8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington D.C., 20549

Form 8-K

Current Report

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date Of Report (Date Of Earliest Event Reported): 07/26/2005

C. H. ROBINSON WORLDWIDE, INC.

(Exact Name of Registrant as Specified in its Charter)

Commission File Number: 000-23189

Delaware	41-1883630
(State or Other Jurisdiction of Incorporation or Organization)	(I.R.S. Employer Identification No.)

8100 Mitchell Road, Eden Prairie, MN 55344

(Address of Principal Executive Offices, Including Zip Code)

952-937-8500

(Registrant’s Telephone Number, Including Area Code)

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17CFR240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17CFR240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17CFR240.13e-4(c))

Items to be Included in this Report

Item 2.02. Results of Operations and Financial Condition

The following information is being “furnished” in accordance with General Instruction B.2. of Form 8-K and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing:

Furnished herewith as Exhibit 99.1 and incorporated by reference herein is the text of C.H. Robinson Worldwide, Inc.’s announcement regarding its earnings and results of operations for the second quarter ended June 30, 2005, as presented in a press release issued on July 26, 2005.

Item 9.01. Financial Statements and Exhibits

The following exhibit is being “furnished” in accordance with General Instruction B.2. of Form 8-K and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing:

99.1 Press Release, dated July 26, 2005, of C.H. Robinson Worldwide, Inc.

Signature(s)

Pursuant to the Requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the Undersigned hereunto duly authorized.

	C. H. ROBINSON WORLDWIDE, INC.
Date: July 26, 2005	By:	/s/ Linda U. Feuss
		Linda U. Feuss
		General Counsel and Secretary

Exhibit Index

Exhibit No.	Description
EX-99.1	Press Release, dated July 26, 2005, of C.H. Robinson Worldwide, Inc.

EX-99.1

Exhibit 99.1

C.H. Robinson Worldwide, Inc.

8100 Mitchell Road, Suite 200

Eden Prairie, Minnesota 55344

Chad Lindbloom, vice president and chief financial officer (952) 937-7779

Angie Freeman, investor relations (952) 937-7847

FOR IMMEDIATE RELEASE

C.H. ROBINSON REPORTS SECOND QUARTER RESULTS

MINNEAPOLIS, July 26, 2005 — C.H. Robinson Worldwide, Inc. (“C.H. Robinson”) (NASDAQ:CHRW), today reported financial results for the three months and six months ended June 30, 2005.

For the second quarter, gross profits increased 36.3 percent to $215.4 million in 2005 from $158.1 million in 2004. Income from operations increased 53.0 percent to $80.3 million in the second quarter of 2005 from $52.5 million in the second quarter of 2004. Net income increased 52.9 percent to $49.3 million in the second quarter of 2005 from $32.3 million in the second quarter of 2004. Diluted net income per share increased 54.1 percent to $0.57 per share in the second quarter of 2005 from $0.37 per share in the second quarter of 2004.

During the second quarter of 2005 we settled the previously disclosed lawsuit against two of our insurance carriers in which we sought recovery for the amount we contributed to settle a wrongful death lawsuit stemming from a multi-vehicle accident. This settlement reduced our selling, general, and administrative expenses by $2.8 million and increased our diluted net income per share for the second quarter of 2005 by $0.02.

For the six months ended June 30, 2005, gross profits increased 34.8 percent to $414.8 million from $307.6 million in 2004. Income from operations increased 48.6 percent to $148.1 million from $99.7 million in 2004. Net income increased 48.5 percent to $91.1 million from $61.4 million in 2004. Diluted net income per share increased 47.9 percent to $1.05 per share from $0.71 per share in 2004.

For the second quarter, total Transportation gross profits increased 36.0 percent to $182.6 million in 2005 from $134.2 million in 2004. Our Transportation gross profit margin increased slightly from the second quarter of 2004.

The increase in our truck transportation gross profits of 39.8 percent in the second quarter of 2005 was driven by volume growth in both truckload and less-than-truckload transactions and an increase in gross profit margin. We gained new relationships with customers and carriers and expanded many existing relationships. Our new and expanded carrier relationships gave us the capacity we needed to efficiently meet our customers’ needs.

