-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, GpNA6nj0dF49zWzvowRQcwaBXrDCLh6QuecYUl1HcFYCCpnwd8gtfMTDJ6ZkcCjr XJ7DGyzHYUg983+p4zr/KQ== 0000950115-99-000752.txt : 19990518 0000950115-99-000752.hdr.sgml : 19990518 ACCESSION NUMBER: 0000950115-99-000752 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990331 FILED AS OF DATE: 19990517 FILER: COMPANY DATA: COMPANY CONFORMED NAME: JEVIC TRANSPORTATION INC CENTRAL INDEX KEY: 0001044066 STANDARD INDUSTRIAL CLASSIFICATION: TRUCKING (NO LOCAL) [4213] IRS NUMBER: 222373402 STATE OF INCORPORATION: NJ FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-23095 FILM NUMBER: 99626358 BUSINESS ADDRESS: STREET 1: 600 CREEK RD P O BOX 5157 CITY: DELANCO STATE: NJ ZIP: 08075 BUSINESS PHONE: 6094617111 10-Q 1 QUARTERLY REPORT - -------------------------------------------------------------------------------- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended March 31, 1999 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____________ to _____________ Commission file number 000-23095 JEVIC TRANSPORTATION, INC. ---------------------------------------------------- (Exact name of registrant as specified in its charter) New Jersey 22-2373402 ----------------------------- ---------------------------------- (State or other jurisdiction of (I.R.S. Employer Identification No.) incorporation or organization) 600 Creek Road, Delanco, NJ 08075 -------------------------------------- --------------- (Address of principal executive offices) (Zip Code) 609-461-7111 -------------------------------------------------- (Registrant's telephone number, including area code) N/A ---------------------------------------------------------- (Former name, former address and former fiscal year, if changed since last report) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. [X] Yes [_] No Common Equity, no par value, 10,733,847 shares outstanding as of April 30, 1999, consisting of two series: Class A Common Stock, no par value, 5,739,544 shares outstanding as of April 30, 1999 Common Stock, no par value, 4,994,303 shares outstanding as of April 30, 1999 - -------------------------------------------------------------------------------- JEVIC TRANSPORTATION, INC. AND SUBSIDIARIES INDEX Page ---- Part I. Financial Information Item 1. Consolidated Financial Statements (unaudited) Consolidated Balance Sheets--March 31, 1999 and December 31, 1998 1 Consolidated Statements of Income--Three months ended March 31, 1999 and 1998 2 Consolidated Statements of Cash Flows-- Three months ended March 31, 1999 and 1998 3 Notes to Consolidated Financial Statements 4 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 5 Item 3. Quantitative and Qualitative Disclosure about Market Risk 10 Part II. Other Information Item 6. Exhibits and reports on Form 8-K (a) Exhibits 27.1 Financial Data Schedule (b) Reports on Form 8-K None. Item 1. Consolidated Financial Statements JEVIC TRANSPORTATION, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (in thousands, except share information)
March 31, December 31, 1999 1998 ----------- ----------- (unaudited) ASSETS CURRENT ASSETS: Cash and cash equivalents ......................................... $ 3,337 $ 82 Accounts receivable, less allowance for doubtful accounts of $1,235 and $1,105 ..................................................... 29,138 24,733 Prepaid expenses and other ........................................ 5,052 6,058 Deferred income taxes ............................................. 1,451 1,452 -------- -------- Total current assets ..................................... 38,978 32,325 PROPERTY AND EQUIPMENT, net ........................................... 124,603 114,006 OTHER ASSETS .......................................................... 1,223 1,508 -------- -------- $164,804 $147,839 ======== ======== LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Current portion of long-term debt ................................. $ 2,679 $ 2,627 Line of credit .................................................... 9,500 3,000 Accounts payable .................................................. 9,150 6,705 Accrued salaries, wages and benefits .............................. 5,929 2,918 Other accrued expenses ............................................ 6,315 4,621 Claims and insurance reserves ..................................... 3,870 3,533 Accrued income taxes .............................................. 510 163 Deferred freight revenues ......................................... 2,656 2,268 -------- -------- Total current liabilities ............................... 40,609 25,835 -------- -------- LONG-TERM DEBT ........................................................ 30,409 31,008 -------- -------- DEFERRED INCOME TAXES ................................................. 15,814 15,641 -------- -------- OTHER LIABILITIES ..................................................... 