American Freighways Corp.
by February 22, 1999 12:00 am 75 views
Tom Garrison, president and chief operating officer of American Freightways Corp., will become chief executive officer of the Harrison-based less-than-truckload company July 1. His brother, Will, who currently serves as corporate vice president and secretary-treasurer, willbecome chief operating officer on the same date.
Tom Garrison, 38, and Will Garrison, 35, are sons of American Freightways’ founder, Sheridan Garrison. The elder Garrison says he plans to remain actively involved in the company’s management and will retain his title as chairman.
n American Freightways Corp. experienced a 13.7 percent increase in operating revenue for the quarter ended Dec. 31. Operating revenue for the quarter was $255.2 million, up from $224.4 million in 1997. For the year, operating revenue was up 13.3 percent from $870.3 million to $986.3 million.
Operating income for the year grew 33 percent, up from $45.3 milion to $60.2 million.
Net income for the year increased 54.5 percent to $27.5 milion, up from $17.8 million in 1997.