DELAWARE | 001-34734 | 20-2454942 | ||
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||
4900 S. PENNSYLVANIA AVE. CUDAHY, WISCONSIN | 53110 | |||
(Address of Principal Executive Offices) | (Zip Code) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02. | Results of Operations and Financial Condition. | |
We are furnishing this Current Report on Form 8-K in connection with the disclosure of information, in the form of the textual information from a press release issued on February 4, 2015. | ||
The information in this Current Report on Form 8-K (including the exhibit) is furnished pursuant to Item 2.02 and shall not be deemed to be “filed” for the purpose 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 incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing. | ||
We do not have, and expressly disclaim, any obligation to release publicly any updates or any changes in our expectations or any change in events, conditions, or circumstances on which any forward-looking statement is based. | ||
The text included with this Current Report is available on our website located at www.rrts.com, although we reserve the right to discontinue that availability at any time. |
Item 9.01. | Financial Statements and Exhibits. | |
(a) | Financial Statements of Business Acquired. | |
Not applicable. | ||
(b) | Pro Forma Financial Information. | |
Not applicable. | ||
(c) | Shell Company Transactions. | |
Not applicable. | ||
(d) | Exhibits. | |
Exhibit | ||
Number | ||
99.1 | Press Release entitled “Roadrunner Transportation Systems Reports 2014 Fourth Quarter and Year-end Results and Announces First Quarter 2015 Guidance" |
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. |
ROADRUNNER TRANSPORTATION SYSTEMS, INC. | ||||||
Date: February 4, 2015 | By: | /s/ Peter R. Armbruster | ||||
Peter R. Armbruster | ||||||
Chief Financial Officer |
Exhibit | ||
Number | Description | |
99.1 | Press Release entitled “Roadrunner Transportation Systems Reports 2014 Fourth Quarter and Year-end Results and Announces First Quarter 2015 Guidance" |
• | Revenues increased 45.1% to $532.5 million; |
• | Net income available to common stockholders increased 10.4% to $12.4 million; |
• | Earnings before interest, taxes, depreciation, and amortization ("EBITDA") increased 39.8% to $32.5 million; |
• | Diluted earnings per share available to common stockholders increased 10.3% to $0.32; and |
• | Diluted earnings per share increased 28.0% when excluding the $0.04 diluted earnings per share benefit in 2013 due to a 29.2% effective tax rate in 2013 compared to a 37.4% effective tax rate in 2014. |
Three Months Ended | Twelve Months Ended | |||||||||||||||
(In thousands, except per share data) | December 31, | December 31, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Revenues | $ | 532,519 | $ | 366,967 | $ | 1,872,816 | $ | 1,361,410 | ||||||||
Purchased transportation costs | $ | 366,407 | $ | 256,854 | $ | 1,293,006 | $ | 944,275 | ||||||||
Depreciation and amortization | 8,290 | 5,081 | 25,078 | 16,311 | ||||||||||||
Other operating expenses | 133,608 | 86,863 | 456,741 | 314,610 | ||||||||||||
Acquisition transaction expenses | — | — | 2,305 | 851 | ||||||||||||
Operating income | $ | 24,214 | $ | 18,169 | $ | 95,686 | $ | 85,363 | ||||||||
Net income available to common stockholders | $ | 12,379 | $ | 11,214 | $ | 51,974 | $ | 48,996 | ||||||||
Weighted average diluted common stock outstanding | 39,151 | 39,152 | 39,259 | 37,913 | ||||||||||||
Diluted earnings per share available to common stockholders | $ | 0.32 | $ | 0.29 | $ | 1.32 | $ | 1.29 |
Three Months Ended | Twelve Months Ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
(In thousands) | |||||||||||||||
Net income | $ | 12,379 | $ | 11,214 | $ | 51,974 | $ | 48,996 | |||||||
Plus: Provision for income taxes | 7,408 | 4,635 | 30,349 | 28,484 | |||||||||||
Plus: Interest expense | 4,427 | 2,320 | 13,363 | 7,883 | |||||||||||
Plus: Depreciation and amortization | 8,290 | 5,081 | 25,078 | 16,311 | |||||||||||
EBITDA | $ | 32,504 | $ | 23,250 | $ | 120,764 | $ | 101,674 |
Three Months Ended December 31, | Twelve Months Ended December 31 | ||||||||||||||||||||
