##### Table of Contents









UNITED STATES SECURITIES AND EXCHANGE COMMISSION


Washington, D.C. 20549


Form 10-K


|           |  |                                                                                             
|---------- |  | --------------------------------------------------------------------------------------------
|(Mark One) |  |                                                                                             
|þ          |  | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
    SECURITIES EXCHANGE ACT OF 1934    
|          
|           |  | For the fiscal year ended December 31, 2004                                                 
|          
|OR        
|          
|o          |  | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
    SECURITIES EXCHANGE ACT OF 1934
|          
|           |  | For the transition period
    from           to                                             

Commission File No. 0-18605


SWIFT TRANSPORTATION CO., INC.


(Exact name of registrant as specified in its charter)


|                                                                   |  |                                      
|------------------------------------------------------------------ |  | -------------------------------------
|Nevada                                                             |  | 86-0666860                           
|(State or other jurisdiction of
    incorporation or organization) |  | (IRS Employer
    Identification No.)

2200 South 75th Avenue Phoenix, AZ 85043


(Address of principal executive offices) (Zip Code)


(602) 269-9700


(Registrants telephone number, including area code)


Securities Registered Pursuant to Section 12(b) of the
Act:


None


Securities Registered Pursuant to Section 12(g) of the
Act:


|                              |  |                       
|----------------------------- |  | ----------------------
|Common Stock, $.001 par value |  | Nasdaq National Market

þ o


o


þ o






DOCUMENTS INCORPORATED BY REFERENCE












---










TABLE OF CONTENTS


|               |  |                                                                                                                          |    |      |    | 
|-------------- |  | ------------------------------------------------------------------------------------------------------------------------ | -- | ---- | -- | 
|               |  |                                                                                                                          |    | Page |   
|               |  |                                                                                                                          |    |      |   
|PART I        
|Item 1.        |  | Business                                                                                                                 |    |      | 2  | 
|Item 2.        |  | Properties                                                                                                               |    |      | 10 | 
|Item 3.        |  | Legal Proceedings                                                                                                        |    |      | 11 | 
|Item 4.        |  | Submission of Matters to a Vote of Security
    Holders                                                                  |    |      | 12 | 
|              
|PART II       
|Item 5.        |  | Market for the Registrants Common
    Equity, Related Stockholder Matters and Issuer Purchases of
    Equity Securities |    |      | 12 | 
|Item 6.        |  | Selected Financial and Operating Data                                                                                    |    |      | 13 | 
|Item 7.        |  | Managements Discussion and Analysis
    of Financial Condition and Results of Operations                                |    |      | 14 | 
|Item 7A.       |  | Quantitative and Qualitative Disclosures
    about Market Risk                                                           |    |      | 31 | 
|Item 8.        |  | Financial Statements and Supplementary
    Data                                                                          |    |      | 32 | 
|Item 9.        |  | Changes in and Disagreements with
    Accountants on Accounting and Financial Disclosure                                 |    |      | 57 | 
|Item 9A.       |  | Controls and Procedures                                                                                                  |    |      | 57 | 
|Item 9B.       |  | Other Information                                                                                                        |    |      | 58 | 
|              
|PART III      
|Item 10.       |  | Directors and Executive Officers of the
    Registrant                                                                   |    |      | 59 | 
|Item 11.       |  | Executive Compensation                                                                                                   |    |      | 59 | 
|Item 12.       |  | Security Ownership of Certain Beneficial
    Owners and Management                                                       |    |      | 59 | 
|Item 13.       |  | Certain Relationships and Related
    Transactions                                                                       |    |      | 59 | 
|Item 14.       |  | Principal Accountant Fees and Services                                                                                   |    |      | 59 | 
|              
|PART IV       
|Item 15.       |  | Exhibits and Financial Statement
    Schedules                                                                           |    |      | 60 | 
|Signatures     |  |                                                                                                                          | 63 |     
|Exhibit 10.7.4
|Exhibit 10.9.1
|Exhibit 21    
|Exhibit 23    
|Exhibit 31.1  
|Exhibit 31.2  
|Exhibit 32    



1



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PART I







|        |         
|------- | --------
|Item 1. | Business



OPERATIONS












2



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##### Table of Contents



SERVICE OFFERINGS






| |   |                                                                                                                            
| | - | ---------------------------------------------------------------------------------------------------------------------------
| |  | regional terminals to maintain local contact with customers and
    facilitate single and multiple pick-ups and deliveries;
|
| |  | well-maintained, late model equipment that enhance on-time
    deliveries;                                                 
|
| |  | a fully-integrated computer system to monitor shipment status
    and variations from schedule;                            
|
| |  | an onboard communications system that enables us to dispatch and
    monitor traffic;                                      
|
| |  | GPS tracking via the internet to allow customers to check their
    freight and secure a proof of delivery;                
|
| |  | specialized equipment, such as high cubic capacity trailers, to
    respond promptly to customers varying requirements;   
|
| |  | significant capacity to meet customers seasonal demands
    and surges;                                                   
|
| |  | multiple drops, appointment pick-ups and deliveries;                                                                       
|
| |  | assistance in loading and unloading; and                                                                                   
|
| |  | extra trailers that can be placed for the convenience of our
    customers.                                                







| |   |                                                                                                   
| | - | --------------------------------------------------------------------------------------------------
| |  | A fleet design team to provide detailed business analysis and
    fleet justification models      
|
| |  | Dynamic route optimization systems to improve service and reduce
    costs                        
|
| |  | Transportation management systems dedicated to each customer                                      
|
| |  | Transportation professionals on-site at the customers
    facilities                             
|
| |  | Vendor inbound programs that support manufacturing and retail
    operations                      
|
| |  | Customer deliveries on a scheduled or on-demand basis                                           
|
| |  | Backhaul programs utilizing the Swift network to optimize the
    effective positioning of assets.

3



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##### Table of Contents







| |   |                                                                                                                       
| | - | ----------------------------------------------------------------------------------------------------------------------
| |  | Rates and schedules available through direct relationships with
    the Class 1 railroads                             
|
| |  | Trailer-on-flat-car intermodal service combining rail with
    Swifts over-the-road handling for door-to-door service
|
| |  | Route optimization systems to create supply-chain solutions and
    reduce costs.                                     

MARKETING AND CUSTOMERS






TRANSPLACE






ACQUISITIONS




4



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REVENUE EQUIPMENT






|               |       |              |       |              |          |  |         |             |  |         |          |     |              |          |     |             |          |  |     |       |  |  |     |     | 
|-------------- | ----- | ------------ | ----- | ------------ | -------- |  | ------- | ----------- |  | ------- | -------- | --- | ------------ | -------- | --- | ----------- | -------- |  | --- | ----- |  |  | --- | --- | 
|               |       |              |       | 57, 53 and |          |  | Sets of |             |  | Flatbed |          |     | Refrigerated |          |     | Specialized |         
|Model Year     |       | Tractors (1) |       |              | 48 Vans |  |         | Double Vans |  |         | Trailers |     |              | Trailers |     |             | Trailers | 
|               |       |              |       |              |          |  |         |             |  |         |          |     |              |          |     |             |          | 
|2005           |       |              | 2,835 |              |          |  | 1,391   |             |  |         |          |     |              |          |     |             |          |  | 123 |       |  |  |     |    
|2004           |       |              | 3,210 |              |          |  | 561     |             |  |         |          |     |              |          | 115 |             |          |  | 376 |       |  |  | 74  |    
|2003           |       |              | 2,664 |              |          |  | 2,452   |             |  |         | 145      |     |              |          |     |             |          |  | 700 |       |  |  | 156 |    
|2002           |       |              | 2,959 |              |          |  | 1,325   |             |  |         |          |     |              |          | 265 |             |          |  | 229 |       |  |  | 116 |    
|2001           |       |              | 1,634 |              |          |  | 4,926   |             |  |         |          |     |              |          | 232 |             |          |  | 247 |       |  |  | 47  |    
|2000           |       |              | 652   |              |          |  | 10,719  |             |  |         |          |     |              |          | 85  |             |          |  | 80  |       |  |  | 100 |    
|1999           |       |              | 484   |              |          |  | 8,758   |             |  |         |          |     |              |          | 50  |             |          |  | 345 |       |  |  | 9   |    
|1998 and prior |       |              | 460   |              |          |  | 16,858  |             |  |         | 294      |     |              |          | 594 |             |          |  | 302 |       |  |  | 99  |    
|               |       |              |       |              |          |  |         |             |  |         |          |     |              |          |     |             |          | 
|               | Total |              |       | 14,898       |          |  |         | 46,990      |  |         |          | 439 |              |          |     | 1,341       |          |  |     | 2,402 |  |  |     | 601 | 
|               |       |              |       |              |          |  |         |             |  |         |          |     |              |          |     |             |          | 






|    |                                        
|--- | ---------------------------------------
|(1) | Excludes 3,647 owner-operator tractors.



5



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EMPLOYEES


Terminal Staff






Company Drivers






6



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Driver Retention




Year-end Employment




OWNER-OPERATORS




7



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SAFETY AND INSURANCE








FUEL




COMPETITION




8



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REGULATION












SEASONALITY




INTERNET WEB SITE




9



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|        |           
|------- | ----------
|Item 2. | Properties





|                                |  |                 |  |                                                                  
|------------------------------- |  | --------------- |  | -----------------------------------------------------------------
|Location                        |  | Owned or Leased |  | Description                                                      
|                                |  |                 |  |                                                                  
|Western Region                  |  |                 |  |                                                                  
|Colorado  Denver               |  | Owned           |  | Customer Service, Marketing, Fuel, Repair                        
|Colorado  Pueblo               |  | Owned           |  | Customer Service, Marketing, Fuel, Repair                        
|Idaho  Lewiston                |  | Owned/Leased    |  | Customer Service, Marketing, Fuel, Repair                        
|Oklahoma  Oklahoma City        |  | Owned           |  | Customer Service, Marketing, Fuel, Repair                        
|Oregon  Troutdale              |  | Owned           |  | Customer Service, Marketing, Fuel, Repair                        
|Texas  Corsicana               |  | Owned           |  | Fuel, Repair                                                     
|Texas  Houston                 |  | Owned/Leased    |  | Customer Service, Repair                                         
|Texas  Lancaster               |  | Owned           |  | Customer Service, Marketing, Fuel, Repair                        
|Texas  Laredo                  |  | Owned           |  | Customer Service, Marketing, Fuel, Repair                        
|Texas  San Antonio             |  | Leased          |  | Driver Training School                                           
|Utah  Salt Lake City           |  | Owned           |  | Customer Service, Marketing, Fuel, Repair                        
|Washington  Sumner             |  | Owned           |  | Customer Service, Marketing, Fuel, Repair                        
|                               
|Southwest Region                |  |                 |  |                                                                  
|Arizona  Phoenix               |  | Owned/Leased    |  | Customer Service, Marketing, Fuel, Repair, Driver Training School
|California  Fontana            |  | Owned/Leased    |  | Customer Service, Marketing, Fuel, Repair                        
|California  Lathrop            |  | Owned           |  | Customer Service, Marketing, Fuel, Repair                        
|California  Mira Loma          |  | Owned           |  | Fuel, Repair                                                     
|California  Willows            |  | Owned           |  | Customer Service, Fuel, Repair                                   
|California  Wilmington         |  | Owned           |  | Customer Service, Fuel, Repair                                   
|Nevada  Sparks                 |  | Owned           |  | Customer Service, Fuel, Repair                                   
|New Mexico  Albuquerque        |  | Owned           |  | Customer Service, Fuel, Repair                                   
|Texas  El Paso                 |  | Owned           |  | Customer Service, Marketing, Fuel, Repair                        
|                               
|Central Region                  |  |                 |  |                                                                  
|Illinois  Manteno              |  | Owned           |  | Customer Service, Fuel, Repair                                   
|Indiana  Gary                  |  | Owned           |  | Customer Service, Fuel, Repair                                   
|Kansas  Edwardsville           |  | Owned           |  | Customer Service, Marketing, Fuel, Repair                        
|Michigan  New Boston           |  | Owned           |  | Customer Service, Marketing, Fuel, Repair                        
|Minnesota  Inver Grove Heights |  | Leased          |  | Customer Service, Marketing, Repair                              
|Missouri  Kansas City          |  | Leased          |  | Driver Training School                                           

10



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|                              |  |                 |  |                                          
|----------------------------- |  | --------------- |  | -----------------------------------------
|Location                      |  | Owned or Leased |  | Description                              
|                              |  |                 |  |                                          
|Ohio  Columbus               |  | Owned           |  | Customer Service, Marketing, Fuel, Repair
|Tennessee  Memphis           |  | Owned           |  | Customer Service, Marketing, Fuel, Repair
|Tennessee  Millington        |  | Leased          |  | Driver Training School                   
|Wisconsin  Town of Menasha   |  | Owned           |  | Customer Service, Marketing, Fuel, Repair
|                             
|Eastern Region                |  |                 |  |                                          
|Florida  Ocala               |  | Owned           |  | Customer Service, Marketing, Fuel, Repair
|Georgia  Decatur             |  | Owned           |  | Customer Service, Marketing, Fuel, Repair
|New Jersey  South Plainfield |  | Owned           |  | Customer Service                         
|New York  Selkirk            |  | Owned           |  | Customer Service, Marketing, Repair      
|New York  Syracuse           |  | Owned           |  | Customer Service, Marketing, Fuel, Repair
|North Carolina  Eden         |  | Owned           |  | Customer Service, Fuel, Repair           
|Pennsylvania  Jonestown      |  | Owned           |  | Customer Service, Fuel, Repair           
|South Carolina  Greer        |  | Owned           |  | Customer Service, Marketing, Fuel, Repair
|Virginia  Richmond           |  | Owned           |  | Customer Service, Marketing, Fuel, Repair
|                             
|Mexico                        |  |                 |  |                                          
|Tamaulipas  Nuevo Laredo     |  | Leased          |  | Customer Service, Marketing, Fuel, Repair








|        |                  
|------- | -----------------
|Item 3. | Legal Proceedings





Davidco Investors LLC v. Swift
Transportation Co., Inc., et al. Greene v. Swift Transportation
Co., Inc., et al. Tuttle v. Swift Transportation Co. Inc.,
et al.


11



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Rivera v. Eller et al.









|        |                                                    
|------- | ---------------------------------------------------
|Item 4. | Submission of Matters to a Vote of Security Holders



PART II







|        |                                                                                                                         
|------- | ------------------------------------------------------------------------------------------------------------------------
|Item 5. | Market for the Registrants Common Equity, Related
    Stockholder Matters and Issuer Purchases of Equity
    Securities



|               |  |              |       |  |     |   |       | 
|-------------- |  | ------------ | ----- |  | --- | - | ----- | 
|               |  | Common Stock |      
|               |  |              |      
|               |  | High         |       |  | Low |  
|               |  |              |       |  |     |  
|2004           |  |              |       |  |     |   |       | 
|First Quarter  |  | $            | 22.20 |  |     | $ | 14.68 | 
|Second Quarter |  |              | 18.91 |  |     |   | 14.75 | 
|Third Quarter  |  |              | 20.85 |  |     |   | 15.49 | 
|Fourth Quarter |  |              | 22.75 |  |     |   | 16.50 | 
|2003           |  |              |       |  |     |   |       | 
|First Quarter  |  | $            | 20.43 |  |     | $ | 14.81 | 
|Second Quarter |  |              | 21.52 |  |     |   | 15.91 | 
|Third Quarter  |  |              | 24.80 |  |     |   | 18.39 | 
|Fourth Quarter |  |              | 25.64 |  |     |   | 19.80 | 





12



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Purchases of Equity Securities by the Issuer and Affiliated
Purchasers


|                                      |  |                  |           |  |                    |                     |       |                    |                     |  |              |  |  |   |   | 
|------------------------------------- |  | ---------------- | --------- |  | ------------------ | ------------------- | ----- | ------------------ | ------------------- |  | ------------ |  |  | - | - | 
|                                      |  |                  |           |  |                    |                     |       | Maximum Number     |                    
|                                      |  |                  |           |  |                    |                     |       | (or Approximate    |                    
|                                      |  |                  |           |  |                    | Total Number of     |       |                    | Dollar Value) of    | 
|                                      |  |                  |           |  |                    | Shares Purchased as |       |                    | Shares that May Yet | 
|                                      |  |                  |           |  |                    | Part of Publicly    |       |                    | Be Purchased Under  | 
|                                      |  | Total Number of  |           |  | Average Price Paid |                     |       | Announced Plans or |                     |  | the Plans or | 
|Period                                |  | Shares Purchased |           |  | per Share          |                     |       | Programs           |                     |  | Programs     | 
|                                      |  |                  |           |  |                    |                     |       |                    |                     |  |              | 
|October 1, 2004 to October 31, 2004   |  |                  | 4,107,161 |  |                    | $                   | 17.80 |                    |                     |  | 4,107,161    |  |  |   |   | 
|November 1, 2004 to November 30, 2004 |  |                  | 2,541,270 |  |                    | $                   | 19.00 |                    |                     |  | 2,541,270    |  |  |   |   | 
|December 1, 2004 to December 31, 2004 |  |                  |           |  |                    |                     |       |                    |                     |  |              |  |  |   |   | 
|                                      |  |                  |           |  |                    |                     |       |                    |                     |  |              | 
|Total                                 |  |                  | 6,648,431 |  |                    | $                   | 18.26 |                    |                     |  | 6,648,431    |  |  | $ | 0 | 
|                                      |  |                  |           |  |                    |                     |       |                    |                     |  |              | 



Factors That May Affect Future Stock Performance




Influence by Principal Stockholder.