37 50 -------- -------- COMMITMENTS AND CONTINGENCIES SHAREHOLDERS' EQUITY: Preferred stock, no par value, 10,000,000 shares authorized; none issued and outstanding .......................................... -- -- Common stock, no par value, 40,000,000 shares authorized; 4,994,303 and 4,976,197 issued and outstanding, respectively .............. -- -- Class A common stock, no par value, 10,000,000 shares authorized; 5,739,544 shares issued and outstanding ......................... -- -- Additional paid-in capital ........................................ 72,361 72,263 Retained earnings ................................................. 5,574 3,042 -------- -------- Total shareholders' equity .............................. 77,935 75,305 -------- -------- $164,804 $147,839 ======== ========
The accompanying notes are an integral part of these statements. JEVIC TRANSPORTATION, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (in thousands, except per share information) (unaudited) Three Months Ended March 31, ---------------------------- 1999 1998 -------- -------- OPERATING REVENUES ..................... $ 65,832 $ 54,899 -------- -------- OPERATING EXPENSES: Salaries, wages and benefits ....... 34,341 27,729 Supplies and other expenses ........ 10,645 9,551 Purchased transportation ........... 7,464 6,360 Depreciation and amortization ...... 4,373 3,545 Operating taxes and licenses ....... 3,101 2,551 Insurance and claims ............... 954 1,350 Loss on sale of equipment .......... 30 4 -------- -------- 60,908 51,090 -------- -------- Operating income .............. 4,924 3,809 INTEREST EXPENSE, net .................. 731 254 OTHER INCOME, net ...................... (54) (29) -------- -------- Income before income taxes .... 4,247 3,584 INCOME TAXES ........................... 1,715 1,362 -------- -------- NET INCOME ............................. $ 2,532 $ 2,222 ======== ======== Basic net income per share ......... $ 0.24 $ 0.21 ======== ======== Diluted net income per share ....... $ 0.24 $ 0.20 ======== ======== The accompanying notes are an integral part of these statements. 2 JEVIC TRANSPORTATION, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited)
Three Months Ended March 31, --------------------------- 1999 1998 -------- -------- OPERATING ACTIVITIES: Net income .......................................................... $ 2,532 $ 2,222 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization ................................. 4,373 3,545 Loss on sale of equipment ..................................... 30 4 Provision for bad debts ....................................... 224 91 Deferred income tax provision ................................. -- 426 Changes in assets and liabilities-- Increase in accounts receivable ........................... (4,629) (787) Decrease in prepaid expenses and other .................... 1,178 83 Decrease (increase) in other assets ....................... 276 (257) Increase in accounts payable and accrued expenses ......... 7,199 1,420 Increase in claims and insurance reserves ................. 338 595 Increase (decrease) in accrued income taxes ............... 285 (583) Increase in deferred freight revenues ..................... 388 118 -------- -------- Net cash provided by operating activities ............... 12,194 6,877 -------- -------- INVESTING ACTIVITIES: Proceeds from sale of equipment ..................................... 40 147 Capital expenditures ................................................ (15,031) (9,394) -------- -------- Net cash used in investing activities ................... (14,991) (9,247) -------- -------- FINANCING ACTIVITIES: Net borrowings on line of credit .................................... 6,500 -- Payments of long-term debt .......................................... (547) (488) Proceeds from Employee Stock Purchase Plan .......................... 99 100 -------- -------- Net cash provided by (used in) financing activities ..... 6,052 (388) -------- -------- NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS ................................................ 3,255 (2,758) CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD ................................................. 82 7,185 -------- -------- CASH AND CASH EQUIVALENTS, END OF PERIOD ................................ $ 3,337 $ 4,427 ======== ========
