Union Pacific 2002 Annual Report Download - page 22

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20
UNION PACIFIC
in trucking industry history.
In addition, a series of events
helped secure Overnite’s future
for years to come. A three-year
strike by the International
Brotherhood of Teamsters
abruptly ended October 24, 2002,
with the union’s leadership urging
its members to return to work.
Employees in several service
centers once represented by the
Teamsters voted to end their affil-
iation with the union by year’s
end, with further decertification
votes coming in 2003.
Overnite increased its revenue
over the previous 12 months and
finished the year as the nation’s
fifth largest less-than-truckload
carrier, despite an uncertain econ-
omy that forced closure of the
nation’s third largest less-than-
truckload carrier.
The year’s highlights included
an industry-leading, on-time
service standard exceeding 97
percent for combined regional,
inter-regional and long-haul
freight. And, a major initiative to
speed billing and collections cul-
minated in an efficient, electronic,
customer-friendly cash application
system. It bills 98 percent of
customers for transportation
services within 72 hours of
freight movement.
Improved transit times on more
than 4,000 lanes, coupled with the
unveiling of a new division –
OMC Logistics – opened the door
to a new generation of regional
and truckload customers.
Finally, the company’s expansion
into all Canadian provinces and
the integration between Overnite
Transportation Company and
western regional partner Motor
Cargo allowed for seamless traffic
between the two subsidiaries and
significantly improved Overnite’s
geographic coverage. Combined,
the companies bring more than
150 years of over-the-road
experience to customers.
n
Building Networks in 2002, Overnite Corporation set eight-year
highs in both revenue and income, writing another chapter in what
already has been called one of the greatest financial turnarounds
*data reflects acquisition of Motor Cargo as of Nov. 30, 2001
Overnite Corporation*
Service Performance
NUMBER OF TRANSIT-TIME LANE IMPROVEMENTS
% ON-TIME SERVICE PERFORMANCE
99
4,841
96%
00
3,602
01
3,113
97% 97%
02
97%
4,841
Overnite Corporation*
99 00 01 02
Operating Ratios
98.1%
95.2% 95.3% 94.7%
$ MILLIONS
Operating Revenue
Overnite Corporation*
99
$1,062
00
$1,113
01
$1,143
02
$1,332
BUILDING NETWORKS
BUILDING NETWORKS