Possible Volatility of Stock Price.







|        |                                      
|------- | -------------------------------------
|Item 6. | Selected Financial and Operating Data



13



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|                                                  |                  |                                                                      |           |        |      |   |           |        |  |   |           |        |  |      |           |        |  |   |           |        | 
|------------------------------------------------- | ---------------- | -------------------------------------------------------------------- | --------- | ------ | ---- | - | --------- | ------ |  | - | --------- | ------ |  | ---- | --------- | ------ |  | - | --------- | ------ | 
|                                                  |                  | Years Ended December 31,                                             |          
|                                                  |                  |                                                                      |          
|                                                  |                  | 2004                                                                 |           |        | 2003 |   |           | 2002   |  |   | 2001      |        |  | 2000 |          
|                                                  |                  |                                                                      |           |        |      |   |           |        |  |   |           |        |  |      |          
|                                                  |                  | (Dollar Amounts in Thousands, Except per Share and per Mile Amounts) |          
|Consolidated Statements of
    Earnings Data:     |                  |                                                                      |           |        |      |   |           |        |  |   |           |        |  |      |           |        |  |   |           |       
|Operating revenue                                 |                  | $                                                                    | 2,826,201 |        |      | $ | 2,397,655 |        |  | $ | 2,101,472 |        |  | $    | 2,112,221 |        |  | $ | 1,973,839 |       
|Earnings before income taxes                      |                  | $                                                                    | 159,949   |        |      | $ | 127,982   |        |  | $ | 96,108    |        |  | $    | 45,369    |        |  | $ | 110,014   |       
|Net earnings                                      |                  | $                                                                    | 103,482   |        |      | $ | 79,371    |        |  | $ | 59,588    |        |  | $    | 27,221    |        |  | $ | 68,943    |       
|Diluted earnings per share                        |                  | $                                                                    | 1.29      |        |      | $ | .94       |        |  | $ | .69       |        |  | $    | .32       |        |  | $ | .82       |       
|Consolidated Balance Sheet Data (at end of year): |                  |                                                                      |           |        |      |   |           |        |  |   |           |        |  |      |           |        |  |   |           |       
|Working capital (deficit)                         |                  | $                                                                    | (70,905   | )      |      | $ | (24,289   | )      |  | $ | (69,599   | )      |  | $    | (24,299   | )      |  | $ | 29,426    |       
|Total assets                                      |                  | $                                                                    | 2,030,158 |        |      | $ | 1,820,943 |        |  | $ | 1,654,482 |        |  | $    | 1,556,096 |        |  | $ | 1,573,463 |       
|Long-term obligations, less current portion       |                  | $                                                                    | 366,787   |        |      | $ | 257,894   |        |  | $ | 183,470   |        |  | $    | 223,486   |        |  | $ | 377,056   |       
|Stockholders equity                              |                  | $                                                                    | 738,269   |        |      | $ | 844,615   |        |  | $ | 765,778   |        |  | $    | 735,203   |        |  | $ | 654,879   |       
|Operating Statistics (at end of year):            |                  |                                                                      |           |        |      |   |           |        |  |   |           |        |  |      |           |        |  |   |           |       
|Operating ratio(1)                                |                  |                                                                      | 93.6      | %      |      |   | 94.1      | %      |  |   | 94.4      | %      |  |      | 95.9      | %      |  |   | 92.8      | %     
|Pre-tax margin(1)                                 |                  |                                                                      | 5.7       | %      |      |   | 5.3       | %      |  |   | 4.6       | %      |  |      | 2.1       | %      |  |   | 5.6       | %     
|Average line haul revenue per loaded mile(2)      |                  | $                                                                    | 1.52      |        |      | $ | 1.45      |        |  | $ | 1.41      |        |  | $    | 1.41      |        |  | $ | 1.39      |       
|Deadhead percentage                               |                  |                                                                      | 12.8      | %      |      |   | 13.8      | %      |  |   | 14.1      | %      |  |      | 15.1      | %      |  |   | 14.1      | %     
|Average length of haul (in miles)                 |                  |                                                                      | 520       |        |      |   | 529       |        |  |   | 552       |        |  |      | 571       |        |  |   | 582       |       
|Total tractors at end of period:                  |                  |                                                                      |           |        |      |   |           |        |  |   |           |        |  |      |           |        |  |   |           |       
|                                                  | Company-operated |                                                                      |           | 14,898 |      |   |           | 14,344 |  |   |           | 12,939 |  |      |           | 12,748 |  |   |           | 11,460 | 
|                                                  | Owner-operator   |                                                                      |           | 3,647  |      |   |           | 3,692  |  |   |           | 3,152  |  |      |           | 3,048  |  |   |           | 3,383  | 
|Trailers at end of period                         |                  |                                                                      | 51,773    |        |      |   | 50,489    |        |  |   | 48,233    |        |  |      | 45,729    |        |  |   | 43,411    |       






|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | Pre-tax margin represents earnings before income taxes as a
    percentage of operating revenue. Because of the impact that
    equipment financing methods can have on the operating ratio
    (operating expenses as a percentage of operating revenue), the
    Company believes that the most meaningful comparative measure of
    its operating efficiency is its pre-tax margin, which takes into
    consideration both the Companys total operating expenses
    and net interest expense as a percentage of operating revenue.
|   
|(2) | Excludes fuel surcharge revenue.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         






|        |                                                                                          
|------- | -----------------------------------------------------------------------------------------
|Item 7. | Managements Discussion and Analysis of Financial
    Condition and Results of Operations



OVERVIEW




14



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Sale of Autohaul Business and Assets










FMCSA Hours of Service Regulations




15



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Safety Rating Update












Accounting Standards Not Yet Adopted by the Company






16



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CRITICAL ACCOUNTING POLICIES


Claims Accruals




Goodwill and Intangible Assets






Revenue Recognition




17



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##### Table of Contents



RESULTS OF OPERATIONS FOR 2004, 2003 AND 2002


SUMMARY




|                    |                                       |                          |       |      |      |  |       |      |      |  |       |      |      | 
|------------------- | ------------------------------------- | ------------------------ | ----- | ---- | ---- |  | ----- | ---- | ---- |  | ----- | ---- | ---- | 
|                    |                                       | 2004                     |       |      | 2003 |  |       | 2002 |     
|                    |                                       |                          |       |      |      |  |       |      |     
|Operating revenue   |                                       |                          | 100.0 | %    |      |  | 100.0 | %    |      |  | 100.0 | %   
|Operating expenses: |                                       |                          |       |      |      |  |       |      |      |  |       |     
|                    | Salaries, wages and employee benefits |                          |       | 34.4 |      |  |       | 36.4 |      |  |       | 36.9 |     
|                    | Operating supplies and expenses       |                          |       | 9.7  |      |  |       | 9.7  |      |  |       | 9.2  |     
|                    | Fuel                                  |                          |       | 15.8 |      |  |       | 13.6 |      |  |       | 12.4 |     
|                    | Purchased transportation              |                          |       | 17.7 |      |  |       | 17.4 |      |  |       | 17.1 |     
|                    | Rental expense                        |                          |       | 2.9  |      |  |       | 3.4  |      |  |       | 4.1  |     
|                    | Insurance and claims                  |                          |       | 3.4  |      |  |       | 3.9  |      |  |       | 4.1  |     
|                    | Depreciation and amortization         |                          |       | 6.5  |      |  |       | 6.3  |      |  |       | 7.0  |     
|                    | Communications and utilities          |                          |       | 1.0  |      |  |       | 1.2  |      |  |       | 1.3  |     
|                    | Operating taxes and licenses          |                          |       | 2.2  |      |  |       | 2.2  |      |  |       | 2.3  |     
|                    |                                       |                          |       |      |      |  |       |      |     
|                    |                                       | Total operating expenses |       |      | 93.6 |  |       |      | 94.1 |  |       |      | 94.4 | 
|                    |                                       |                          |       |      |      |  |       |      |     
|                    | Operating income                      |                          |       | 6.4  |      |  |       | 5.9  |      |  |       | 5.6  |     
|                    | Net interest expense                  |                          |       | .6   |      |  |       | .7   |      |  |       | .9   |     
|                    | Other (income) expense, net           |                          |       | .1   |      |  |       | (.1  | )    |  |       | .1   |     
|                    |                                       |                          |       |      |      |  |       |      |     
|                    | Earnings before income taxes          |                          |       | 5.7  |      |  |       | 5.3  |      |  |       | 4.6  |     
|                    | Income taxes                          |                          |       | 2.0  |      |  |       | 2.0  |      |  |       | 1.8  |     
|                    |                                       |                          |       |      |      |  |       |      |     
|                    | Net earnings                          |                          |       | 3.7  | %    |  |       | 3.3  | %    |  |       | 2.8  | %   
|                    |                                       |                          |       |      |      |  |       |      |     





REVENUE




|                        |  |               |           |  |      |   |           |      |  |   |           | 
|----------------------- |  | ------------- | --------- |  | ---- | - | --------- | ---- |  | - | --------- | 
|                        |  | 2004          |           |  | 2003 |   |           | 2002 | 
|                        |  |               |           |  |      |   |           |      | 
|                        |  | ($ thousands) |          
|Trucking revenue        |  | $             | 2,564,712 |  |      | $ | 2,207,928 |      |  | $ | 1,976,411 | 
|Fuel surcharge revenue  |  |               | 189,725   |  |      |   | 88,865    |      |  |   | 37,817    | 
|Other revenue           |  |               | 71,764    |  |      |   | 100,862   |      |  |   | 87,244    | 
|                        |  |               |           |  |      |   |           |      | 
|Total operating revenue |  | $             | 2,826,201 |  |      | $ | 2,397,655 |      |  | $ | 2,101,472 | 
|                        |  |               |           |  |      |   |           |      | 

Trucking Revenue




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|                                                         |  |      |        |   |      |   |        |      |  |   |        |  
|-------------------------------------------------------- |  | ---- | ------ | - | ---- | - | ------ | ---- |  | - | ------ | -
|                                                         |  | 2004 |        |   | 2003 |   |        | 2002 | 
|                                                         |  |      |        |   |      |   |        |      | 
|Miles per tractor per week                               |  |      | 2,142  |   |      |   | 2,123  |      |  |   | 2,049  |  
|Deadhead Percentage                                      |  |      | 12.8   | % |      |   | 13.8   | %    |  |   | 14.1   | %
|Revenue per Loaded Mile excluding Fuel Surcharge Revenue |  | $    | 1.5235 |   |      | $ | 1.4524 |      |  | $ | 1.4141 |  







Fuel Surcharge Revenue






Other Revenue




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Major Customers




Revenue and Expense Comparisons




|                                         |  |               |           |   |      |   |           |      |  |   |           |  
|---------------------------------------- |  | ------------- | --------- | - | ---- | - | --------- | ---- |  | - | --------- | -
|                                         |  | 2004          |           |   | 2003 |   |           | 2002 | 
|                                         |  |               |           |   |      |   |           |      | 
|                                         |  | ($ thousands) |          
|Total revenue                            |  | $             | 2,826,201 |   |      | $ | 2,397,655 |      |  | $ | 2,101,472 |  
|Less: Fuel surcharge revenue             |  |               | (189,725  | ) |      |   | (88,865   | )    |  |   | (37,817   | )
|                                         |  |               |           |   |      |   |           |      | 
|Revenue excluding fuel surcharge revenue |  | $             | 2,636,476 |   |      | $ | 2,308,790 |      |  | $ | 2,063,655 |  
|                                         |  |               |           |   |      |   |           |      | 

OPERATING EXPENSES


Salaries, Wages and Employee Benefits


|                                      |                                               |                    |         |      |      |   |         |      |   |   |         |      |  
|------------------------------------- | --------------------------------------------- | ------------------ | ------- | ---- | ---- | - | ------- | ---- | - | - | ------- | ---- | -
|                                      |                                               | As of December 31, |        
|                                      |                                               |                    |        
|                                      |                                               | 2004               |         |      | 2003 |   |         | 2002 |  
|                                      |                                               |                    |         |      |      |   |         |      |  
|                                      |                                               | ($ thousands)      |        
|Salaries, wages and employee benefits |                                               | $                  | 971,683 |      |      | $ | 872,453 |      |   | $ | 776,206 |     
|                                      | % of total revenue                            |                    |         | 34.4 | %    |   |         | 36.4 | % |   |         | 36.9 | %
|                                      | % of revenue excluding fuel surcharge revenue |                    |         | 36.9 | %    |   |         | 37.8 | % |   |         | 37.6 | %





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Operating Supplies and Expenses


|                                |                                               |                    |         |      |      |   |         |      |   |   |         |     |  
|------------------------------- | --------------------------------------------- | ------------------ | ------- | ---- | ---- | - | ------- | ---- | - | - | ------- | --- | -
|                                |                                               | As of December 31, |        
|                                |                                               |                    |        
|                                |                                               | 2004               |         |      | 2003 |   |         | 2002 |  
|                                |                                               |                    |         |      |      |   |         |      |  
|                                |                                               | ($ thousands)      |        
|Operating supplies and expenses |                                               | $                  | 274,088 |      |      | $ | 233,148 |      |   | $ | 192,633 |    
|                                | % of total revenue                            |                    |         | 9.7  | %    |   |         | 9.7  | % |   |         | 9.2 | %
|                                | % of revenue excluding fuel surcharge revenue |                    |         | 10.4 | %    |   |         | 10.1 | % |   |         | 9.3 | %





Fuel Expense


|                             |                    |                    |         |      |      |   |         |      |   |   |         |      |  
|---------------------------- | ------------------ | ------------------ | ------- | ---- | ---- | - | ------- | ---- | - | - | ------- | ---- | -
|                             |                    | As of December 31, |        
|                             |                    |                    |        
|                             |                    | 2004               |         |      | 2003 |   |         | 2002 |  
|                             |                    |                    |         |      |      |   |         |      |  
|                             |                    | ($ thousands)      |        
|Fuel expense                 |                    | $                  | 446,752 |      |      | $ | 326,749 |      |   | $ | 260,569 |     
|                             | % of total revenue |                    |         | 15.8 | %    |   |         | 13.6 | % |   |         | 12.4 | %
|Company fuel cost per gallon |                    | $                  | 1.70    |      |      | $ | 1.39    |      |   | $ | 1.21    |     





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|                                                           |                                               |                    |         |      |      |   |         |      |   |   |         |      |  
|---------------------------------------------------------- | --------------------------------------------- | ------------------ | ------- | ---- | ---- | - | ------- | ---- | - | - | ------- | ---- | -
|                                                           |                                               | As of December 31, |        
|                                                           |                                               |                    |        
|                                                           |                                               | 2004               |         |      | 2003 |   |         | 2002 |  
|                                                           |                                               |                    |         |      |      |   |         |      |  
|                                                           |                                               | ($ thousands)      |        
|Total fuel surcharge revenue                               |                                               | $                  | 189,725 |      |      | $ | 88,865  |      |   | $ | 37,718  |     
|Less: Fuel surcharge revenue reimbursed to owner-operators |                                               |                    | 39,514  |      |      |   | 18,225  |      |   |   | 7,792   |     
|                                                           |                                               |                    |         |      |      |   |         |      |  
|Company fuel surcharge revenue                             |                                               | $                  | 150,211 |      |      | $ | 70,640  |      |   | $ | 29,926  |     
|                                                           |                                               |                    |         |      |      |   |         |      |  
|Total fuel expense                                         |                                               | $                  | 446,752 |      |      | $ | 326,749 |      |   | $ | 260,569 |     
|Less: Company fuel surcharge revenue                       |                                               |                    | 150,211 |      |      |   | 70,640  |      |   |   | 29,926  |     
|                                                           |                                               |                    |         |      |      |   |         |      |  
|Net fuel expense                                           |                                               | $                  | 296,541 |      |      | $ | 256,109 |      |   | $ | 230,643 |     
|                                                           | % of revenue excluding fuel surcharge revenue |                    |         | 11.2 | %    |   |         | 11.1 | % |   |         | 11.2 | %