The accompanying notes are an integral part of these statements. 3 JEVIC TRANSPORTATION, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) 1. Basis of Presentation The accompanying unaudited consolidated financial statements of Jevic Transportation, Inc. and subsidiaries (the "Company") have been prepared in accordance with generally accepted accounting principles for interim financial reporting and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for fair presentation have been included. Operating results for the three months ended March 31, 1999, are not necessarily indicative of the results that may be expected for the year ended December 31, 1999. For further information, refer to the financial statements and footnotes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 1998. 2. Earnings Per Share Basic and diluted net income per share have been computed under the guidelines of Statement of Financial Accounting Standards No. 128, "Earnings per Share." Basic net income per share is computed by dividing net income by the weighted average number of shares of common stock outstanding for the period. Diluted net income per share is computed by dividing net income by the weighted average number of shares of common stock outstanding for the period, adjusted for the dilutive effect of common stock equivalents, consisting of dilutive common stock options using the treasury stock method. The table below sets forth the reconciliation of basic to diluted net income per share (in thousands):
Three Months Ended March 31, -------------------------------------------------------- 1999 1998 -------------------------- ------------------------- Per Per Net Share Net Share Income Shares Amount Income Shares Amount ------ ------ ------ ------ ------ ------ Basic net income per share $2,532 10,725 $0.24 $2,222 10,662 $ 0.21 Effect of dilutive securities -- 1 -- -- 206 (0.01) ------ ------- ------ ------ ------ ------ Diluted net income per share $2,532 10,726 $0.24 $2,222 10,868 $ 0.20 ====== ====== ===== ====== ====== ======
4 3. Computer Software Costs In March 1998, the American Institute of Certified Public Accountants issued Statement of Position ("SOP") 98-1, "Accounting for the Costs of Software Developed or Obtained for Internal Use." This statement requires for financial statements with fiscal years beginning after December 15, 1998, that certain costs related to the development or purchase of internal-use software be capitalized and amortized over the estimated useful life of the software, and also requires that costs related to the preliminary project stage and post implementation/operations stage in an internal-use software development project be charged to expense as incurred. During the three months ended March 31, 1999, the Company capitalized approximately $230,000 of internally developed software costs related to an ongoing systems project. Such costs included approximately $140,000 of wages and benefits for software developers employed by the Company and approximately $90,000 paid to outside consultants. These costs will be amortized over the estimated useful life of the software beginning when the new system is placed in service in 1999. Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Overview Jevic was founded in 1981 after the deregulation of the trucking industry, and has developed an operating system that combines the high revenue yield characteristics of a typical LTL carrier with the operating flexibility and low fixed costs of a truckload carrier. Most other motor carriers have continued to specialize as either truckload, moving one shipment at a time, or less-than-truckload, moving multiple small shipments through networks of up to 500 terminals. The Company's system uses a small number of regional facilities that serve as origination points for consolidation of both small and large shipments. The shipments are then loaded onto line-haul trailers in a sequence that permits direct unloading at each shipment's destination, eliminating the need to rehandle individual shipments at one or more breakbulk terminals. Management focuses on adjusting freight mix to maximize asset utilization. The Company maintains a high percentage of variable costs in order to minimize the impact of short-term swings in demand. 5 Results of Operations The following table sets forth for the periods indicated the percentage of operating revenues represented by certain items in the Company's statements of income: Three Months Ended March 31, -------------------- 1999 1998 ------ ------ Operating revenues 100.0% 100.0% ------ ------ Operating expenses: Salaries, wages and benefits.................... 52.2 50.5 Supplies and other expenses..................... 16.2 17.4 Purchased transportation........................ 11.3 11.6 Depreciation and amortization................... 6.6 6.5 Operating taxes and licenses.................... 4.7 4.6 Insurance and claims............................ 1.5 2.5 Loss on sale of equipment....................... 0.0 0.0 ------ ------ 92.5 93.1 ------ ------ Operating income.................................... 7.5 6.9 Interest expense, net............................... 1.1 0.5 Other income, net................................... (0.1) (0.1) ------ ------ Income before income taxes.......................... 