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March 18, 2005 12:M, EST

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egional less-than-truckload carrier Central Freight Lines said it posted net losses of $8.9 million or 49 cents a share in the fourth quarter of 2004, and $20.5 million or $1.14 for the full fiscal year.

The company reported that revenue declined to $85.5 million in the fourth quarter, from $89.5 million a year ago, while annual revenue fell 0.8% to $386.6 million.

However, President Bob Fasso said in a statement the fact that losses narrowed in the fourth quarter compared with the third quarter showed the company was moving “in the right direction.” In a telephone interview with Transport Topics, he later said, “We’re pretty excited. We’re now entering a growth phase.”

Central also said it would delay its filing of an annual report with the Securities and Exchange Commission because of a review of internal controls, and that it secured a new four-year, $70 million credit facility on Jan. 31.

Central is ranked No. 47 on the Transport Topics 100 list of the largest U.S. and Canadian trucking companies.

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