Purchased Transportation


|                                                                |                                               |                    |         |      |      |   |         |      |   |   |         |      |  
|--------------------------------------------------------------- | --------------------------------------------- | ------------------ | ------- | ---- | ---- | - | ------- | ---- | - | - | ------- | ---- | -
|                                                                |                                               | As of December 31, |        
|                                                                |                                               |                    |        
|                                                                |                                               | 2004               |         |      | 2003 |   |         | 2002 |  
|                                                                |                                               |                    |         |      |      |   |         |      |  
|                                                                |                                               | ($ thousands)      |        
|Total purchased transportation                                  |                                               | $                  | 499,790 |      |      | $ | 417,182 |      |   | $ | 358,871 |     
|                                                                | % of total revenue                            |                    |         | 17.7 | %    |   |         | 17.4 | % |   |         | 17.1 | %
|Less: Fuel surcharge revenue reimbursed to owner-operators      |                                               |                    | 39,514  |      |      |   | 18,225  |      |   |   | 7,792   |     
|                                                                |                                               |                    |         |      |      |   |         |      |  
|Purchased transportation excluding fuel surcharge reimbursement |                                               | $                  | 460,276 |      |      | $ | 398,957 |      |   | $ | 351,079 |     
|                                                                | % of revenue excluding fuel surcharge revenue |                    |         | 17.5 | %    |   |         | 17.3 | % |   |         | 17.0 | %





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Insurance and Claims


|                     |                                               |                    |        |     |      |   |        |      |   |   |        |     |  
|-------------------- | --------------------------------------------- | ------------------ | ------ | --- | ---- | - | ------ | ---- | - | - | ------ | --- | -
|                     |                                               | As of December 31, |       
|                     |                                               |                    |       
|                     |                                               | 2004               |        |     | 2003 |   |        | 2002 |  
|                     |                                               |                    |        |     |      |   |        |      |  
|                     |                                               | ($ thousands)      |       
|Insurance and claims |                                               | $                  | 94,850 |     |      | $ | 94,685 |      |   | $ | 86,078 |    
|                     | % of total revenue                            |                    |        | 3.4 | %    |   |        | 3.9  | % |   |        | 4.1 | %
|                     | % of revenue excluding fuel surcharge revenue |                    |        | 3.6 | %    |   |        | 4.1  | % |   |        | 4.2 | %







Rental Expense, Depreciation and Amortization


|                                                    |                                               |                    |         |      |      |   |         |      |   |   |         |      |  
|--------------------------------------------------- | --------------------------------------------- | ------------------ | ------- | ---- | ---- | - | ------- | ---- | - | - | ------- | ---- | -
|                                                    |                                               | As of December 31, |        
|                                                    |                                               |                    |        
|                                                    |                                               | 2004               |         |      | 2003 |   |         | 2002 |  
|                                                    |                                               |                    |         |      |      |   |         |      |  
|                                                    |                                               | ($ thousands)      |        
|Rental expense                                      |                                               | $                  | 81,431  |      |      | $ | 82,405  |      |   | $ | 86,166  |     
|                                                    | % of total revenue                            |                    |         | 2.9  | %    |   |         | 3.4  | % |   |         | 4.1  | %
|                                                    | % of revenue excluding fuel surcharge revenue |                    |         | 3.1  | %    |   |         | 3.6  | % |   |         | 4.2  | %
|Depreciation and amortization                       |                                               |                    | 183,808 |      |      |   | 150,602 |      |   |   | 147,401 |     
|                                                    | % of total revenue                            |                    |         | 6.5  | %    |   |         | 6.3  | % |   |         | 7.0  | %
|                                                    | % of revenue excluding fuel surcharge revenue |                    |         | 7.0  | %    |   |         | 6.5  | % |   |         | 7.1  | %
|Total rental, depreciation and amortization expense |                                               | $                  | 265,239 |      |      | $ | 233,007 |      |   | $ | 233,567 |     
|                                                    | % of total revenue                            |                    |         | 9.4  | %    |   |         | 9.7  | % |   |         | 11.1 | %
|                                                    | % of revenue excluding fuel surcharge revenue |                    |         | 10.1 | %    |   |         | 10.1 | % |   |         | 11.3 | %

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|                                         |                         |                        |        |        |        |  |        |        |        |  |        |        |        | 
|---------------------------------------- | ----------------------- | ---------------------- | ------ | ------ | ------ |  | ------ | ------ | ------ |  | ------ | ------ | ------ | 
|                                         |                         | As of December 31,     |       
|                                         |                         |                        |       
|                                         |                         | 2004                   |        |        | 2003   |  |        | 2002   |       
|                                         |                         |                        |        |        |        |  |        |        |       
|Tractors:                                |                         |                        |        |        |        |  |        |        |        |  |        |       
|                                         | Company                 |                        |        |        |        |  |        |        |        |  |        |        |       
|                                         |                         | Owned                  |        |        | 11,046 |  |        |        | 9,339  |  |        |        | 7,350  | 
|                                         |                         | Leased                 |        |        | 3,852  |  |        |        | 5,005  |  |        |        | 5,589  | 
|                                         |                         |                        |        |        |        |  |        |        |       
|                                         |                         | Total company tractors |        |        | 14,898 |  |        |        | 14,344 |  |        |        | 12,939 | 
|                                         | Owner-operator tractors |                        |        | 3,647  |        |  |        | 3,692  |        |  |        | 3,152  |       
|                                         |                         |                        |        |        |        |  |        |        |       
|                                         | *Total tractors         |                        |        | 18,545 |        |  |        | 18,036 |        |  |        | 16,091 |       
|                                         |                         |                        |        |        |        |  |        |        |       
|*Average tractors available for dispatch |                         |                        | 17,337 |        |        |  | 15,969 |        |        |  | 15,276 |       
|                                         |                         |                        |        |        |        |  |        |        |       
|Trailers                                 |                         |                        | 51,773 |        |        |  | 50,489 |        |        |  | 48,233 |       
|                                         |                         |                        |        |        |        |  |        |        |       






|  |                                                                                                                                                                                                                                                                                               
|- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|* | Total tractors owned and leased include tractors being prepared
    for service and tractors waiting to be returned under lease or
    resold at the end of our replacement program. Average tractors
    is calculated on a monthly basis and represents tractors
    available for dispatch.









|                             |  |                                 |        |   |      |   |       |      |  |   |       | 
|---------------------------- |  | ------------------------------- | ------ | - | ---- | - | ----- | ---- |  | - | ----- | 
|                             |  | For the Year Ending             |       
|                             |  | December 31,                    |       
|                             |  |                                 |       
|                             |  | 2004                            |        |   | 2003 |   |       | 2002 | 
|                             |  |                                 |        |   |      |   |       |      | 
|                             |  | ($ thousands except share data) |       
|Earnings before income taxes |  | $                               | (1,915 | ) |      | $ | 6,402 |      |  | $ | 4,324 | 
|Net earnings                 |  | $                               | (1,245 | ) |      | $ | 3,971 |      |  | $ | 2,681 | 
|Diluted earnings per share   |  | $                               | (0.02  | ) |      | $ | 0.05  |      |  | $ | 0.03  | 

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|                                        |  |               |        |   |      |   |       |      |  |   |       | 
|--------------------------------------- |  | ------------- | ------ | - | ---- | - | ----- | ---- |  | - | ----- | 
|                                        |  | 2004          |        |   | 2003 |   |       | 2002 | 
|                                        |  |               |        |   |      |   |       |      | 
|                                        |  | ($ thousands) |       
|Gain (loss) on sale of leased equipment |  | $             | (3,378 | ) |      | $ | 247   |      |  | $ | 1,817 | 
|Gain on sale of owned equipment         |  | $             | 801    |   |      | $ | 1,464 |      |  | $ | 4,356 | 

OTHER EXPENSES


Interest Expense




|                                               |  |               |        |  |      |   |        |      |  |   |        |  
|---------------------------------------------- |  | ------------- | ------ |  | ---- | - | ------ | ---- |  | - | ------ | -
|                                               |  | 2004          |        |  | 2003 |   |        | 2002 | 
|                                               |  |               |        |  |      |   |        |      | 
|                                               |  | ($ thousands) |       
|Interest expense                               |  | $             | 18,931 |  |      | $ | 16,202 |      |  | $ | 21,979 |  
|(Increase) decrease in derivative agreements   |  |               | 2,631  |  |      |   | 2,084  |      |  |   | (5,897 | )
|                                               |  |               |        |  |      |   |        |      | 
|Interest expense, net of derivative agreements |  | $             | 21,562 |  |      | $ | 18,286 |      |  | $ | 16,082 |  
|                                               |  |               |        |  |      |   |        |      | 





Other (Income) Expense




Income Taxes




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LIQUIDITY AND CAPITAL RESOURCES


Cash Flow




|                                                    |  |               |          |   |      |   |          |      |  |   |          |  
|--------------------------------------------------- |  | ------------- | -------- | - | ---- | - | -------- | ---- |  | - | -------- | -
|                                                    |  | 2004          |          |   | 2003 |   |          | 2002 | 
|                                                    |  |               |          |   |      |   |          |      | 
|                                                    |  | ($ thousands) |         
|Net cash provided by operating activities           |  | $             | 364,546  |   |      | $ | 287,889  |      |  | $ | 266,716  |  
|Net cash used in investing activities               |  | $             | (318,806 | ) |      | $ | (287,969 | )    |  | $ | (235,547 | )
|Net cash provided by (used in) financing activities |  | $             | (36,566  | ) |      | $ | 11,205   |      |  | $ | (37,930  | )









Working Capital




Credit Facilities




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Capital Commitments and Expenditures








OFF-BALANCE SHEET ARRANGEMENTS




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CONTRACTUAL OBLIGATIONS




|                              |                                   |                        |         |             |      |   |        |           |             |   |           |     |  |       |         |       |  |   |         |  | 
|----------------------------- | --------------------------------- | ---------------------- | ------- | ----------- | ---- | - | ------ | --------- | ----------- | - | --------- | --- |  | ----- | ------- | ----- |  | - | ------- |  | 
|                              |                                   | Payments due by period |        
|                              |                                   |                        |        
|                              |                                   |                        |         | Less than 1 |      |   |        |           | More than 5 |  
|                              |                                   | Total                  |         |             | Year |   |        | 1-3 Years |             |   | 4-5 Years |     |  | Years |        
|                              |                                   |                        |         |             |      |   |        |           |             |   |           |     |  |       |        
|                              |                                   | ($ thousands)          |        
|Long-Term Debt                |                                   | $                      | 365,829 |             |      | $ | 829    |           |             | $ | 165,000   |     |  | $     | 100,000 |       |  | $ | 100,000 | 
|Capital Lease Obligations     |                                   |                        | 16,163  |             |      |   | 14,376 |           |             |   | 1,787     |     |  |       |         |       |  |   |         | 
|Operating Leases(1)           |                                   |                        | 128,129 |             |      |   | 53,781 |           |             |   | 70,363    |     |  |       | 3,985   |       |  |   |         | 
|Purchase Obligations          |                                   |                        | 10,800  |             |      |   | 10,800 |           |             |   |           |     |  |       |         |       |  |   |         | 
|Other Long-Term Obligations:  |                                   |                        |         |             |      |   |        |           |             |   |           |     |  |       |         |       |  |   |         | 
|                              | Fair value of interest rate swaps |                        |         | 5,233       |      |   |        |           |             |   |           | 827 |  |       |         | 4,406 |  |   |         |  | 
|                              |                                   |                        |         |             |      |   |        |           |             |   |           |     |  |       |        
|Total Contractual Obligations |                                   | $                      | 526,154 |             |      | $ | 79,786 |           |             | $ | 237,977   |     |  | $     | 108,391 |       |  | $ | 100,000 | 
|                              |                                   |                        |         |             |      |   |        |           |             |   |           |     |  |       |        






|    |                                                                                                                                                                                                        
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | Operating leases include an interest element within the
    commitment amount as opposed to the Long-Term Debt and Capital
    Lease Obligations amounts, which do not include an interest
    element.
|   
|(2) | Deferred taxes and long-term portion of claims accruals are
    excluded from Other Long-Term Obligations in the table above.                                                                          
|   
|(3) | Table excludes purchase commitments for revenue equipment which
    are cancelable.                                                                                                                    

INFLATION




SEASONALITY




FORWARD-LOOKING STATEMENTS


This Annual Report on Form 10-K, including but not
limited to the portions hereof entitled
Business  Operations and
Managements Discussion and Analysis of Financial
Condition and Results of Operations, contains
forward-looking statements. Additional written or oral
forward-looking statements may be made by the Company from time
to time in filings with the Securities and Exchange Commission
or otherwise. The words believe, expect,
anticipate, project, and similar
expressions identify forward-looking statements, which speak
only as of the date the statement was made. Such forward-looking
statements are within the meaning of that term in
Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as
amended. Such statements may include, but are not limited to,
projections of revenues, income, or loss, capital expenditures,
plans for future operations, plans to increase the
companys intermodal business, financing needs or plans,
the impact of inflation, plans relating to products or services
of the Company, the benefits of the Companys terminal
network, the continued consolidation of the truckload industry,
the demand of shippers, the capacity of the truckload industry,
the increase in the number of companies outsourcing their
transportation requirements, the Companys ability to sell
its used trucks at favorable prices, the Companys ability
to attract and retain qualified drivers, the Companys
ability to pass on


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to its customers increased labor and fuel costs and protect
itself against increases in fuel costs through the use of fuel
efficient equipment, and pending or future acquisitions, as well
as assumptions relating to the foregoing. The Company undertakes
no obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future
events, or otherwise.


Forward-looking statements are inherently subject to risks
and uncertainties, some of which cannot be predicted or
quantified. Future events and actual results could differ
materially from those set forth in, contemplated by, or
underlying the forward-looking statements. Statements in this
Annual Report, including the Notes to the Consolidated Financial
Statements and Managements Discussion and Analysis
of Financial Condition and Results of Operations, describe
factors, among others, that could contribute to or cause such
differences. Additional factors that could cause actual results
to differ materially from those expressed in such
forward-looking statements are set forth in Business
and Market for the Registrants Common Equity,
Related Stockholder Matters and Issuer Purchases of Equity
Securities in this Annual Report.