6.5% 6.5% ====== ====== Three Months Ended March 31, 1999 Compared to Three Months Ended March 31, 1998 Operating Revenues Operating revenues increased 19.9% for the three months ended March 31, 1999 to $65.8 million from $54.9 million for the comparable period of 1998. The increase resulted primarily from a 19.5% increase in total shipments. Operating Expenses Operating expenses increased 19.2% to $60.9 million for the three months ended March 31, 1999 from $51.1 million for the comparable period of 1998. As a percentage of operating revenues, operating expenses decreased to 92.5% for the three months ended March 31, 1999 from 93.1% for the comparable period of 1998. This increase in operating expenses is primarily due to increased revenues, as the majority of the Company's operating expenses are variable in nature. The percentage decrease was primarily due to reductions in the supplies and other expenses and insurance and claims categories as a percentage of operating revenues, offset by an increase in salaries, wages and benefits as a percentage of revenues. 6 Salaries, wages and benefits increased 23.8% to $34.3 million for the three months ended March 31, 1999 from $27.7 million for the comparable period of 1998. As a percentage of operating revenues, salaries, wages and benefits increased to 52.2% for the three months ended March 31, 1999 from 50.5% for the comparable period of 1998. This percentage increase was primarily due to the Company's increased use of company drivers in 1999 instead of owner-operators. Supplies and other expenses, which primarily consist of operating leases, fuel, tolls, tires, parts and bad debt expense, increased 10.4% to $10.6 million for the three months ended March 31, 1999 from $9.6 million for the comparable period of 1998. As a percentage of operating revenues, supplies and other expenses decreased to 16.2% for the three months ended March 31, 1999 from 17.4% for the comparable period of 1998. This percentage decrease was primarily due to the Company's continuing shift toward the purchase of revenue equipment rather than leasing such equipment under operating leases and lower fuel prices. Purchased transportation increased 17.2% to $7.5 million for the three months ended March 31, 1999 from $6.4 million for the comparable period of 1998. As a percentage of operating revenues, purchased transportation decreased to 11.3% for the three months ended March 31, 1999 from 11.6% for the comparable period of 1998. The decrease was primarily due to the reduction in the use of owner-operators, with owner-operator earnings decreasing to 4.5% of revenues in 1999 from 6.5% in 1998. Offsetting this decrease were increases in the use of outside line-haul purchased transportation and local cartage. Depreciation and amortization expense increased 25.7% to $4.4 million for the three months ended March 31, 1999 from $3.5 million for the comparable period of 1998. As a percentage of operating revenues, depreciation and amortization increased to 6.6% for the three months ended March 31, 1999 from 6.5% for the comparable period of 1998. The increase was primarily attributable to buildings constructed and placed in service during the fourth quarter of 1998. Operating taxes and licenses increased 19.2% to $3.1 million for the three months ended March 31, 1999 from $2.6 million for the comparable period of 1998. As a percentage of operating revenues, operating taxes and licenses increased to 4.7% for the three months ended March 31, 1999 from 4.6% for the comparable period of 1998. This percentage increase was due to the increased use of company drivers and company vehicles. Insurance and claims decreased 23.1% to $1.0 million for the three months ended March 31, 1999 from $1.3 million for the comparable period of 1998. As a percentage of operating revenues, insurance and claims decreased to 1.5% for the three months ended March 31, 1999 from 2.5% for the comparable period of 1998. The percentage decrease was attributable to favorable premiums on public liability and property damage insurance coverages due to the Company's experience that were effective April 1, 1998. Interest Expense Interest expense increased 133.3% to $700,000 for the three months ended March 31, 1999 from $300,000 for the comparable period of 1998. As a percentage of operating revenues, interest expense increased to 1.1% for the three months ended March 31, 1999 from 0.5% for the comparable period of 1998. Interest expense increased due to the Company incurring additional long term debt since the first quarter of 1998 resulting in higher interest expense and a concurrent decrease in interest income. 