Mullen Group reported its profit for 2012 was $130.9 million, up 9.6 percent from $119.4 million in 2011.
Annual revenue was a record $1.43 billion, rising 2.9 percent from $1.39 billion in 2011. The year-over-year gain was driven primarily by revenue increases in the first and second quarters of 2012, compared with the same quarters in 2011, which were somewhat offset by a decreased revenues in the third and fourth quarters of 2012, compared with the same quarters in 2011, the transportation company said in a written statement.
Net income in the fourth quarter of 2012 was $21.8 million, falling 54.1 percent from $47.5 million in the fourth quarter of 2011.
Quarterly revenue was $346.1 million, falling 12.2 percent from $394.1 million in the same quarter in the previous year. The decrease in revenue was primarily because of decreased revenue experienced in the oilfield services segment, which reported a $47.7 million reduction in revenue in the fourth quarter of 2012 compared with the same period in 2011.
“What I am particularly pleased with, in addition to our record operating results, is the validation that our business model works very well, as is evidenced in the strength of Mullen Group’s balance sheet, which includes $122.8 million in cash,” said Murray K. Mullen, chairman and CEO, in a written statement.