FACTORS THAT MAY AFFECT FUTURE RESULTS AND FINANCIAL
CONDITION




General Economic and Business Factors




Qualified Drivers




Cost of Fuel




Competition




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Capital Requirements




Acquisitions




Dependence on Key Personnel




Regulation








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Used Equipment Market




Claims Exposure; Insurance




Dependence on Key Customers









|         |                                                               
|-------- | --------------------------------------------------------------
|Item 7A. | Quantitative and Qualitative Disclosures About Market
    Risk



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|        |                                            
|------- | -------------------------------------------
|Item 8. | Financial Statements and Supplementary Data



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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
















| |         
| | --------
| | KPMG LLP





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SWIFT TRANSPORTATION CO., INC. AND SUBSIDIARIES


CONSOLIDATED BALANCE SHEETS


|                                                                                                                                                      |                                                     |                              |           |           |           |   |           |           |           | 
|----------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------- | ---------------------------- | --------- | --------- | --------- | - | --------- | --------- | --------- | 
|                                                                                                                                                      |                                                     | December 31,                 |          
|                                                                                                                                                      |                                                     |                              |          
|                                                                                                                                                      |                                                     | 2004                         |           |           | 2003      |  
|                                                                                                                                                      |                                                     |                              |           |           |           |  
|                                                                                                                                                      |                                                     | (In thousands, except        |          
|                                                                                                                                                      |                                                     | share data)                  |          
|ASSETS                                                                                                                                               
|Current assets:                                                                                                                                       |                                                     |                              |           |           |           |   |           |          
|                                                                                                                                                      | Cash                                                |                              | $         | 28,245    |           |   | $         | 19,055    |          
|                                                                                                                                                      | Accounts receivable, net                            |                              |           | 331,093   |           |   |           | 289,924   |          
|                                                                                                                                                      | Equipment sales receivables                         |                              |           | 4,463     |           |   |           | 5,998     |          
|                                                                                                                                                      | Inventories and supplies                            |                              |           | 12,989    |           |   |           | 17,570    |          
|                                                                                                                                                      | Prepaid taxes, licenses and insurance               |                              |           | 24,179    |           |   |           | 21,851    |          
|                                                                                                                                                      | Assets held for sale                                |                              |           | 51,757    |           |   |           |           |          
|                                                                                                                                                      | Deferred income taxes                               |                              |           | 12,839    |           |   |           | 3,133     |          
|                                                                                                                                                      |                                                     |                              |           |           |           |  
|                                                                                                                                                      |                                                     | Total current assets         |           |           | 465,565   |   |           |           | 357,531   | 
|                                                                                                                                                      |                                                     |                              |           |           |           |  
|Property and equipment, at cost:                                                                                                                      |                                                     |                              |           |           |           |   |           |          
|                                                                                                                                                      | Revenue and service equipment                       |                              |           | 1,698,955 |           |   |           | 1,580,581 |          
|                                                                                                                                                      | Land                                                |                              |           | 84,411    |           |   |           | 70,107    |          
|                                                                                                                                                      | Facilities and improvements                         |                              |           | 273,473   |           |   |           | 259,379   |          
|                                                                                                                                                      | Furniture and office equipment                      |                              |           | 86,562    |           |   |           | 76,897    |          
|                                                                                                                                                      |                                                     |                              |           |           |           |  
|                                                                                                                                                      |                                                     | Total property and equipment |           |           | 2,143,401 |   |           |           | 1,986,964 | 
|Less accumulated depreciation and amortization                                                                                                        |                                                     |                              | 697,222   |           |           |   | 636,059   |          
|                                                                                                                                                      |                                                     |                              |           |           |           |  
|                                                                                                                                                      |                                                     | Net property and equipment   |           |           | 1,446,179 |   |           |           | 1,350,905 | 
|                                                                                                                                                      |                                                     |                              |           |           |           |  
|Investment in Transplace                                                                                                                              |                                                     |                              | 181       |           |           |   | 3,079     |          
|Notes receivable from Trans-Mex                                                                                                                       |                                                     |                              |           |           |           |   | 15,166    |          
|Deferred legal fees                                                                                                                                   |                                                     |                              |           |           |           |   | 8,416     |          
|Other assets                                                                                                                                          |                                                     |                              | 20,725    |           |           |   | 21,078    |          
|Customer relationship intangible, net                                                                                                                 |                                                     |                              | 41,320    |           |           |   | 39,535    |          
|Goodwill                                                                                                                                              |                                                     |                              | 56,188    |           |           |   | 25,233    |          
|                                                                                                                                                      |                                                     |                              |           |           |           |  
|                                                                                                                                                      |                                                     | $                            | 2,030,158 |           |           | $ | 1,820,943 |          
|                                                                                                                                                      |                                                     |                              |           |           |           |  
|                                                                                                                                                     
|LIABILITIES AND STOCKHOLDERS EQUITY                                                                                                                 
|Current liabilities:                                                                                                                                  |                                                     |                              |           |           |           |   |           |          
|                                                                                                                                                      | Accounts payable                                    |                              | $         | 81,174    |           |   | $         | 63,898    |          
|                                                                                                                                                      | Accrued liabilities                                 |                              |           | 96,654    |           |   |           | 68,509    |          
|                                                                                                                                                      | Current portion of claims accruals                  |                              |           | 101,862   |           |   |           | 86,637    |          
|                                                                                                                                                      | Current portion of long-term debt                   |                              |           | 829       |           |   |           | 4,573     |          
|                                                                                                                                                      | Current portion of obligations under capital leases |                              |           | 14,376    |           |   |           | 14,047    |          
|                                                                                                                                                      | Fair value of operating lease guarantees            |                              |           | 1,575     |           |   |           | 2,156     |          
|                                                                                                                                                      | Securitization of accounts receivable               |                              |           | 240,000   |           |   |           | 142,000   |          
|                                                                                                                                                      |                                                     |                              |           |           |           |  
|                                                                                                                                                      |                                                     | Total current liabilities    |           |           | 536,470   |   |           |           | 381,820   | 
|                                                                                                                                                      |                                                     |                              |           |           |           |  
|Borrowings under revolving credit agreement                                                                                                           |                                                     |                              | 165,000   |           |           |   | 30,000    |          
|Senior Notes                                                                                                                                          |                                                     |                              | 200,000   |           |           |   | 200,000   |          
|Long-term debt, less current portion                                                                                                                  |                                                     |                              |           |           |           |   | 6,847     |          
|Obligations under capital leases, less current portion                                                                                                |                                                     |                              | 1,787     |           |           |   | 21,047    |          
|Claims accruals, less current portion                                                                                                                 |                                                     |                              | 97,188    |           |           |   | 73,800    |          
|Deferred income taxes                                                                                                                                 |                                                     |                              | 286,211   |           |           |   | 254,951   |          
|Fair value of interest rate swaps                                                                                                                     |                                                     |                              | 5,233     |           |           |   | 7,863     |          
|Commitments and contingencies                                                                                                                         |                                                     |                              |           |           |           |   |           |          
|Stockholders equity:                                                                                                                                 |                                                     |                              |           |           |           |   |           |          
|Preferred stock, par value $.001 per share authorized
    1,000,000 shares; none issued                                                               |                                                     |                              |           |           |           |   |           |          
|Common stock, par value $.001 per share authorized
    200,000,000 shares; issued 93,467,651 and
    91,379,776 shares in 2004 and 2003, respectively |                                                     |                              | 93        |           |           |   | 91        |          
|Additional paid-in capital                                                                                                                            |                                                     |                              | 333,720   |           |           |   | 291,095   |          
|Retained earnings                                                                                                                                     |                                                     |                              | 766,333   |           |           |   | 662,851   |          
|Treasury stock, at cost (21,570,326 and 7,438,077 shares in
    2004 and 2003, respectively)                                                          |                                                     |                              | (361,321  | )         |           |   | (108,760  | )        
|Other equity items                                                                                                                                    |                                                     |                              | (556      | )         |           |   | (662      | )        
|                                                                                                                                                      |                                                     |                              |           |           |           |  
|                                                                                                                                                      |                                                     | Total stockholders equity   |           |           | 738,269   |   |           |           | 884,615   | 
|                                                                                                                                                      |                                                     |                              |           |           |           |  
|                                                                                                                                                      |                                                     | $                            | 2,030,158 |           |           | $ | 1,820,943 |          
|                                                                                                                                                      |                                                     |                              |           |           |           |  



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SWIFT TRANSPORTATION CO., INC. AND SUBSIDIARIES


CONSOLIDATED STATEMENTS OF EARNINGS


|                             |                                       |                                   |           |         |           |   |           |         |           |   |           |         |           | 
|---------------------------- | ------------------------------------- | --------------------------------- | --------- | ------- | --------- | - | --------- | ------- | --------- | - | --------- | ------- | --------- | 
|                             |                                       | Years Ended December 31,          |          
|                             |                                       |                                   |          
|                             |                                       | 2004                              |           |         | 2003      |   |           | 2002    |          
|                             |                                       |                                   |           |         |           |   |           |         |          
|                             |                                       | (In thousands, except share data) |          
|Operating revenue            |                                       | $                                 | 2,826,201 |         |           | $ | 2,397,655 |         |           | $ | 2,101,472 |        
|                             |                                       |                                   |           |         |           |   |           |         |          
|Operating expenses:          |                                       |                                   |           |         |           |   |           |         |           |   |           |        
|                             | Salaries, wages and employee benefits |                                   |           | 971,683 |           |   |           | 872,453 |           |   |           | 776,206 |          
|                             | Operating supplies and expenses       |                                   |           | 274,088 |           |   |           | 233,148 |           |   |           | 192,633 |          
|                             | Fuel                                  |                                   |           | 446,752 |           |   |           | 326,749 |           |   |           | 260,569 |          
|                             | Purchased transportation              |                                   |           | 499,790 |           |   |           | 417,182 |           |   |           | 358,871 |          
|                             | Rental expense                        |                                   |           | 81,431  |           |   |           | 82,405  |           |   |           | 86,166  |          
|                             | Insurance and claims                  |                                   |           | 94,850  |           |   |           | 94,685  |           |   |           | 86,078  |          
|                             | Depreciation and amortization         |                                   |           | 183,808 |           |   |           | 150,602 |           |   |           | 147,401 |          
|                             | Communications and utilities          |                                   |           | 30,366  |           |   |           | 28,149  |           |   |           | 27,473  |          
|                             | Operating taxes and licenses          |                                   |           | 62,866  |           |   |           | 51,241  |           |   |           | 48,936  |          
|                             |                                       |                                   |           |         |           |   |           |         |          
|                             |                                       | Total operating expenses          |           |         | 2,645,634 |   |           |         | 2,256,614 |   |           |         | 1,984,333 | 
|                             |                                       |                                   |           |         |           |   |           |         |          
|Operating income             |                                       |                                   | 180,567   |         |           |   | 141,041   |         |           |   | 117,139   |        
|                             |                                       |                                   |           |         |           |   |           |         |          
|Other (income) expenses:     |                                       |                                   |           |         |           |   |           |         |           |   |           |        
|                             | Interest expense                      |                                   |           | 18,931  |           |   |           | 16,202  |           |   |           | 21,979  |          
|                             | Interest income                       |                                   |           | (908    | )         |   |           | (770    | )         |   |           | (2,353  | )        
|                             | Other                                 |                                   |           | 2,595   |           |   |           | (2,373  | )         |   |           | 1,405   |          
|                             |                                       |                                   |           |         |           |   |           |         |          
|                             |                                       | Other (income) expenses, net      |           |         | 20,618    |   |           |         | 13,059    |   |           |         | 21,031    | 
|                             |                                       |                                   |           |         |           |   |           |         |          
|Earnings before income taxes |                                       |                                   | 159,949   |         |           |   | 127,982   |         |           |   | 96,108    |        
|                             | Income taxes                          |                                   |           | 56,467  |           |   |           | 48,611  |           |   |           | 36,520  |          
|                             |                                       |                                   |           |         |           |   |           |         |          
|Net earnings                 |                                       | $                                 | 103,482   |         |           | $ | 79,371    |         |           | $ | 59,588    |        
|                             |                                       |                                   |           |         |           |   |           |         |          
|Basic earnings per share     |                                       | $                                 | 1.30      |         |           | $ | .95       |         |           | $ | .70       |        
|                             |                                       |                                   |           |         |           |   |           |         |          
|Diluted earnings per share   |                                       | $                                 | 1.29      |         |           | $ | .94       |         |           | $ | .69       |        
|                             |                                       |                                   |           |         |           |   |           |         |          



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SWIFT TRANSPORTATION CO., INC. AND SUBSIDIARIES


CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME


|                                   |                                                                                                                                                   |                          |         |    |      |   |        |      |   |   |        |  | 
|---------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------ | ------- | -- | ---- | - | ------ | ---- | - | - | ------ |  | 
|                                   |                                                                                                                                                   | Years Ended December 31, |        
|                                   |                                                                                                                                                   |                          |        
|                                   |                                                                                                                                                   | 2004                     |         |    | 2003 |   |        | 2002 |  
|                                   |                                                                                                                                                   |                          |         |    |      |   |        |      |  
|                                   |                                                                                                                                                   | (In thousands)           |        
|Net earnings                       |                                                                                                                                                   | $                        | 103,482 |    |      | $ | 79,371 |      |   | $ | 59,588 | 
|Other comprehensive income (loss): |                                                                                                                                                   |                          |         |    |      |   |        |      |   |   |        | 
|                                   | Foreign currency translation                                                                                                                      |                          |         | 16 |      |   |        |      |   |   |        |  | 
|                                   | Net derivative loss on cash flow hedge, net of tax effect of
    $432 in 2003                                                                     |                          |         |    |      |   |        | (706 | ) |   |        |  | 
|                                   | Reclassification of derivative loss on cash flow hedge into net
    earnings, net of tax effect of $55 and $26 in 2004 and 2003,
    respectively |                          |         | 90 |      |   |        | 44   |   |   |        |  | 
|                                   |                                                                                                                                                   |                          |         |    |      |   |        |      |  
|Comprehensive income               |                                                                                                                                                   | $                        | 103,588 |    |      | $ | 78,709 |      |   | $ | 59,588 | 
|                                   |                                                                                                                                                   |                          |         |    |      |   |        |      |  



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SWIFT TRANSPORTATION CO., INC. AND SUBSIDIARIES


CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY


|                                                                                  |  |                                   |            |  |            |   |    |          |  |   |          |       |  |        |         |  |               |   |          |        |  |   |      |   |  |   |          |  
|--------------------------------------------------------------------------------- |  | --------------------------------- | ---------- |  | ---------- | - | -- | -------- |  | - | -------- | ----- |  | ------ | ------- |  | ------------- | - | -------- | ------ |  | - | ---- | - |  | - | -------- | -
|                                                                                  |  | Common Stock                      |            |  | Additional |   |    |          |  |   |          | Other |  |        | Total   | 
|                                                                                  |  |                                   |            |  | Paid-In    |   |    | Retained |  |   | Treasury |       |  | Equity |         |  | Stockholders |  
|                                                                                  |  | Shares                            |            |  | Par Value  |   |    | Capital  |  |   | Earnings |       |  | Stock  |         |  | Items         |   |          | Equity | 
|                                                                                  |  |                                   |            |  |            |   |    |          |  |   |          |       |  |        |         |  |               |   |          |        | 
|                                                                                  |  | (In thousands, except share data) |           
|Balances, December 31, 2001                                                       |  |                                   | 89,049,519 |  |            | $ | 89 |          |  | $ | 249,410  |       |  | $      | 523,892 |  |               | $ | (37,935  | )      |  | $ | (253 | ) |  | $ | 735,203  |  
|Issuance of common stock under stock option and employee stock
    purchase plans |  |                                   | 1,132,754  |  |            |   | 1  |          |  |   | 13,567   |       |  |        |         |  |               |   |          |        |  |   |      |   |  |   | 13,568   |  
|Income tax benefit arising from the exercise of stock options                     |  |                                   |            |  |            |   |    |          |  |   | 7,932    |       |  |        |         |  |               |   |          |        |  |   |      |   |  |   | 7,932    |  
|Amortization of deferred compensation                                             |  |                                   |            |  |            |   |    |          |  |   | 1,190    |       |  |        |         |  |               |   |          |        |  |   |      |   |  |   | 1,190    |  
|Purchase of 3,079,227 shares of treasury stock                                    |  |                                   |            |  |            |   |    |          |  |   |          |       |  |        |         |  |               |   | (51,956  | )      |  |   |      |   |  |   | (51,956  | )
|Foreign currency translation                                                      |  |                                   |            |  |            |   |    |          |  |   |          |       |  |        |         |  |               |   |          |        |  |   | 253  |   |  |   | 253      |  
|Net earnings                                                                      |  |                                   |            |  |            |   |    |          |  |   |          |       |  |        | 59,588  |  |               |   |          |        |  |   |      |   |  |   | 59,588   |  
|                                                                                  |  |                                   |            |  |            |   |    |          |  |   |          |       |  |        |         |  |               |   |          |        | 
|Balances, December 31, 2002                                                       |  |                                   | 90,182,273 |  |            |   | 90 |          |  |   | 272,099  |       |  |        | 583,480 |  |               |   | (89,891  | )      |  |   |      |   |  |   | 765,778  |  
|Issuance of common stock under stock option and employee stock
    purchase plans |  |                                   | 1,197,503  |  |            |   | 1  |          |  |   | 13,965   |       |  |        |         |  |               |   |          |        |  |   |      |   |  |   | 13,966   |  
|Income tax benefit arising from the exercise of stock options                     |  |                                   |            |  |            |   |    |          |  |   | 3,192    |       |  |        |         |  |               |   |          |        |  |   |      |   |  |   | 3,192    |  
|Amortization of deferred compensation                                             |  |                                   |            |  |            |   |    |          |  |   | 1,839    |       |  |        |         |  |               |   |          |        |  |   |      |   |  |   | 1,839    |  
|Purchase of 1,201,000 shares of treasury stock                                    |  |                                   |            |  |            |   |    |          |  |   |          |       |  |        |         |  |               |   | (18,869  | )      |  |   |      |   |  |   | (18,869  | )
|Cash flow hedge                                                                   |  |                                   |            |  |            |   |    |          |  |   |          |       |  |        |         |  |               |   |          |        |  |   | (706 | ) |  |   | (706     | )
|Reclassification of cash flow hedge to interest expense                           |  |                                   |            |  |            |   |    |          |  |   |          |       |  |        |         |  |               |   |          |        |  |   | 44   |   |  |   | 44       |  
|Net earnings                                                                      |  |                                   |            |  |            |   |    |          |  |   |          |       |  |        | 79,371  |  |               |   |          |        |  |   |      |   |  |   | 79,371   |  
|                                                                                  |  |                                   |            |  |            |   |    |          |  |   |          |       |  |        |         |  |               |   |          |        | 
|Balances, December 31, 2003                                                       |  |                                   | 91,379,776 |  |            |   | 91 |          |  |   | 291,095  |       |  |        | 662,851 |  |               |   | (108,760 | )      |  |   | (662 | ) |  |   | 844,615  |  
|Issuance of common stock under stock option and employee stock
    purchase plans |  |                                   | 1,145,720  |  |            |   | 1  |          |  |   | 14,680   |       |  |        |         |  |               |   |          |        |  |   |      |   |  |   | 14,681   |  
|Income tax benefit arising from the exercise of stock options                     |  |                                   |            |  |            |   |    |          |  |   | 2,403    |       |  |        |         |  |               |   |          |        |  |   |      |   |  |   | 2,403    |  
|Amortization of deferred compensation                                             |  |                                   |            |  |            |   |    |          |  |   | 5,381    |       |  |        |         |  |               |   |          |        |  |   |      |   |  |   | 5,381    |  
|Purchase of 14,132,249 shares of treasury stock                                   |  |                                   |            |  |            |   |    |          |  |   |          |       |  |        |         |  |               |   | (252,561 | )      |  |   |      |   |  |   | (252,561 | )
|Purchase of remaining 51% of Trans-Mex                                            |  |                                   | 942,155    |  |            |   | 1  |          |  |   | 20,161   |       |  |        |         |  |               |   |          |        |  |   |      |   |  |   | 20,162   |  
|Accumulated other comprehensive loss                                              |  |                                   |            |  |            |   |    |          |  |   |          |       |  |        |         |  |               |   |          |        |  |   | 90   |   |  |   | 90       |  
|Foreign currency translation adjustment                                           |  |                                   |            |  |            |   |    |          |  |   |          |       |  |        |         |  |               |   |          |        |  |   | 16   |   |  |   | 16       |  
|Net earnings                                                                      |  |                                   |            |  |            |   |    |          |  |   |          |       |  |        | 103,482 |  |               |   |          |        |  |   |      |   |  |   | 103,482  |  
|                                                                                  |  |                                   |            |  |            |   |    |          |  |   |          |       |  |        |         |  |               |   |          |        | 
|Balances, December 31, 2004                                                       |  |                                   | 93,467,651 |  |            | $ | 93 |          |  | $ | 333,720  |       |  | $      | 766,333 |  |               | $ | (361,321 | )      |  | $ | (556 | ) |  | $ | 738,269  |  
|                                                                                  |  |                                   |            |  |            |   |    |          |  |   |          |       |  |        |         |  |               |   |          |        | 