7 Liquidity and Capital Resources The Company's primary sources of liquidity have been funds provided by operations, equipment leases and bank borrowings. Net cash provided by operating activities was approximately $12.2 million for the first three months of 1999 compared to $6.9 million for the corresponding period in 1998. The increase in cash provided by operations is attributable to the Company's increased income before depreciation and amortization expense in 1999 and the timing of certain payments, resulting in increased accounts payable, offset by an increase in accounts receivable. Capital expenditures, net of trade-in allowances, totaled approximately $15.0 million during the first three months of 1998 compared to $9.4 million in the comparable period of 1998. For the three months ended March 31, 1999, the $15.0 million of capital expenditures were comprised of $13.9 million of revenue equipment and $1.1 million of other equipment. The Company generally purchases new line-haul tractors and replaces them after three years. Regional and local tractors are replaced after five years, depending on levels of use. The Company generated cash proceeds from sales of used tractors of $40,000 in the three months ended March 31, 1999 versus $147,000 in the comparable period of the prior year. Net cash provided by financing activities was approximately $6.1 million for the three months ended March 31, 1999 compared to net cash used of $400,000 for the comparable period of 1998. At March 31, 1999, total borrowings under long-term debt totaled $33.1 million, maturing through 2007, and obligations relating to operating leases totaled $7.0 million through 2013, of which $1.7 million related to a facility lease with the Company's founders. Jevic is a party to a $35 million credit facility with First Union National Bank. The credit facility includes a $10 million working capital revolving line of credit, with borrowings limited to 80% of the Company's eligible accounts receivable, as defined, and a $25 million equipment revolving line of credit used to purchase or refinance revenue equipment. At March 31, 1999, there was no outstanding amount under the equipment revolver, $9.5 million outstanding under the working capital revolver and an additional $450,000 of outstanding standby letters of credit under the working capital revolver. The equipment revolving line of credit is secured by a first priority, perfected security interest in the revenue equipment purchased or refinanced. The rate of interest on both lines of credit is, at the Company's election, either the Bank's base rate (higher of the Federal Funds Rate plus 1/2 of 1% or the prime commercial lending rate of First Union) or a rate based on the London Interbank Offered Rate (LIBOR). The working capital line of credit expires in June 2003; the equipment line of credit expires in June 2000. The agreement allows the Company to convert outstanding amounts under the equipment revolver to term loans if the line of credit is not renewed. The credit facility contains covenants made by the Company, which limit its ability to make business acquisitions and pay dividends on its capital stock, including the Common Stock, among other things. Jevic is also a party to an $18 million credit facility with PNC Bank. The credit facility includes an $8 million working capital revolving line of credit, with borrowings limited to 80% of the Company's eligible accounts receivable, as defined, and a $10 million equipment revolving line of credit used to purchase or refinance revenue equipment. At March 31, 1999, there were no borrowings under the equipment revolver and no borrowings under the working capital revolver. The equipment revolving line of credit is secured by a first priority, perfected security interest in the revenue equipment purchased or refinanced. The rate of interest on both lines of credit is, at the Company's election, either the Bank's base rate (higher of the Federal Funds Rate plus 1/2 of 1% or the prime commercial lending rate of PNC) or a rate based on the London Interbank Offered Rate (LIBOR). The working capital line of credit expires in July 2000; the equipment line of credit expires in July 1999. The agreement allows the Company to convert outstanding amounts under the equipment revolver to term loans at its discretion or 8 if the line of credit is not renewed. At March 31, 1999, $9.8 million in outstanding balances had been converted to term loans with maturities to November 2002. The credit facility contains covenants made by the Company, which limit its ability to make business acquisitions and pay dividends on its capital stock, including the Common Stock, among other things. The Company believes that its cash and cash equivalents, funds generated from operations and available borrowings under its current or future credit facilities will be sufficient to fund the Company's activities at least through 2000. While the Company may pursue selective acquisitions of businesses that are complementary with its operations, the Company currently does not have any commitments or agreements for any business acquisitions. Inflation The Company does not believe that inflation has had a material impact on its results of operations