DALLAS — MV Transportation Inc. has reported record annual revenue for 2011: $829 million, which was up 14% from the previous year.
MV also reported net income in line with the prior year’s results despite significant investments in the development of enhanced safety training modules, fleet renewal, acquisitions and contract start-up costs.
“The year 2011 presented significant challenges to our entire industry due to the increased cost of fuel, maintenance, vehicles and insurance,” said Carter Pate, CEO of MV. “I’m pleased to report MV was able to manage these costs through the development of several strategic initiatives, which focus on providing the best value to our customers. Specifically, MV offset rising fuel costs with its fuel hedging program, which allowed us to lock-in fuel costs to eliminate variability and deliver a cost significantly below the Energy Information Administration’s national average cost per gallon.”
MV also set a new company record in 2011 for the lowest administrative costs in the company’s history. The company relocated its headquarters from Northern California to Dallas in an effort to more centrally locate its support resources for the benefit of its customers and its operating divisions across North America.
Also in 2011, MV subsidiary Reliant Transportation made two acquisitions in the student transportation market (including New York City school bus operator USA United Fleet Inc.) and became one of the 50 largest school bus contractors in the U.S. and Canada.
In addition, MV secured its first overseas contract in Saudi Arabia, and Canadian subsidiary MVT Canadian Bus expanded its presence, now operating coast to coast.
Officials said that the milestones were achieved through significant investments in the core functions of the company.
“By maintaining fiscal control of our business,” Pate said, “we were able to increase our safety spend significantly with marked investment increases in all things safety — equipment, technology, driver education and awareness, and awarding safe driving behavior.”