Our intermodal gross profits decrease of 0.8 percent in the second quarter of 2005 resulted from an increase in gross profit margins, offset by a decrease in volume. Our volume was impacted by

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July 26, 2005

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market conditions which continue to drive business back to truck in certain lanes. Our gross profit margin increase resulted from the elimination of some lower margin business and some rate increases to offset increased costs.

Our international ocean and air gross profits increased 12.2 percent in the second quarter of 2005. This growth includes the impact of our June 2004 expansion into China and our volume growth with several of our large international customers. These gross profits are influenced by our customers’ shipping patterns, which can vary in the quarters we provide the service. We are continuing to add new customers and broaden our relationships with existing customers to include international transportation and customs brokerage services.

Miscellaneous transportation gross profits consist of transportation management fees, customs brokerage fees, warehouse and cross-dock services, and other miscellaneous transportation related services. The increase of 40.5 percent in the second quarter was driven by increases in our transportation management fees and customs brokerage business.

For the second quarter, Sourcing gross profits increased 50.4 percent to $23.6 million in 2005 from $15.7 million in 2004. Excluding the impact of the acquisitions of FoodSource and Epic Roots, announced last quarter, our Sourcing gross profits decreased 4.3 percent. This decrease was the result of slight declines in volume and gross profit margin.

For the second quarter, Information Services gross profits increased 13.6 percent to $9.3 million in 2005 from $8.2 million in 2004, primarily due to transaction volume growth.

For the quarter, personnel expense as a percentage of gross profits decreased to 49.3 percent in 2005 from 51.4 percent in 2004. Average gross profits per employee, a key measure of productivity, increased approximately 13 percent in 2005 compared to 2004. While many of our personnel expenses are variable, we gain leverage in periods of growth.

For the quarter, selling, general, and administrative expenses increased 19.1 percent to $28.9 million in 2005 from $24.3 million in 2004. Selling, general, and administrative expenses as a percentage of gross profits decreased for the second quarter of 2005 to 13.4 percent compared to 15.4 percent in 2004. Excluding the impact of the settlement of the lawsuit against our insurance carriers mentioned above, selling, general and administrative expenses would have increased 30.7 percent and would have been 14.8 percent of gross profits.

Founded in 1905, C.H. Robinson Worldwide, Inc., is one of the largest non-asset based third party logistics companies in the world. C.H. Robinson is a global provider of multimodal transportation services and logistics solutions, currently serving over 18,000 customers through a network of 178 offices in North America, South America, Europe, and Asia. C.H. Robinson maintains one of the largest networks of motor carrier capacity in North America and works with approximately 35,000 carriers worldwide. C.H. Robinson is one of the largest third-party providers of intermodal services in the United States.

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Except for the historical information contained herein, the matters set forth in this release are forward-looking statements that represent our expectations, beliefs, intentions or strategies concerning future events. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from our historical experience or our present expectations, including, but not limited to such factors as market demand and pressures on the pricing for our services; competition and growth rates within the third-party logistics industry; freight levels and availability of truck capacity or alternative means of transporting freight, and changes in relationships with existing truck, rail, ocean and air carriers; changes in our customer base due to possible consolidation among our customers; our ability to integrate the operations of acquired companies with our historic operations successfully; risks associated with litigation and insurance coverage; risks associated with operations outside of the U.S.; changing economic conditions such as general economic slowdown, decreased consumer confidence, fuel shortages and the impact of war on the economy; and other risks and uncertainties detailed in our Annual and Quarterly Reports.

