. and its consolidated subsidiaries.

     On April 29, 2003, we announced in a press release information concerning our first quarter results for the quarterly period ended March 31, 2003. A copy of this press release is attached hereto as Exhibit 99.1. This press release is being furnished, not filed, under Item 12 in this Report on Form 8-K.

SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: April 30, 2003

SWIFT TRANSPORTATION CO., INC.

/s/ Gary Enzor

By: Gary Enzor
Chief Financial Officer

EXHIBIT INDEX

Exhibit No.	Description
99.1	Press Release

EX-99.1 3 p67777exv99w1.htm EX-99.1

Exhibit 99.1

SWIFT TRANSPORTATION CO., INC. REPORTS
FIRST QUARTER RESULTS

Phoenix, AZ — April 29, 2003 — Swift Transportation Co., Inc. (NASDAQ-NMS: SWFT) today reported its results for the three months ended March 31, 2003.

Revenues for the first quarter of 2003 increased 15.9% to $551.3 million, compared with $475.8 million for the corresponding quarter of 2002. The first quarter of 2003 includes $23.1 million of fuel surcharge revenue versus $2.7 million in 2002. Excluding this fuel surcharge revenue, the increase in revenues would have been 11.7%. Net earnings were $8.9 million or 10 cents per share, compared to $9.4 million or 11 cents per share for the first quarter of 2002. The first quarter of 2003 and 2002 results include the benefit of a $100,000 and $1.3 million, respectively, noncash pre-tax adjustment for the reduction in market value of interest rate derivative agreements of M.S. Carriers. Excluding the impact of the interest rate derivative agreements, net earnings increased to $8.8 million (10 cents per share) from $8.6 million (10 cents per share).

Jerry Moyes, Chairman and Chief Executive Officer, said, “We continue to make fundamental improvements in our business as reflected in the increase in the rate per all miles of more than 2 cents, driven by our deadhead percentage decrease of 118 basis points. In addition, our revenue per tractor per quarter increased by more than $2,400 in this quarter compared to last year. We previously disclosed the impact of a higher fuel cost per gallon would be significant in the current quarter. Our average cost per gallon of fuel was $0.45 higher in the first quarter of 2003 as compared to the first quarter of 2002 or $10.6 million, net of fuel surcharge revenue. Without the higher fuel prices, our operating ratio of 96.7% would have been 94.7% in the current quarter compared with 96.3% in the first quarter of 2002, further evidence of our continuing fundamental improvement.”

Management believes the presentation of earnings without the impact of the interest rate derivative agreements and the operating ratio adjusted for the higher fuel cost per gallon are useful in comparing the results from period to period due to the historical volatility of the interest rate derivative agreements and fuel prices.

Swift will hold a conference call to discuss these results at 4:30 PM Eastern time on Wednesday April 30, 2003. Individuals with questions may dial in at 888-789-0156. For others, the conference call will be broadcast live on the Internet at http://www.companyboardroom.com/ and may also be accessed through the Company’s web site, http://www.swifttrans.com/. Replays will be available on these websites for two weeks.

Swift is the holding company for Swift Transportation Co., Inc., a truckload carrier headquartered in Phoenix, Arizona. Swift’s trucking subsidiary operates the largest fleet of truckload carrier equipment in the United States with regional operations throughout the continental United States.

Condensed, consolidated statements of earnings for the three months ended March 31, 2003 and 2002 are as follows:

Swift Transportation Co., Inc. and Subsidiaries
Condensed Consolidated Statements of Earnings
(unaudited)
(in thousands, except per share amounts)

		Three Months Ended
		March 31,
		2003		2002
Operating revenue		$	551,303	$	475,780
Operating expenses:
	Salaries, wages and employee benefits		204,395		180,905
	Operating supplies and expenses		58,139		41,652
	Fuel		84,710		54,316
	Purchased transportation		91,254		83,738
	Rental expense		20,665		22,194
	Insurance and claims		22,490		19,380
	Depreciation and amortization		34,354		36,717
	Communication and utilities		6,940		7,171
	Operating taxes and licenses		10,011		11,955
Total operating expenses			532,958		458,028
Operating income			18,345		17,752
Interest expense (net)			3,774		2,020
Other (income) expense			224		407
Earnings before income taxes			14,347		15,325
Income taxes			5,450		5,915
Net earnings		$	8,897	$	9,410
Diluted earnings per share		$	.10	$	.11
Shares used in per share calculations			84,747		87,968

Contact: Jerry Moyes, President, or Gary Enzor, CFO of
Swift Transportation Co., Inc.
(602) 269-9700

Swift Transportation Co., Inc. and Subsidiaries

Operating Statistics
(Excluding Fuel Surcharge)

		Three Months Ended
		March 31,
		2003			2002
Total Miles*			414,280			380,138
Loaded Miles*			357,226			323,311
Trucking Revenue*		$	508,847		$	458,151
Revenue per Tractor per day		$	522		$	483
Revenue per loaded mile		$	1.4244		$	1.4171
Average Linehaul Tractors			15,462			15,045
Deadhead Percentage			13.77	%		14.95	%
Period End Linehaul Tractor Count Company			12,806			12,282
	Owner Operator		3,200			3,204
	Total		16,006			15,486

* In Thousands

Selected Balance Sheet Data
(in thousands)

	March 31,		December 31,
	2003		2002
Cash	$	10,003	$	7,930
Total Assets	$	1,652,575	$	1,654,482
Capital leases, debt and securitization	$	399,840	$	401,691
Total Liabilities	$	893,224	$	888,704
Equity	$	759,351	$	765,778

Selected Cash Flow Statement Data
(in thousands)

	Three Months ended
	March 31,
	2003			2002
Net cash provided by operating activities	$	54,666		$	35,634
Net cash provided (used in) investing activities	$	(35,064	)	$	(52,106	)
Net cash provided by (used in) financing activities	$	(17,529	)	$	7,582
Purchase of treasury stock	$	17,267		$	0
Capital Expenditures (net of disposal proceeds)	$	48,093		$	43,609

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EX-99.1

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