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SWIFT TRANSPORTATION CO., INC. AND SUBSIDIARIES


CONSOLIDATED STATEMENTS OF CASH FLOWS


|                                                                         |                                                                                         |                                                               |                                                           |                                                     |         |         |          |          |         |         |          |          |         |         |          |  
|------------------------------------------------------------------------ | --------------------------------------------------------------------------------------- | ------------------------------------------------------------- | --------------------------------------------------------- | --------------------------------------------------- | ------- | ------- | -------- | -------- | ------- | ------- | -------- | -------- | ------- | ------- | -------- | -
|                                                                         |                                                                                         | Years Ended December 31,                                      |                                                          
|                                                                         |                                                                                         |                                                               |                                                          
|                                                                         |                                                                                         | 2004                                                          |                                                           |                                                     | 2003    |         |          | 2002     |        
|                                                                         |                                                                                         |                                                               |                                                           |                                                     |         |         |          |          |        
|                                                                         |                                                                                         | (In thousands)                                                |                                                          
|Cash flows from operating activities:                                    |                                                                                         |                                                               |                                                           |                                                     |         |         |          |          |         |         |          |         
|                                                                         | Net earnings                                                                            |                                                               | $                                                         | 103,482                                             |         |         | $        | 79,371   |         |         | $        | 59,588   |        
|                                                                         | Adjustments to reconcile net earnings to net cash provided by
    operating activities: |                                                               |                                                           |                                                     |         |         |          |          |         |         |          |          |        
|                                                                         |                                                                                         | Depreciation and amortization                                 |                                                           |                                                     | 178,431 |         |          |          | 149,974 |         |          |          | 143,073 |        
|                                                                         |                                                                                         | Deferred income taxes                                         |                                                           |                                                     | 21,554  |         |          |          | 30,566  |         |          |          | 27,379  |        
|                                                                         |                                                                                         | Income tax benefit arising from the exercise of stock options |                                                           |                                                     | 2,403   |         |          |          | 3,192   |         |          |          | 7,932   |        
|                                                                         |                                                                                         | Provision for losses on accounts receivable                   |                                                           |                                                     | 7,316   |         |          |          | 8,440   |         |          |          | 6,579   |        
|                                                                         |                                                                                         | Amortization of deferred compensation                         |                                                           |                                                     | 5,381   |         |          |          | 1,839   |         |          |          | 1,190   |        
|                                                                         |                                                                                         | Change in market value of interest rate swaps                 |                                                           |                                                     | (2,630  | )       |          |          | (2,084  | )       |          |          | 5,897   |        
|                                                                         |                                                                                         | Gain on sale of non-revenue equipment                         |                                                           |                                                     | (1,918  | )       |          |          |         |         |          |          |         |        
|                                                                         |                                                                                         | Impairment of property and note receivable                    |                                                           |                                                     | 9,226   |         |          |          |         |         |          |          | 3,100   |        
|                                                                         |                                                                                         | Amortization of deferred legal fees                           |                                                           |                                                     | 8,416   |         |          |          | 8,476   |         |          |          | 4,238   |        
|                                                                         |                                                                                         | Increase (decrease) in cash resulting from changes in:        |                                                           |                                                     |         |         |          |          |         |         |          |          |         |        
|                                                                         |                                                                                         |                                                               | Accounts receivable                                       |                                                     |         | (43,990 | )        |          |         | (24,129 | )        |          |         | (14,092 | )       
|                                                                         |                                                                                         |                                                               | Inventories and supplies                                  |                                                     |         | 4,601   |          |          |         | (1,056  | )        |          |         | (4,349  | )       
|                                                                         |                                                                                         |                                                               | Prepaid expenses and other current assets                 |                                                     |         | (2,680  | )        |          |         | 193     |          |          |         | 7,860   |         
|                                                                         |                                                                                         |                                                               | Other assets                                              |                                                     |         | 2,851   |          |          |         | (2,065  | )        |          |         | (15,863 | )       
|                                                                         |                                                                                         |                                                               | Accounts payable, accrued liabilities and claims accruals |                                                     |         | 72,103  |          |          |         | 35,172  |          |          |         | 34,184  |         
|                                                                         |                                                                                         |                                                               |                                                           |                                                     |         |         |          |          |        
|                                                                         |                                                                                         |                                                               |                                                           | Net cash provided by operating activities           |         |         | 364,546  |          |         |         | 287,889  |          |         |         | 266,716  |  
|                                                                         |                                                                                         |                                                               |                                                           |                                                     |         |         |          |          |        
|Cash flows from investing activities:                                    |                                                                                         |                                                               |                                                           |                                                     |         |         |          |          |         |         |          |         
|                                                                         | Proceeds from sale of property and equipment                                            |                                                               |                                                           | 105,415                                             |         |         |          | 91,012   |         |         |          | 117,099  |        
|                                                                         | Capital expenditures                                                                    |                                                               |                                                           | (429,221                                            | )       |         |          | (313,854 | )       |         |          | (335,688 | )      
|                                                                         | Proceeds from sale of assets held for sale                                              |                                                               |                                                           | 9,602                                               |         |         |          | 8,740    |         |         |          |          |        
|                                                                         | Loans to investment entities                                                            |                                                               |                                                           |                                                     |         |         |          | (3,377   | )       |         |          | (15,851  | )      
|                                                                         | Repayment of notes receivables                                                          |                                                               |                                                           |                                                     |         |         |          |          |         |         |          | 1,000    |        
|                                                                         | Payments received on equipment sales receivables                                        |                                                               |                                                           | 6,208                                               |         |         |          | 11,100   |         |         |          | (2,107   | )      
|                                                                         | Payment for purchase of Trans-Mex                                                       |                                                               |                                                           | (10,810                                             | )       |         |          |          |         |         |          |          |        
|                                                                         | Payment for purchase of Merit Distribution Services, Inc.                               |                                                               |                                                           |                                                     |         |         |          | (81,590  | )       |         |          |          |        
|                                                                         |                                                                                         |                                                               |                                                           |                                                     |         |         |          |          |        
|                                                                         |                                                                                         |                                                               |                                                           | Net cash used in investing activities               |         |         | (318,806 | )        |         |         | (287,969 | )        |         |         | (235,547 | )
|                                                                         |                                                                                         |                                                               |                                                           |                                                     |         |         |          |          |        
|Cash flows from financing activities:                                    |                                                                                         |                                                               |                                                           |                                                     |         |         |          |          |         |         |          |         
|                                                                         | Issuance of Senior Notes                                                                |                                                               |                                                           |                                                     |         |         |          | 200,000  |         |         |          |          |        
|                                                                         | Issuance of long-term debt                                                              |                                                               |                                                           |                                                     |         |         |          | 2,044    |         |         |          |          |        
|                                                                         | Repayments of long-term debt and capital leases                                         |                                                               |                                                           | (31,612                                             | )       |         |          | (51,821  | )       |         |          | (71,402  | )      
|                                                                         | Borrowings under line of credit                                                         |                                                               |                                                           | 165,000                                             |         |         |          | 120,800  |         |         |          | 182,900  |        
|                                                                         | Repayments of borrowings under line of credit                                           |                                                               |                                                           | (30,000                                             | )       |         |          | (227,200 | )       |         |          | (163,500 | )      
|                                                                         | Change in borrowings under accounts receivable securitization                           |                                                               |                                                           | 98,000                                              |         |         |          | (27,000  | )       |         |          | 53,000   |        
|                                                                         | Proceeds from sale of common stock                                                      |                                                               |                                                           | 14,517                                              |         |         |          | 13,913   |         |         |          | 13,568   |        
|                                                                         | Accumulated other comprehensive loss                                                    |                                                               |                                                           | 90                                                  |         |         |          | (662     | )       |         |          |          |        
|                                                                         | Purchase of treasury stock                                                              |                                                               |                                                           | (252,561                                            | )       |         |          | (18,869  | )       |         |          | (51,956  | )      
|                                                                         |                                                                                         |                                                               |                                                           |                                                     |         |         |          |          |        
|                                                                         |                                                                                         |                                                               |                                                           | Net cash provided by (used in) financing activities |         |         | (36,566  | )        |         |         | 11,205   |          |         |         | (37,390  | )
|                                                                         |                                                                                         |                                                               |                                                           |                                                     |         |         |          |          |        
|Effect of exchange rate changes on cash                                  |                                                                                         |                                                               | 16                                                        |                                                     |         |         |          |          |         |         |          |         
|                                                                         |                                                                                         |                                                               |                                                           |                                                     |         |         |          |          |        
|Net increase (decrease) in cash                                          |                                                                                         |                                                               | 9,190                                                     |                                                     |         |         | 11,125   |          |         |         | (6,221   | )       
|Cash at beginning of year                                                |                                                                                         |                                                               | 19,055                                                    |                                                     |         |         | 7,930    |          |         |         | 14,151   |         
|                                                                         |                                                                                         |                                                               |                                                           |                                                     |         |         |          |          |        
|Cash at end of year                                                      |                                                                                         | $                                                             | 28,245                                                    |                                                     |         | $       | 19,055   |          |         | $       | 7,930    |         
|                                                                         |                                                                                         |                                                               |                                                           |                                                     |         |         |          |          |        
|Supplemental disclosure of cash flow information:                        |                                                                                         |                                                               |                                                           |                                                     |         |         |          |          |         |         |          |         
|                                                                         | Cash paid during the year for:                                                          |                                                               |                                                           |                                                     |         |         |          |          |         |         |          |          |        
|                                                                         |                                                                                         | Interest                                                      |                                                           | $                                                   | 21,337  |         |          | $        | 19,600  |         |          | $        | 14,726  |        
|                                                                         |                                                                                         |                                                               |                                                           |                                                     |         |         |          |          |        
|                                                                         |                                                                                         | Income taxes                                                  |                                                           | $                                                   | 3,188   |         |          | $        | 17,488  |         |          | $        |         |        
|                                                                         |                                                                                         |                                                               |                                                           |                                                     |         |         |          |          |        
|Supplemental schedule of noncash investing and financing
    activities: |                                                                                         |                                                               |                                                           |                                                     |         |         |          |          |         |         |          |         
|                                                                         | Equipment sales receivables                                                             |                                                               | $                                                         | 4,674                                               |         |         | $        | 5,998    |         |         | $        | 11,100   |        
|                                                                         |                                                                                         |                                                               |                                                           |                                                     |         |         |          |          |        
|                                                                         | Fair value of operating lease guarantees                                                |                                                               | $                                                         |                                                     |         |         | $        | 2,156    |         |         | $        |          |        
|                                                                         |                                                                                         |                                                               |                                                           |                                                     |         |         |          |          |        



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SWIFT TRANSPORTATION CO., INC. AND SUBSIDIARIES


NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


DECEMBER 31, 2004, 2003 AND 2002




|    |                                           
|--- | ------------------------------------------
|(1) | Summary of Significant Accounting Policies



| |                        
| | -----------------------
| | Description of Business





| |                            
| | ---------------------------
| | Principles of Consolidation









| |                          
| | -------------------------
| | Cash and Cash Equivalents





| |                         
| | ------------------------
| | Inventories and Supplies





| |                       
| | ----------------------
| | Property and Equipment









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SWIFT TRANSPORTATION CO., INC. AND SUBSIDIARIES


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




| |         
| | --------
| | Goodwill





| |                    
| | -------------------
| | Revenue Recognition





| |                         
| | ------------------------
| | Stock Compensation Plans





|                            |  |                                                                   |  |      |         |   |      |   |        |      |  |   |        |  
|--------------------------- |  | ----------------------------------------------------------------- |  | ---- | ------- | - | ---- | - | ------ | ---- |  | - | ------ | -
|                            |  |                                                                   |  | 2004 |         |   | 2003 |   |        | 2002 | 
|                            |  |                                                                   |  |      |         |   |      |   |        |      | 
|Net earnings (in thousands) |  | As Reported                                                       |  | $    | 103,482 |   |      | $ | 79,371 |      |  | $ | 59,588 |  
|                            |  | Add: Compensation expense, using intrinsic method, net of tax     |  |      | 3,444   |   |      |   | 1,140  |      |  |   | 738    |  
|                            |  | Deduct: Compensation expense, using fair value method, net of tax |  |      | (9,638  | ) |      |   | (6,020 | )    |  |   | (4,177 | )
|                            |  |                                                                   |  |      |         |   |      |   |        |      | 
|                            |  | Pro forma                                                         |  | $    | 97,288  |   |      | $ | 74,491 |      |  | $ | 56,149 |  
|                            |  |                                                                   |  |      |         |   |      |   |        |      | 
|Basic earnings per share    |  | As Reported                                                       |  | $    | 1.30    |   |      | $ | .95    |      |  | $ | .70    |  
|                            |  |                                                                   |  |      |         |   |      |   |        |      | 
|                            |  | Pro forma                                                         |  | $    | 1.23    |   |      | $ | .89    |      |  | $ | .66    |  
|                            |  |                                                                   |  |      |         |   |      |   |        |      | 
|Diluted earnings per share  |  | As Reported                                                       |  | $    | 1.29    |   |      | $ | .94    |      |  | $ | .69    |  
|                            |  |                                                                   |  |      |         |   |      |   |        |      | 
|                            |  | Pro forma                                                         |  | $    | 1.22    |   |      | $ | .88    |      |  | $ | .65    |  
|                            |  |                                                                   |  |      |         |   |      |   |        |      | 