for the past three years. Seasonality In the trucking industry, revenues generally follow a seasonal pattern as customers reduce shipments during and after the winter holiday season. In addition, highway transportation can be adversely affected depending upon the severity of the weather in various sections of the country during the winter months. The Company's operating expenses have historically been higher in winter months, due primarily to decreased fuel efficiency and increased maintenance costs for revenue equipment in colder weather. Accordingly, the Company's results of operations may fluctuate to reflect such seasonality. Year 2000 Costs Many computer systems were not designed to handle dates beyond the year 1999, and, therefore, computer hardware and software will need to be modified prior to the year 2000 in order to remain functional. If the hardware and software are not Year 2000 compliant, system failures could occur which could prevent the Company from conducting business. The Company has established a Year 2000 team consisting of management and information technology employees to identify and address Year 2000 issues. This team is responsible for ascertaining the Year 2000 compliance of the Company's own computer systems, as well as determining the compliance level of the Company's vendors and customers. The team is also responsible for establishing contingency plans in the event that mission critical systems, vendors or customers are not able to reach Year 2000 compliance. The Company is in the process of upgrading its primary computer platform in order to provide increased enterprise computing and additional disaster recovery capabilities. This new system was designed to be Year 2000 compliant and is anticipated to be fully operational as of August 31, 1999. The Company's Year 2000 team has assessed the level of Year 2000 compliance of the Company's other computer hardware and software components. The assessment included analyzing the compatibility of all personal computers and their operating systems, as well as all third party software packages currently used by the Company. The Company is currently taking the actions required to bring all personal computers and software packages into Year 2000 compliance. Management does not expect 9 the costs associated with any required conversions of such other systems to ensure Year 2000 compliance to be significant. The Company has contacted its mission critical vendors requesting information regarding their Year 2000 compliance. Significant customers have also been contacted to determine the extent of their Year 2000 compliance. The Company has not received sufficient information to properly assess whether vendors and customers will be Year 2000 compliant in time to avoid business interruptions. In the event that any of the Company's significant vendors or customers do not successfully achieve Year 2000 compliance on a timely basis, the Company's business or operations could be adversely affected. Assuming substantial Year 2000 compliance by the Company's significant vendors and customers, the Company does not expect Year 2000 related expenditures to have a material adverse impact on its financial condition or results of operations. Cautionary Statement for Forward Looking Information Statements included in this Management's Discussion and Analysis of Financial Condition and Results of Operations may contain forward-looking statements. There are a number of risks and uncertainties that could cause actual results to differ materially from those anticipated by the statements made above. These include, but are not limited to, general economic factors, availability of employee drivers and owner-operators, capital requirements, competition, acquisition of revenue equipment, unionization, fuel, seasonality, claims exposure and insurance costs, difficulty in managing growth, regulation, environmental hazards and dependence on key personnel. Further information on these and other factors which could affect the Company's financial results can be found in the Company's periodic reports on forms 10-K and 10-Q. Item 3. Quantitative and Qualitative Disclosure about Market Risk There were no significant changes since December 31, 1998. 10 SIGNATURES Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on behalf by the undersigned, thereunto duly authorized, on the 17th day of May, 1999. JEVIC TRANSPORTATION, INC. By: /s/ ------------------------------ Harry J. Muhlschlegel Chief Executive Officer By: /s/ ------------------------------ Brian J. Fitzpatrick Senior Vice President and Chief Financial Officer 11 EX-27 2 FDS
5 3-MOS DEC-31-1999 JAN-01-1999 MAR-31-1999 3,337 0 30,373 1,235 0 38,978 167,198 42,595 164,804 40,609 0 0 0 72,361 5,574 164,804 65,832 65,832 0 60,908 (54) 0 731 4,247 1,715 2,532 0 0 0 2,532 0.24 0.24
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