Knight Transportation Reports Q4 EPS of $.17

Knight Transportation KNX reported revenue and earnings for the fourth quarter ended December 31, 2010. For the quarter, total revenue increased 12.2% to $188.3 million from $167.8 million for the same quarter of 2009. Revenue before fuel surcharge increased 9.8% to $158.0 million compared to $143.9 million in the fourth quarter of 2009. For the quarter, GAAP net income increased to $14.2 million and $0.17 per diluted share. The fourth quarter included a non-cash $2.5 million pre-tax ($2 million after tax) stock compensation charge related to an adjustment to the straight-line recognition of expense as prescribed in ASC 718 and the accelerated vesting of equity awards under the plan as a result of the passing of a senior executive. Excluding the equity compensation adjustment, net income increased 23.6% to $16.2 million in the fourth quarter from $13.1 million for the same quarter of 2009 and net income per diluted share was $0.19, compared to $0.16 for the same quarter of 2009.