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SWIFT TRANSPORTATION CO., INC. AND SUBSIDIARIES


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




| |             
| | ------------
| | Income Taxes





| |                 
| | ----------------
| | Use of Estimates





| |                                                    
| | ---------------------------------------------------
| | Accounting Standards Not Yet Adopted by the Company







|    |                    
|--- | -------------------
|(2) | Accounts Receivable



|                                     |  |                |         |  |      |   |         | 
|------------------------------------ |  | -------------- | ------- |  | ---- | - | ------- | 
|                                     |  | December 31,   |        
|                                     |  |                |        
|                                     |  | 2004           |         |  | 2003 |  
|                                     |  |                |         |  |      |  
|                                     |  | (In thousands) |        
|Trade customers                      |  | $              | 318,875 |  |      | $ | 271,529 | 
|Equipment manufacturers              |  |                | 1,756   |  |      |   | 3,775   | 
|Income tax receivable                |  |                | 19,469  |  |      |   | 17,616  | 
|Other                                |  |                | 3,933   |  |      |   | 4,987   | 
|                                     |  |                |         |  |      |  
|                                     |  |                | 344,033 |  |      |   | 297,907 | 
|Less allowance for doubtful accounts |  |                | 12,940  |  |      |   | 7,983   | 
|                                     |  |                |         |  |      |  
|                                     |  | $              | 331,093 |  |      | $ | 289,924 | 
|                                     |  |                |         |  |      |  

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SWIFT TRANSPORTATION CO., INC. AND SUBSIDIARIES


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|                         |  |                |        |  |           |   |       |            |  |   |           |  |  |         |         |   |  |   |        | 
|------------------------ |  | -------------- | ------ |  | --------- | - | ----- | ---------- |  | - | --------- |  |  | ------- | ------- | - |  | - | ------ | 
|                         |  | Beginning      |        |  |           |   |       |            |  |   | Ending    | 
|                         |  | Balance        |        |  | Additions |   |       | Recoveries |  |   | Writeoffs |  |  | Balance |        
|                         |  |                |        |  |           |   |       |            |  |   |           |  |  |         |        
|                         |  | (In thousands) |       
|Years ended December 31: |  |                |        |  |           |   |       |            |  |   |           |  |  |         |         |   |  |   |        | 
|2004                     |  | $              | 7,983  |  |           | $ | 7,316 |            |  | $ | 33        |  |  | $       | (2,392  | ) |  | $ | 12,940 | 
|                         |  |                |        |  |           |   |       |            |  |   |           |  |  |         |        
|2003                     |  | $              | 12,185 |  |           | $ | 8,440 |            |  | $ | 7         |  |  | $       | (12,649 | ) |  | $ | 7,983  | 
|                         |  |                |        |  |           |   |       |            |  |   |           |  |  |         |        
|2002                     |  | $              | 10,660 |  |           | $ | 6,579 |            |  | $ | 5         |  |  | $       | (5,059  | ) |  | $ | 12,185 | 
|                         |  |                |        |  |           |   |       |            |  |   |           |  |  |         |        



|    |                     
|--- | --------------------
|(3) | Assets Held For Sale









|    |                               
|--- | ------------------------------
|(4) | Equity Investment  Transplace









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SWIFT TRANSPORTATION CO., INC. AND SUBSIDIARIES


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)








|    |                            
|--- | ---------------------------
|(5) | Note Receivable  Trans-Mex





|    |                    
|--- | -------------------
|(6) | Accrued Liabilities



|                       |  |                |        |  |      |   |        | 
|---------------------- |  | -------------- | ------ |  | ---- | - | ------ | 
|                       |  | December 31,   |       
|                       |  |                |       
|                       |  | 2004           |        |  | 2003 |  
|                       |  |                |        |  |      |  
|                       |  | (In thousands) |       
|Employee compensation  |  | $              | 53,960 |  |      | $ | 47,346 | 
|Fuel and mileage taxes |  |                | 2,341  |  |      |   | 2,281  | 
|Income taxes payable   |  |                | 34,514 |  |      |   | 5,195  | 
|Other                  |  |                | 5,839  |  |      |   | 13,687 | 
|                       |  |                |        |  |      |  
|                       |  | $              | 96,654 |  |      | $ | 68,509 | 
|                       |  |                |        |  |      |  



|    |                                   
|--- | ----------------------------------
|(7) | Accounts Receivable Securitization







|    |                                         
|--- | ----------------------------------------
|(8) | Fair Value of Operating Lease Guarantees



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SWIFT TRANSPORTATION CO., INC. AND SUBSIDIARIES


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)






|    |                                            
|--- | -------------------------------------------
|(9) | Borrowings Under Revolving Credit Agreement









|     |               
|---- | --------------
|(10) | Long-Term Debt



|                                                                                                                                                                                                                                              |                      |                |     |     |      |   |       |        | 
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------- | -------------- | --- | --- | ---- | - | ----- | ------ | 
|                                                                                                                                                                                                                                              |                      | December 31,   |    
|                                                                                                                                                                                                                                              |                      |                |    
|                                                                                                                                                                                                                                              |                      | 2004           |     |     | 2003 |  
|                                                                                                                                                                                                                                              |                      |                |     |     |      |  
|                                                                                                                                                                                                                                              |                      | (In thousands) |    
|Notes payable to commercial lending institutions with varying
    payments through the year 2005 with fixed interest rates ranging
    from 2.9% to 3.8%                                                                                      |                      | $              | 829 |     |      | $ | 2,420 |       
|Note payable to insurance company bearing interest at 6.78%
    payable monthly with principal payments of $3,000,000 due in
    2003 through 2006 secured by deed of trust on Phoenix
    facilities. This note was repaid in September 2004 |                      |                |     |     |      |   | 9,000 |       
|                                                                                                                                                                                                                                              |                      |                |     |     |      |  
|                                                                                                                                                                                                                                              | Total long-term debt |                |     | 829 |      |   |       | 11,420 | 
|Less current portion                                                                                                                                                                                                                          |                      |                | 829 |     |      |   | 4,573 |       
|                                                                                                                                                                                                                                              |                      |                |     |     |      |  
|Long-term debt, less current portion                                                                                                                                                                                                          |                      | $              |    |     |      | $ | 6,847 |       
|                                                                                                                                                                                                                                              |                      |                |     |     |      |  



|                          |  |                |     | 
|------------------------- |  | -------------- | --- | 
|Years Ending December 31, |  | (In thousands) |    
|                          |  |                |    
|2005                      |  | $              | 829 | 





|     |             
|---- | ------------
|(11) | Senior Notes



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##### Table of Contents



SWIFT TRANSPORTATION CO., INC. AND SUBSIDIARIES


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)






|     |               
|---- | --------------
|(12) | Capital Leases





|                                        |  |                |        | 
|--------------------------------------- |  | -------------- | ------ | 
|                                        |  | December 31,   |       
|                                        |  | 2004           |       
|                                        |  |                |       
|                                        |  | (In thousands) |       
|2005                                    |  | $              | 15,068 | 
|2006                                    |  |                | 1,815  | 
|                                        |  |                |       
|Total minimum lease payments            |  |                | 16,883 | 
|Less: Amount representing interest      |  |                | 720    | 
|                                        |  |                |       
|Present value of minimum lease payments |  |                | 16,163 | 
|Less current portion                    |  |                | 14,376 | 
|                                        |  |                |       
|Capital lease obligations, long-term    |  | $              | 1,787  | 
|                                        |  |                |       



|     |                                 
|---- | --------------------------------
|(13) | Derivative Financial Instruments







|     |                                     
|---- | ------------------------------------
|(14) | Accumulated Other Comprehensive Loss



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SWIFT TRANSPORTATION CO., INC. AND SUBSIDIARIES


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|     |            
|---- | -----------
|(15) | Commitments



| |                 
| | ----------------
| | Operating Leases



|                             |  |                |         |  |            |   |       |       |  |   |         | 
|---------------------------- |  | -------------- | ------- |  | ---------- | - | ----- | ----- |  | - | ------- | 
|                             |  | Revenue        |         |  |            |   |      
|Years Ending December 31,    |  | Equipment      |         |  | Facilities |   |       | Total | 
|                             |  |                |         |  |            |   |       |       | 
|                             |  | (In thousands) |        
|2005                         |  | $              | 52,452  |  |            | $ | 1,329 |       |  | $ | 53,781  | 
|2006                         |  |                | 39,470  |  |            |   | 656   |       |  |   | 40,126  | 
|2007                         |  |                | 29,848  |  |            |   | 389   |       |  |   | 30,237  | 
|2008                         |  |                | 3,512   |  |            |   | 242   |       |  |   | 3,754   | 
|2009                         |  |                | 115     |  |            |   | 116   |       |  |   | 231     | 
|Thereafter                   |  |                |         |  |            |   |       |       |  |   |         | 
|                             |  |                |         |  |            |   |       |       | 
|Total minimum lease payments |  | $              | 125,397 |  |            | $ | 2,732 |       |  | $ | 128,129 | 
|                             |  |                |         |  |            |   |       |       | 





| |                     
| | --------------------
| | Purchase Commitments







| |           
| | ----------
| | Guarantees



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##### Table of Contents



SWIFT TRANSPORTATION CO., INC. AND SUBSIDIARIES


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|     |                   
|---- | ------------------
|(16) | Earnings Per Share



|                                                          |  |                                 |         |  |      |   |        |      |  |   |        | 
|--------------------------------------------------------- |  | ------------------------------- | ------- |  | ---- | - | ------ | ---- |  | - | ------ | 
|                                                          |  | Year ending December 31,        |        
|                                                          |  |                                 |        
|                                                          |  | 2004                            |         |  | 2003 |   |        | 2002 | 
|                                                          |  |                                 |         |  |      |   |        |      | 
|                                                          |  | (In thousands, except per share |        
|                                                          |  | amounts)                        |        
|Net earnings                                              |  | $                               | 103,482 |  |      | $ | 79,371 |      |  | $ | 59,588 | 
|                                                          |  |                                 |         |  |      |   |        |      | 
|Weighted average shares:                                  |  |                                 |         |  |      |   |        |      |  |   |        | 
|Common shares outstanding for basic earnings per share    |  |                                 | 79,306  |  |      |   | 83,474 |      |  |   | 85,502 | 
|Equivalent shares issuable upon exercise of stock options |  |                                 | 870     |  |      |   | 1,253  |      |  |   | 1,426  | 
|                                                          |  |                                 |         |  |      |   |        |      | 
|Diluted shares                                            |  |                                 | 80,176  |  |      |   | 84,727 |      |  |   | 86,928 | 
|                                                          |  |                                 |         |  |      |   |        |      | 
|Basic earnings per share                                  |  | $                               | 1.30    |  |      | $ | .95    |      |  | $ | .70    | 
|                                                          |  |                                 |         |  |      |   |        |      | 
|Diluted earnings per share                                |  | $                               | 1.29    |  |      | $ | .94    |      |  | $ | .69    | 
|                                                          |  |                                 |         |  |      |   |        |      | 





|     |                     
|---- | --------------------
|(17) | Stockholders Equity





| |                   
| | ------------------
| | Stock Option Plans







|                                         |  |      |     |   |      |  |     |      |  |  |     |  
|---------------------------------------- |  | ---- | --- | - | ---- |  | --- | ---- |  |  | --- | -
|                                         |  | 2004 |     |   | 2003 |  |     | 2002 | 
|                                         |  |      |     |   |      |  |     |      | 
|Dividend yield                           |  |      | 0   | % |      |  | 0   | %    |  |  | 0   | %
|Expected volatility                      |  |      | 45  | % |      |  | 40  | %    |  |  | 45  | %
|Risk free interest rate                  |  |      | 4.0 | % |      |  | 4.2 | %    |  |  | 3.9 | %
|Expected lives (days after vesting date) |  |      | 179 |   |      |  | 172 |      |  |  | 150 |  

47



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SWIFT TRANSPORTATION CO., INC. AND SUBSIDIARIES


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|                                                               |                    |        |            |           |       |   |       |        |           |  |           |           |  |           |       |       |       |  |           |           |  |   |       |       | 
|-------------------------------------------------------------- | ------------------ | ------ | ---------- | --------- | ----- | - | ----- | ------ | --------- |  | --------- | --------- |  | --------- | ----- | ----- | ----- |  | --------- | --------- |  | - | ----- | ----- | 
|                                                               |                    | 2004   |            |           | 2003  |   |       | 2002   |          
|                                                               |                    |        |            |           |       |   |       |        |          
|                                                               |                    |        |            | Weighted- |       |   |       |        | Weighted- |  |           |           |  | Weighted- |      
|                                                               |                    |        |            | Average   |       |   |       |        | Average   |  |           |           |  | Average   |      
|                                                               |                    |        |            | Exercise  |       |   |       |        | Exercise  |  |           |           |  | Exercise  |      
|                                                               |                    | Shares |            |           | Price |   |       | Shares |           |  | Price     |           |  | Shares    |       |       | Price | 
|                                                               |                    |        |            |           |       |   |       |        |           |  |           |           |  |           |       |       |       | 
|Outstanding at beginning of year                               |                    |        | 8,298,723  |           |       | $ | 14.50 |        |           |  | 6,944,487 |           |  | $         | 12.41 |       |       |  | 6,142,239 |           |  | $ | 10.89 |      
|Granted                                                        |                    |        |            |           |       |   |       |        |           |  |           |           |  |           |       |       |       |  |           |           |  |   |       |      
|                                                               | At market value    |        |            | 2,008,537 |       |   | $     | 18.17  |           |  |           |           |  |           |       |       |       |  |           |           |  |   |       |       | 
|                                                               | Below market value |        |            | 481,785   |       |   | $     | 13.84  |           |  |           | 2,527,000 |  |           | $     | 18.42 |       |  |           | 2,059,500 |  |   | $     | 16.51 | 
|Exercised                                                      |                    |        | (785,339   | )         |       | $ | 11.72 |        |           |  | (840,857  | )         |  | $         | 9.85  |       |       |  | (809,479  | )         |  | $ | 9.78  |      
|Forfeited                                                      |                    |        | (1,061,358 | )         |       | $ | 14.34 |        |           |  | (331,907  | )         |  | $         | 12.48 |       |       |  | (447,773  | )         |  | $ | 15.68 |      
|                                                               |                    |        |            |           |       |   |       |        |           |  |           |           |  |           |       |       |       | 
|Outstanding at end of year                                     |                    |        | 8,942,348  |           |       | $ | 15.57 |        |           |  | 8,298,723 |           |  | $         | 14.50 |       |       |  | 6,944,487 |           |  | $ | 12.41 |      
|                                                               |                    |        |            |           |       |   |       |        |           |  |           |           |  |           |       |       |       | 
|Options exercisable at year-end                                |                    |        | 1,504,780  |           |       |   |       |        |           |  | 1,238,305 |           |  |           |       |       |       |  | 1,245,367 |           |  |   |       |      
|Weighted-average fair value of options granted during the year |                    |        |            |           |       |   |       |        |           |  |           |           |  |           |       |       |       |  |           |           |  |   |       |      
|                                                               | At market value    |        | $          | 9.84      |       |   |       |        |           |  |           |           |  |           |       |       |       |  |           |           |  |   |       |       | 
|                                                               |                    |        |            |           |       |   |       |        |           |  |           |           |  |           |       |       |       | 
|                                                               | Below market value |        | $          | 10.13     |       |   |       |        |           |  | $         | 12.97     |  |           |       |       |       |  | $         | 12.10     |  |   |       |       | 
|                                                               |                    |        |            |           |       |   |       |        |           |  |           |           |  |           |       |       |       | 



|                         |  |                     |           |           |                     |  |           |          |  |   |             |           |  |          |           |  |  |   |       | 
|------------------------ |  | ------------------- | --------- | --------- | ------------------- |  | --------- | -------- |  | - | ----------- | --------- |  | -------- | --------- |  |  | - | ----- | 
|                         |  | Options Outstanding |           |           | Options Exercisable | 
|                         |  |                     |           |           |                     | 
|                         |  |                     |           | Weighted- |                     |  |           |          | 
|                         |  |                     |           | Average   |                     |  | Weighted- |          |  |   |             | Weighted- | 
|                         |  |                     |           | Remaining |                     |  | Average   |          |  |   |             | Average   | 
|                         |  | Number              |           |           | Contractual         |  |           | Exercise |  |   | Number      |           |  | Exercise |          
|Range of Exercise Prices |  | Outstanding         |           |           | Life                |  |           | Price    |  |   | Exercisable |           |  | Price    |          
|                         |  |                     |           |           |                     |  |           |          |  |   |             |           |  |          |          
|$5.61 to $11.10          |  |                     | 2,526,070 |           |                     |  | 4.38      |          |  | $ | 10.48       |           |  |          | 605,328   |  |  | $ | 9.50  | 
|$11.17 to $16.79         |  |                     | 1,856,893 |           |                     |  | 6.78      |          |  | $ | 15.73       |           |  |          | 383,859   |  |  | $ | 14.36 | 
|$17.14 to $18.42         |  |                     | 1,662,458 |           |                     |  | 8.66      |          |  | $ | 17.55       |           |  |          | 74,650    |  |  | $ | 17.79 | 
|$18.54                   |  |                     | 2,119,577 |           |                     |  | 8.50      |          |  | $ | 18.54       |           |  |          | 310,343   |  |  | $ | 18.54 | 
|$18.67 to $21.30         |  |                     | 777,350   |           |                     |  | 8.81      |          |  | $ | 19.43       |           |  |          | 130,600   |  |  | $ | 19.44 | 
|                         |  |                     |           |           |                     |  |           |          |  |   |             |           |  |          |          
|                         |  |                     | 8,942,348 |           |                     |  | 7.04      |          |  | $ | 15.57       |           |  |          | 1,504,780 |  |  | $ | 13.88 | 
|                         |  |                     |           |           |                     |  |           |          |  |   |             |           |  |          |          



| |                             
| | ----------------------------
| | Employee Stock Purchase Plan