Conference Call Information:

C.H. Robinson Worldwide Second Quarter 2005 Earnings Conference Call

Wednesday, July 27, 2005; 10:00 a.m. Eastern time

Live webcast available through Investor Relations link at www.chrobinson.com

Telephone access: 800-240-2430

Webcast replay available through August 10, 2005: Investor Relations link at www.chrobinson.com

Telephone audio replay available until 11:59 p.m. Eastern Time on July 29, 2005: 800-405-2236; passcode: 11034569#

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CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(unaudited)

(In thousands, except per share data)

	Three months ended June 30,						Six months ended June 30,
	2005			2004			2005		2004
Gross revenues:
Transportation	$	1,122,305		$	871,678		$	2,122,241	$	1,644,127
Sourcing		273,549			197,244			479,658		363,487
Information Services		9,288			8,179			18,183		16,097
Total gross revenues		1,405,142			1,077,101			2,620,082		2,023,711
Gross profits:
Transportation
Truck		161,983			115,880			316,003		228,836
Intermodal		7,312			7,373			14,268		14,836
Ocean		6,114			5,136			11,774		9,469
Air		2,319			2,383			4,986		4,128
Miscellaneous		4,840			3,444			9,383		6,787
Total transportation		182,568			134,216			356,414		264,056
Sourcing		23,556			15,660			40,197		27,486
Information Services		9,288			8,179			18,183		16,097
Total gross profits		215,412			158,055			414,794		307,639
Operating costs and expenses:
Personnel expenses		106,138			81,225			207,067		158,799
Selling, general, and administrative expenses		28,945			24,313			59,606		49,152
Total operating costs and expenses		135,083			105,538			266,673		207,951
Income from operations		80,329			52,517			148,121		99,688
Investment and other income:
Interest income and other		1,389			757			2,403		1,344
Nonqualified deferred compensation investment gain (loss)		(102	)		(39	)		15		31
Investment and other income		1,287			718			2,418		1,375
Income before provision for income taxes		81,616			53,235			150,539		101,063
Provision for income taxes		32,269			20,957			59,416		39,713
Net income	$	49,347		$	32,278		$	91,123	$	61,350
Net income per share (basic)	$	0.58		$	0.38		$	1.07	$	0.72
Net income per share (diluted)	$	0.57		$	0.37		$	1.05	$	0.71
Weighted average shares outstanding (basic)		85,118			84,677			85,028		84,638
Weighted average shares outstanding (diluted)		87,197			86,563			87,132		86,477

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CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited)

(In thousands)

	June 30, 2005		December 31, 2004
Assets
Current assets:
Cash and cash equivalents	$	156,947	$	166,476
Available-for-sale securities		122,411		121,600
Receivables, net		667,499		544,274
Other current assets		21,403		13,637
Total current assets		968,260		845,987
Property and equipment, net		57,940		51,122
Intangible and other assets		233,237		183,587
	$	1,259,437	$	1,080,696
Liabilities and stockholders’ investment
Current liabilities:
Accounts payable and outstanding checks	$	458,098	$	358,929
Accrued compensation		53,296		60,261
Other accrued expenses		33,435		33,629
Total current liabilities		544,829		452,819
Long term liabilities:
Deferred tax liability		4,260		4,153
Nonqualified deferred compensation obligation		3,040		2,868
Total long term liabilities		7,300		7,021
Total liabilities		552,129		459,840
Total stockholders’ investment		707,308		620,856
	$	1,259,437	$	1,080,696

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

(In thousands, except operational data)

	Six months ended June 30,
	2005			2004
Operating activities:
Net income	$	91,123		$	61,350
Depreciation and amortization		8,614			5,374
Other non-cash expenses		16,845			15,368
Net changes in operating elements		(36,734	)		(51,408	)
Net cash provided by operating activities		79,848			30,684
Investing activities:
Net property additions		(12,455	)		(15,697	)
Cash paid for acquisitions		(43,590	)		(9,112	)
Purchases of available-for-sale securities		(51,620	)		(26,390	)
Sales/maturities of available-for-sale securities		50,824			26,052
Other assets, net		(1,609	)		(837	)
Net cash used for investing activities		(58,450	)		(25,984	)
Financing activities:
Net repurchases of common stock		(4,560	)		(3,966	)
Cash dividends		(25,703	)		(20,499	)
Net cash used for financing activities		(30,263	)		(24,465	)
Effect of exchange rates on cash		(664	)		(1,779	)
Net decrease in cash and cash equivalents		(9,529	)		(21,544	)
Cash and cash equivalents, beginning of period		166,476			123,413
Cash and cash equivalents, end of period	$	156,947		$	101,869

	As of June 30,
Operational Data:	2005	2004
Employees	5,368		4,410
Branches	178		162

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