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SWIFT TRANSPORTATION CO., INC. AND SUBSIDIARIES


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|                        |  |      |       |  |      |  |     |      |  |  |      | 
|----------------------- |  | ---- | ----- |  | ---- |  | --- | ---- |  |  | ---- | 
|                        |  | 2004 |       |  | 2003 |  |     | 2002 | 
|                        |  |      |       |  |      |  |     |      | 
|Dividend yield          |  |      | 0%    |  |      |  | 0%  |      |  |  | 0%   | 
|Expected volatility     |  |      | 45%   |  |      |  | 40% |      |  |  | 45%  | 
|Risk free interest rate |  |      | 2.55% |  |      |  | 1%  |      |  |  | 1.5% | 





|     |             
|---- | ------------
|(18) | Income Taxes



|                  |         |                          |        |        |      |   |        |        |  |   |        |        | 
|----------------- | ------- | ------------------------ | ------ | ------ | ---- | - | ------ | ------ |  | - | ------ | ------ | 
|                  |         | Years Ended December 31, |       
|                  |         |                          |       
|                  |         | 2004                     |        |        | 2003 |   |        | 2002   | 
|                  |         |                          |        |        |      |   |        |        | 
|                  |         | (In thousands)           |       
|Current expense:  |         |                          |        |        |      |   |        |        |  |   |        |       
|                  | Federal |                          | $      | 32,720 |      |   | $      | 16,279 |  |   | $      | 16,904 | 
|                  | State   |                          |        | 2,192  |      |   |        | 1,395  |  |   |        | 1,000  | 
|                  | Foreign |                          |        |        |      |   |        | 371    |  |   |        |        | 
|                  |         |                          |        |        |      |   |        |        | 
|                  |         |                          | 34,912 |        |      |   | 18,045 |        |  |   | 17,904 |       
|                  |         |                          |        |        |      |   |        |        | 
|Deferred expense: |         |                          |        |        |      |   |        |        |  |   |        |       
|                  | Federal |                          |        | 24,086 |      |   |        | 28,153 |  |   |        | 17,147 | 
|                  | State   |                          |        | (4,562 | )    |   |        | 2,413  |  |   |        | 1,469  | 
|                  | Foreign |                          |        | 2,031  |      |   |        |        |  |   |        |        | 
|                  |         |                          |        |        |      |   |        |        | 
|                  |         |                          | 21,555 |        |      |   | 30,566 |        |  |   | 18,616 |       
|                  |         |                          |        |        |      |   |        |        | 
|                  |         | $                        | 56,467 |        |      | $ | 48,611 |        |  | $ | 36,520 |       
|                  |         |                          |        |        |      |   |        |        | 



|                                                    |                                                       |                          |        |        |      |   |        |       |  |   |        |       | 
|--------------------------------------------------- | ----------------------------------------------------- | ------------------------ | ------ | ------ | ---- | - | ------ | ----- |  | - | ------ | ----- | 
|                                                    |                                                       | Years Ended December 31, |       
|                                                    |                                                       |                          |       
|                                                    |                                                       | 2004                     |        |        | 2003 |   |        | 2002  | 
|                                                    |                                                       |                          |        |        |      |   |        |       | 
|                                                    |                                                       | (In thousands)           |       
|Computed expected tax expense                     |                                                       | $                        | 55,982 |        |      | $ | 44,794 |       |  | $ | 33,638 |      
|Increase (decrease) in income taxes resulting from: |                                                       |                          |        |        |      |   |        |       |  |   |        |      
|                                                    | State income taxes, net of federal income tax benefit |                          |        | 3,209  |      |   |        | 2,496 |  |   |        | 2,166 | 
|                                                    | Per diem allowances                                   |                          |        | 1,676  |      |   |        |       |  |   |        |       | 
|                                                    | State tax rate change in deferred items               |                          |        | (4,614 | )    |   |        |       |  |   |        |       | 
|                                                    | Other, net                                            |                          |        | 214    |      |   |        | 1,321 |  |   |        | 716   | 
|                                                    |                                                       |                          |        |        |      |   |        |       | 
|                                                    |                                                       | $                        | 56,467 |        |      | $ | 48,611 |       |  | $ | 36,520 |      
|                                                    |                                                       |                          |        |        |      |   |        |       | 

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SWIFT TRANSPORTATION CO., INC. AND SUBSIDIARIES


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|                          |                                                                            |                                |   |          |          |   |   |          |          |  
|------------------------- | -------------------------------------------------------------------------- | ------------------------------ | - | -------- | -------- | - | - | -------- | -------- | -
|                          |                                                                            | December 31,                   |  
|                          |                                                                            |                                |  
|                          |                                                                            | 2004                           |   |          | 2003     |  
|                          |                                                                            |                                |   |          |          |  
|                          |                                                                            | (In thousands)                 |  
|Deferred tax assets:      |                                                                            |                                |   |          |          |   |   |         
|                          | Claims accruals                                                            |                                | $ | 74,664   |          |   | $ | 61,286   |         
|                          | Accounts receivable due to allowance for doubtful accounts                 |                                |   | 4,852    |          |   |   | 3,050    |         
|                          | Nondeductible accruals                                                     |                                |   | 3,314    |          |   |   | 2,486    |         
|                          | Derivative financial instruments                                           |                                |   | 1,962    |          |   |   | 3,004    |         
|                          | Other                                                                      |                                |   | 6,901    |          |   |   | 3,440    |         
|                          |                                                                            |                                |   |          |          |  
|                          |                                                                            | Total deferred tax assets      |   |          | 91,693   |   |   |          | 73,266   |  
|                          |                                                                            |                                |   |          |          |  
|Deferred tax liabilities: |                                                                            |                                |   |          |          |   |   |         
|                          | Property and equipment, principally due to differences in
    depreciation |                                |   | (329,035 | )        |   |   | (286,041 | )       
|                          | Prepaid taxes, licenses and permits deducted for tax purposes              |                                |   | (8,513   | )        |   |   | (7,926   | )       
|                          | Contested liabilities                                                      |                                |   |          |          |   |   | (17,116  | )       
|                          | Contractual commitments deducted for tax purposes                          |                                |   | (16,159  | )        |   |   |          |         
|                          | Other                                                                      |                                |   | (11,358  | )        |   |   | (14,001  | )       
|                          |                                                                            |                                |   |          |          |  
|                          |                                                                            | Total deferred tax liabilities |   |          | (365,065 | ) |   |          | (325,084 | )
|                          |                                                                            |                                |   |          |          |  
|                          |                                                                            | Net deferred tax liability     |   | $        | (273,372 | ) |   | $        | (251,818 | )
|                          |                                                                            |                                |   |          |          |  



|                                  |  |                |          |   |      |   |          |  
|--------------------------------- |  | -------------- | -------- | - | ---- | - | -------- | -
|                                  |  | December 31,   |         
|                                  |  |                |         
|                                  |  | 2004           |          |   | 2003 |  
|                                  |  |                |          |   |      |  
|                                  |  | (In thousands) |         
|Current deferred tax asset        |  | $              | 12,839   |   |      | $ | 3,133    |  
|Noncurrent deferred tax liability |  |                | (286,211 | ) |      |   | (254,951 | )
|                                  |  |                |          |   |      |  
|Net deferred tax liability        |  | $              | (273,372 | ) |      | $ | (251,818 | )
|                                  |  |                |          |   |      |  



|     |                         
|---- | ------------------------
|(19) | Settlement of Litigation



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SWIFT TRANSPORTATION CO., INC. AND SUBSIDIARIES


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|     |                
|---- | ---------------
|(20) | Claims Accruals







|     |                                    
|---- | -----------------------------------
|(21) | Fair Value of Financial Instruments





| |                                
| | -------------------------------
| | Accounts Receivable and Payable





| |                                                                                                                                             
| | --------------------------------------------------------------------------------------------------------------------------------------------
| | Long-Term Debt, Obligations Under Capital Leases,
    Borrowings Under Revolving Credit Agreement and Accounts
    Receivable Securitization





| |             
| | ------------
| | Senior Notes





| |            
| | -----------
| | Limitations





|     |                       
|---- | ----------------------
|(22) | Employee Benefit Plans



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SWIFT TRANSPORTATION CO., INC. AND SUBSIDIARIES


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)






|     |             
|---- | ------------
|(23) | Key Customer





|     |                           
|---- | --------------------------
|(24) | Related Party Transactions









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SWIFT TRANSPORTATION CO., INC. AND SUBSIDIARIES


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




















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SWIFT TRANSPORTATION CO., INC. AND SUBSIDIARIES


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)






|     |              
|---- | -------------
|(25) | Contingencies





|     |                                                 
|---- | ------------------------------------------------
|(26) | Acquisition of Merit Distribution Services, Inc.





|                                       |  |   |        |  
|-------------------------------------- |  | - | ------ | -
|Customer relationship intangible asset |  | $ | 40,726 |  
|Goodwill                               |  |   | 16,333 |  
|Revenue equipment                      |  |   | 27,050 |  
|Other assets                           |  |   | 1,601  |  
|Liabilities assumed                    |  |   | (4,120 | )
|                                       |  |   |       
|Cash paid                              |  | $ | 81,590 |  
|                                       |  |   |       





|                                        |                          |                    |        |        |      |   |        |        |  
|--------------------------------------- | ------------------------ | ------------------ | ------ | ------ | ---- | - | ------ | ------ | -
|                                        |                          | As of December 31, |       
|                                        |                          |                    |       
|                                        |                          | 2004               |        |        | 2003 |  
|                                        |                          |                    |        |        |      |  
|                                        |                          | (In thousands)     |       
|Customer relationship intangible asset: |                          |                    |        |        |      |   |        |       
|                                        | Gross carrying amount    |                    | $      | 45,726 |      |   | $      | 40,726 |  
|                                        | Accumulated amortization |                    |        | (4,406 | )    |   |        | (1,191 | )
|                                        |                          |                    |        |        |      |  
|                                        |                          | $                  | 41,320 |        |      | $ | 39,535 |       
|                                        |                          |                    |        |        |      |  



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SWIFT TRANSPORTATION CO., INC. AND SUBSIDIARIES


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|                           |  |                         |           |  |      |   |           | 
|-------------------------- |  | ----------------------- | --------- |  | ---- | - | --------- | 
|                           |  | Year ended December 31, |          
|                           |  |                         |          
|                           |  | 2003                    |           |  | 2002 |  
|                           |  |                         |           |  |      |  
|                           |  | (In thousands,          |          
|                           |  | except share data)      |          
|Operating revenue          |  | $                       | 2,471,000 |  |      | $ | 2,245,000 | 
|Net earnings               |  | $                       | 82,954    |  |      | $ | 64,204    | 
|Diluted earnings per share |  | $                       | .98       |  |      | $ | .74       | 



|     |                                            
|---- | -------------------------------------------
|(27) | Acquisition of Trans-Mex, Inc. S.A. DE C.V.









|                    |  |   |        |  
|------------------- |  | - | ------ | -
|Goodwill            |  | $ | 30,955 |  
|Revenue equipment   |  |   | 7,093  |  
|Other assets        |  |   | 2,433  |  
|Liabilities assumed |  |   | (9,319 | )
|                    |  |   |       
|Purchase price      |  | $ | 31,162 |  
|                    |  |   |       





|                           |  |                                   |           |  |      |   |           |      |  |   |           | 
|-------------------------- |  | --------------------------------- | --------- |  | ---- | - | --------- | ---- |  | - | --------- | 
|                           |  | Year ended December 31,           |          
|                           |  |                                   |          
|                           |  | 2004                              |           |  | 2003 |   |           | 2002 | 
|                           |  |                                   |           |  |      |   |           |      | 
|                           |  | (In thousands, except share data) |          
|Revenue                    |  | $                                 | 2,826,201 |  |      | $ | 2,408,951 |      |  | $ | 2,109,333 | 
|Net earnings               |  |                                   | 103,514   |  |      |   | 80,046    |      |  |   | 59,616    | 
|Diluted earnings per share |  | $                                 | 1.29      |  |      | $ | 0.95      |      |  | $ | 0.69      | 

55



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SWIFT TRANSPORTATION CO., INC. AND SUBSIDIARIES


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|     |                                            
|---- | -------------------------------------------
|(28) | Quarterly Results of Operations (Unaudited)

|                             |  |                                   |         |  |         |   |         |         |  |   |         |  |  |   |         | 
|---------------------------- |  | --------------------------------- | ------- |  | ------- | - | ------- | ------- |  | - | ------- |  |  | - | ------- | 
|                             |  | First                             |         |  | Second  |   |         | Third   |  |   | Fourth  | 
|                             |  | Quarter                           |         |  | Quarter |   |         | Quarter |  |   | Quarter | 
|                             |  |                                   |         |  |         |   |         |         |  |   |         | 
|                             |  | (In thousands, except share data) |        
|Year Ended December 31, 2004 |  |                                   |         |  |         |   |         |         |  |   |         |  |  |   |         | 
|Operating revenue            |  | $                                 | 622,374 |  |         | $ | 691,032 |         |  | $ | 727,318 |  |  | $ | 785,477 | 
|Operating income             |  |                                   | 14,660  |  |         |   | 59,498  |         |  |   | 45,076  |  |  |   | 61,333  | 
|Net earnings                 |  |                                   | 6,404   |  |         |   | 34,584  |         |  |   | 25,699  |  |  |   | 36,795  | 
|Basic earnings per share     |  |                                   | .08     |  |         |   | .43     |         |  |   | .32     |  |  |   | .50     | 
|Diluted earnings per share   |  |                                   | .08     |  |         |   | .43     |         |  |   | .32     |  |  |   | .50     | 
|Year Ended December 31, 2003 |  |                                   |         |  |         |   |         |         |  |   |         |  |  |   |         | 
|Operating revenue            |  | $                                 | 551,303 |  |         | $ | 584,909 |         |  | $ | 623,875 |  |  | $ | 637,568 | 
|Operating income             |  |                                   | 18,345  |  |         |   | 34,702  |         |  |   | 42,152  |  |  |   | 45,842  | 
|Net earnings                 |  |                                   | 8,897   |  |         |   | 19,161  |         |  |   | 24,576  |  |  |   | 26,737  | 
|Basic earnings per share     |  |                                   | .11     |  |         |   | .23     |         |  |   | .29     |  |  |   | .32     | 
|Diluted earnings per share   |  |                                   | .10     |  |         |   | .23     |         |  |   | .29     |  |  |   | .31     | 



|     |                                                            
|---- | -----------------------------------------------------------
|(29) | Subsequent Event  Sale of Autohaul Assets and
    Business









56



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##### Table of Contents








|        |                                                                                         
|------- | ----------------------------------------------------------------------------------------
|Item 9. | Changes in and Disagreements With Accountants on
    Accounting and Financial Disclosure








|         |                        
|-------- | -----------------------
|Item 9A. | Controls and Procedures

Evaluation of Disclosure Controls and Procedures






Managements Report on Internal Control over Financial
Reporting








Report of Independent Registered Public Accounting Firm










57



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##### Table of Contents













| |         
| | --------
| | KPMG LLP





Changes in Internal Control over Financial Reporting









|         |                  
|-------- | -----------------
|Item 9B. | Other Information

58



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##### Table of Contents



PART III







|         |                                                   
|-------- | --------------------------------------------------
|Item 10. | Directors and Executive Officers of the Registrant



www.swifttrans.com







|         |                       
|-------- | ----------------------
|Item 11. | Executive Compensation








|         |                                                                   
|-------- | ------------------------------------------------------------------
|Item 12. | Security Ownership of Certain Beneficial Owners and
    Management








|         |                                               
|-------- | ----------------------------------------------
|Item 13. | Certain Relationships and Related Transactions








|         |                                       
|-------- | --------------------------------------
|Item 14. | Principal Accountant Fees and Services



59



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PART IV







|         |                                        
|-------- | ---------------------------------------
|Item 15. | Exhibits, Financial Statement Schedules





| |                         
| | ------------------------
| | (i) Financial Statements

|    |  |                                                                                                                                                                                                                                                                                                                                                         |  |                 
|--- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ----------------
|    |  |                                                                                                                                                                                                                                                                                                                                                         |  | Page or         
|    |  |                                                                                                                                                                                                                                                                                                                                                         |  | Method of Filing
|    |  |                                                                                                                                                                                                                                                                                                                                                         |  |                 
|(1) |  | Report of KPMG LLP                                                                                                                                                                                                                                                                                                                                      |  | Page 33         
|(2) |  | Consolidated Financial Statements and Notes to Consolidated
    Financial Statements of the Company, including Consolidated
    Balance Sheets as of December 31, 2004 and 2003 and related
    Consolidated Statements of Earnings, Stockholders Equity
    and Cash Flows for each of the years in the three-year period
    ended December 31, 2004 |  | Pages 34-56     



| |                                   
| | ----------------------------------
| | (ii) Financial Statement Schedules



| |                                                                                                                                                                                                                                                                                    
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Schedules have been omitted because of the absence of conditions
    under which they are required or because the required material
    information is included in the Consolidated Financial Statements
    or Notes to the Consolidated Financial Statements included
    herein.



|        |    |             |  |                                                                                     |  |                                                                                                                                                              
|------- | -- | ----------- |  | ----------------------------------------------------------------------------------- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit |    |             |  | Page or                                                                            
|Number  |    | Description |  | Method of Filing                                                                   
|        |    |             |  |                                                                                    
|        | 3  | .1          |  | Amended and Restated Articles of Incorporation of the Registrant                    |  | Incorporated by reference to Exhibit 4.1 of the
    Registrants Registration Statement on Form S-8
    (Registration No. 333-85940)                         
|        | 3  | .2          |  | Bylaws of the Registrant                                                            |  | Incorporated by reference to Exhibit 3.2 of the
    Registrants Registration Statement on Form S-3
    (Registration No. 33-66034)                          
|        | 3  | .2.1        |  | Amendment to Bylaws of Registrant                                                   |  | Incorporated by reference to Exhibit 3.1 of the
    Companys Current Report on Form 8-K dated November 3,
    2004                                          
|        | 4  | .1          |  | Specimen of Common Stock Certificate                                                |  | Incorporated by reference to Exhibit 4 of the
    Companys Annual Report on Form 10-K for the year ended
    December 31, 1992 (the 1992 Form 10-K)       
|        | 10 | .1          |  | Stock Option Plan, as amended through November 18, 1994*                            |  | Incorporated by Reference to Exhibit 10.7 of the
    Companys Annual Report on Form 10-K for the year
    ended December 31, 1994 (the 1994
    Form 10-K)
|        | 10 | .2          |  | Non-Employee Directors Stock Option Plan, as amended through
    November 18, 1994* |  | Incorporated by reference to Exhibit 10.8 of the 1994
    Form 10-K                                                                                          
|        | 10 | .3          |  | Employee Stock Purchase Plan, as amended through
    November 18, 1994*             |  | Incorporated by reference to Exhibit 10.9 of the 1994
    Form 10-K                                                                                          
|        | 10 | .4          |  | Swift Transportation Co., Inc. Retirement (401(k)) Plan dated
    January 1, 1992*  |  | Incorporated by reference to Exhibit 10.14 of the
    Companys Form S-1 Registration Statement
    No. #33-52454                                            
|        | 10 | .5          |  | 1999 Stock Option Plan, as amended*                                                 |  | Incorporated by reference to Exhibit 4.3 of the
    Registrants Registration Statement on Form S-8
    (Registration No. 333-53566)                         

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|        |    |             |  |                                                                                                                                                                                                                                               |  |                                                                                                                                                                                
|------- | -- | ----------- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit |    |             |  | Page or                                                                                                                                                                                                                                      
|Number  |    | Description |  | Method of Filing                                                                                                                                                                                                                             
|        |    |             |  |                                                                                                                                                                                                                                              
|        | 10 | .6          |  | Non-Employee Directors Stock Option Plan (Amended and Restated
    as of June 7, 2000)*                                                                                                                                                       |  | Incorporated by reference to Notice and Proxy Statement For
    Annual Meeting of Stockholders to be held on June 7, 2000
    (the 2000 Proxy Statement)                     
|        | 10 | .7          |  | Receivables Sales Agreement Dated As Of December 30, 1999
    Among Swift Receivables Corporation, Swift Transportation
    Corporation, ABN AMRO Bank N.V., and Amsterdam Funding
    Corporation                                            |  | Incorporated by reference to Exhibit 10.16 of the
    Companys Annual Report on Form 10-K for the year
    ended December 31, 1999 (the 1999
    Form 10-K)                 
|        | 10 | .7.1        |  | Second Amendment Dated December 27, 2001 to Receivables
    Sale Agreement Dated As Of December 30, 1999 Among Swift
    Receivables Corporation, Swift Transportation Corporation, ABN
    AMRO Bank N.V., and Amsterdam Funding Corporation |  | Incorporated by reference to Exhibit 10.17 of the
    Companys Annual Report on Form 10-K for the year
    ended December 31, 2001 (the 2001
    Form 10-K)                 
|        | 10 | .7.2        |  | Fourth Amendment Dated December 26, 2002 to Receivables
    Sale Agreement Dated As Of December 30, 1999 Among Swift
    Receivables Corporation, Swift Transportation Corporation, ABN
    AMRO Bank N.V., and Amsterdam Funding Corporation |  | Incorporated by reference to Exhibit 10.21 of the
    Companys Annual Report on Form 10-K for the year
    ended December 31, 2002 (the 2002
    Form 10-K)                 
|        | 10 | .7.3        |  | Fifth Amendment Dated December 24, 2003 to Receivables Sale
    Agreement Dated As Of December 30, 1999 Among Swift
    Receivables Corporation, Swift Transportation Corporation, ABN
    AMRO Bank N.V., and Amsterdam Funding Corporation  |  | Incorporated by reference to Exhibit 10.9.3 of the
    Companys Annual Report on Form 10-K for the year
    ended December 31, 2003 (the 2003
    Form 10-K)                
|        | 10 | .7.4        |  | Sixth Amendment Dated December 22, 2004 to Receivables Sale
    Agreement Dated As Of December 30, 1999 Among Swift
    Receivables Corporation, Swift Transportation Corporation, ABN
    AMRO Bank N.V., and Amsterdam Funding Corporation  |  | Filed herewith                                                                                                                                                                 
|        | 10 | .8          |  | Purchase and Sale Agreement Dated December 30, 1999 between
    Swift Transportation Corporation and Swift Receivables
    Corporation                                                                                                        |  | Incorporated by reference to Exhibit 10.17 of the 1999
    Form 10-K                                                                                                           
|        | 10 | .9          |  | Nonqualified Deferred Compensation Agreement*                                                                                                                                                                                                 |  | Incorporated by reference to Exhibit 10.18 of the
    Companys Quarterly Report on Form 10-Q for the
    quarter ended March 31, 2000 (the 2000 First Quarter
    Form 10-Q)
|        | 10 | .9.1        |  | First Amendment to Nonqualified Deferred Compensation Agreement
    Dated October 19, 2004*                                                                                                                                                   |  | Filed herewith                                                                                                                                                                 
|        | 10 | .10         |  | Operating Agreement of Transplace.com, LLC                                                                                                                                                                                                    |  | Incorporated by reference to Exhibit 10.19 of the 2000
    First Quarter Form 10-Q                                                                                             
|        | 10 | .11         |  | Initial Subscription Agreement of Transplace.com, LLC                                                                                                                                                                                         |  | Incorporated by reference to Exhibit 10.20 of the 2000
    First Quarter Form 10-Q                                                                                             
|        | 10 | .12         |  | Swift Transportation Corporation Deferred Compensation Plan*                                                                                                                                                                                  |  | Incorporated by reference to Exhibit 10.18 of the
    Companys Quarterly Report on Form 10-Q for the
    quarter ended March 31, 2002 (the 2002 First Quarter
    Form 10-Q)

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##### Table of Contents



|        |    |             |  |                                                                                                                                                                                                                                                                                                                        |  |                                                                                                                                                                               
|------- | -- | ----------- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit |    |             |  | Page or                                                                                                                                                                                                                                                                                                               
|Number  |    | Description |  | Method of Filing                                                                                                                                                                                                                                                                                                      
|        |    |             |  |                                                                                                                                                                                                                                                                                                                       
|        | 10 | .13         |  | Swift Transportation Co., Inc. $100,000,000 3.73% Senior
    Guaranteed Notes, Series A, Due June 27, 2008 And
    $100,000,000 4.33% Senior Guaranteed Notes, Series B,
    Due June 27, 2010 Note Purchase Agreement Dated as of
    June 27, 2003                                                                   |  | Incorporated by reference to Exhibit 10.22 of the
    Companys Quarterly Report on Form 10-Q for the
    quarter ended June 30, 2003                                         
|        | 10 | .13.1       |  | First Amendment Dated July 8, 2004 to Swift Transportation
    Co., Inc. $100,000,000 3.73% Senior Guaranteed Notes,
    Series A, Due June 27, 2008, and $100,000,000
    4.33% Senior Guaranteed Notes, Series B, Due
    June 27, 2010 Note Purchase Agreement Dated as of
    June 27, 2003                        |  | Incorporated by reference to Exhibit 10.24 of the
    Companys Quarterly Report on Form 10-Q for the
    quarter ended June 30, 2004 (the 2004 Second Quarter
    Form 10-Q)
|        | 10 | .14         |  | Swift Transportation Co., Inc. 2003 Stock Incentive Plan*                                                                                                                                                                                                                                                              |  | Incorporated by reference to Annex A of the Companys
    2003 Proxy Statement                                                                                                
|        | 10 | .15         |  | Amended and Restated Revolving Credit Agreement dated
    June 24, 2004 among Swift Transportation Co., Inc., an
    Arizona Corporation, As Borrower, Swift Transportation Co.,
    Inc., a Nevada Corporation, as Holdings, the Lenders From Time
    to Time Party Hereto and SunTrust Bank as Administrative Agent |  | Incorporated by reference to Exhibit 10.23 of the
    Companys 2004 Second Quarter Form 10-Q                                                                                 
|        | 10 | .16         |  | Amendment to the Swift Transportation Co., Inc. 1994 Employee
    Stock Purchase Plan*                                                                                                                                                                                                                                 |  | Incorporated by reference to Exhibit D of the
    Companys 2004 Proxy Statement                                                                                              
|        | 10 | .17         |  | 2004 Executive Management Incentive Plan*                                                                                                                                                                                                                                                                              |  | Incorporated by reference to Exhibit E of the
    Companys 2004 Proxy Statement                                                                                              
|        | 14 |             |  | Code of Ethics                                                                                                                                                                                                                                                                                                         |  | Incorporated by reference to Exhibit 14 of the
    Companys 2003 Form 10-K                                                                                                   
|        | 21 |             |  | Subsidiaries of Registrant                                                                                                                                                                                                                                                                                             |  | Filed herewith                                                                                                                                                                
|        | 23 |             |  | Consent of KPMG LLP                                                                                                                                                                                                                                                                                                    |  | Filed herewith                                                                                                                                                                
|        | 31 | .1          |  | Rule 13a-14(a)/15d-14(a) Certificate of Jerry Moyes,
    Chairman and Chief Executive Officer                                                                                                                                                                                                                          |  | Filed herewith                                                                                                                                                                
|        | 31 | .2          |  | Rule 13a-14(a)/15d-14(a) Certificate of William F.
    Riley III, Chief Financial Officer                                                                                                                                                                                                                              |  | Filed herewith                                                                                                                                                                
|        | 32 |             |  | Certification Pursuant to 18 U.S.C. Section 1350, as
    Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act
    of 2002  Jerry Moyes and William F. Riley III                                                                                                                                                  |  | Furnished herewith                                                                                                                                                            






|  |                              
|- | -----------------------------
|* | Indicates a compensation plan

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##### Table of Contents






SIGNATURES






| |                                
| | -------------------------------
| | SWIFT TRANSPORTATION CO., INC.,
| | a Nevada corporation           



| |    |                   
| | -- | ------------------
| | By | /s/ Jerry C. Moyes

| |                          
| | -------------------------
| |                          
| | Jerry C. Moyes           
| | Chairman of the Board and
| | Chief Executive Officer  



|                                                 |  |                                                                                           |  |               |  | 
|------------------------------------------------ |  | ----------------------------------------------------------------------------------------- |  | ------------- |  | 
|Signature                                        |  | Title                                                                                     |  | Date         
|                                                 |  |                                                                                           |  |              
|                                                
|/s/ Jerry C. MoyesJerry
    C. Moyes             |  | Chairman of the Board and
    Chief Executive Officer
    (Principal Executive Officer)   |  | March 8, 2005
|                                                
|/s/ Robert W. CunninghamRobert
    W. Cunningham |  | President, Chief Operating Officer
    and Director                                       |  | March 8, 2005
|                                                
|/s/ William F. RileyWilliam
    F. Riley III     |  | Senior Executive Vice President,
    Chief Financial Officer, Secretary,
    and Director |  | March 8, 2005
|                                                
|/s/ Karl EllerKarl
    Eller                     |  | Director                                                                                  |  | March 8, 2005
|                                                
|/s/ Alphonse E. FreiAlphonse
    E. Frei         |  | Director                                                                                  |  | March 8, 2005
|                                                
|/s/ David GoldmanDavid
    Goldman               |  | Director                                                                                  |  | March 8, 2005
|                                                
|/s/ Dale M. JensenDale
    M. Jensen             |  | Director                                                                                  |  | March 8, 2005
|                                                
|/s/ Paul M. MecrayPaul
    M. Mecray III         |  | Director                                                                                  |  | March 8, 2005
|                                                
|/s/ Jock PattonJock
    Patton                   |  | Director                                                                                  |  | March 8, 2005

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##### Table of Contents



|                                             |  |                      |  |               |  | 
|-------------------------------------------- |  | -------------------- |  | ------------- |  | 
|Signature                                    |  | Title                |  | Date         
|                                             |  |                      |  |              
|                                            
|/s/ Earl H. ScudderEarl
    H. Scudder       |  | Director             |  | March 8, 2005
|                                            
|/s/ Stephen R. AttwoodStephen
    R. Attwood |  | Corporate Controller |  | March 8, 2005

64



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##### Table of Contents



EXHIBIT INDEX


|        |    |             |  |                                                                                                                                                                                                                                             
|------- | -- | ----------- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit |    |            
|Number  |    | Description
|        |    |            
|        | 10 | .7.4        |  | Sixth Amendment Dated December 22, 2004 to Receivables Sale
    Agreement Dated As Of December 30, 1999 Among Swift
    Receivables Corporation, Swift Transportation Corporation, ABN
    AMRO Bank N.V., and Amsterdam Funding Corporation
|        | 10 | .9.1        |  | First Amendment to Nonqualified Deferred Compensation Agreement
    Dated October 19, 2004                                                                                                                                                  
|        | 21 |             |  | Subsidiaries of Registrant                                                                                                                                                                                                                  
|        | 23 |             |  | Consent of KPMG LLP                                                                                                                                                                                                                         
|        | 31 | .1          |  | Rule 13a-14(a)/15d-14(a) Certificate of Jerry Moyes,
    Chairman and Chief Executive Officer                                                                                                                                               
|        | 31 | .2          |  | Rule 13a-14(a)/15d-14(a) Certificate of William F.
    Riley III, Chief Financial Officer                                                                                                                                                   
|        | 32 |             |  | Certification Pursuant to 18 U.S.C. Section 1350, as
    Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act
    of 2002  Jerry Moyes and William F. Riley III