2014 | 2013 | % Change | 2014 | 2013 | % Change | ||||||||||||||||
Operating ratio | 98.0 | 96.1 | 96.0 | 93.4 | |||||||||||||||||
Tonnage (in thousands of tons) | 371.9 | 373.1 | (0.3 | %) | 1,568.9 | 1,553.7 | 1.0 | % | |||||||||||||
Shipments (in thousands) | 596.2 | 576.1 | 3.5 | % | 2,457.4 | 2,404.8 | 2.2 | % | |||||||||||||
Revenue per hundredweight (incl. fuel) | $ | 18.92 | $ | 17.97 | 5.3 | % | $ | 18.37 | $ | 17.93 | 2.5 | % | |||||||||
Revenue per hundredweight (excl. fuel) | $ | 15.86 | $ | 14.82 | 7.0 | % | $ | 15.18 | $ | 14.72 | 3.1 | % | |||||||||
Weight per shipment (lbs.) | 1,248 | 1,295 | (3.6 | %) | 1,277 | 1,292 | (1.2 | %) | |||||||||||||
Linehaul cost per mile (excl. fuel) | $ | 1.29 | $ | 1.24 | 4.0 | % | $ | 1.28 | $ | 1.24 | 3.2 | % | |||||||||
Note: Other than operating ratio, the statistics above do not include (i) adjustments for undelivered freight required for financial statement purposes in accordance with Roadrunner's revenue recognition policy; and (ii) non-LTL related business captured within the LTL segment. |
• | EBITDA does not reflect our cash expenditures, future requirements for capital expenditures, or contractual commitments; |
• | EBITDA does not reflect changes in, or cash requirements for, our working capital needs; |
• | EBITDA does not reflect the significant interest expense or the cash requirements necessary to service interest or principal payments on our debt; |
• | although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and EBITDA does not reflect any cash requirements for such replacements; and |
• | other companies in our industry may calculate EBITDA differently than we do, limiting its usefulness as a comparative measure. |
Three Months Ended | Twelve Months Ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Revenues | $ | 532,519 | $ | 366,967 | $ | 1,872,816 | $ | 1,361,410 | |||||||
Operating expenses: | |||||||||||||||
Purchased transportation costs | 366,407 | 256,854 | 1,293,006 | 944,275 | |||||||||||
Personnel and related benefits | 64,505 | 39,816 | 213,079 | 151,158 | |||||||||||
Other operating expenses | 69,103 | 47,047 | 243,662 | 163,452 | |||||||||||
Depreciation and amortization | 8,290 | 5,081 | 25,078 | 16,311 | |||||||||||
Acquisition transaction expenses | — | — | 2,305 | 851 | |||||||||||
Total operating expenses | 508,305 | 348,798 | 1,777,130 | 1,276,047 | |||||||||||
Operating income | 24,214 | 18,169 | 95,686 | 85,363 | |||||||||||
Interest expense | 4,427 | 2,320 | 13,363 | 7,883 | |||||||||||
Income before provision for income taxes | 19,787 | 15,849 | 82,323 | 77,480 | |||||||||||
Provision for income taxes | 7,408 | 4,635 | 30,349 | 28,484 | |||||||||||
Net income available to common stockholders | $ | 12,379 | $ | 11,214 | $ | 51,974 | $ | 48,996 | |||||||
Earnings per share available to common stockholders: | |||||||||||||||
Basic | $ | 0.33 | $ | 0.30 | $ | 1.37 | $ | 1.36 | |||||||
Diluted | $ | 0.32 | $ | 0.29 | $ | 1.32 | $ | 1.29 | |||||||
Weighted average common stock outstanding: | |||||||||||||||
Basic | 37,925 | 37,518 | 37,852 | 36,133 | |||||||||||
Diluted | 39,151 | 39,152 | 39,259 | 37,913 |
December 31, 2014 | December 31, 2013 | ||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 11,345 | $ | 5,438 | |||
Accounts receivable, net of allowances of $4,209 and $2,957, respectively | 284,379 | 171,165 | |||||
Deferred income taxes | 8,607 | 1,847 | |||||
Prepaid expenses and other current assets | 46,658 | 35,010 | |||||
Total current assets | 350,989 | 213,460 | |||||
Property and equipment, net of accumulated depreciation of $47,629 and $30,869, respectively | 146,850 | 96,558 | |||||
Other assets: | |||||||
Goodwill and intangible assets, net | 749,530 | 550,106 | |||||
Other noncurrent assets | 10,451 | 11,756 | |||||
Total other assets | 759,981 | 561,862 | |||||
Total assets | $ | 1,257,820 | $ | 871,880 | |||
LIABILITIES AND STOCKHOLDERS’ INVESTMENT | |||||||
Current liabilities: | |||||||
Current maturities of long-term debt | $ | 10,000 | $ | 10,938 | |||
Accounts payable | 118,743 | 67,141 | |||||
Accrued expenses and other liabilities | 42,352 | 33,271 | |||||
Total current liabilities | 171,095 | 111,350 | |||||
Long-term debt, net of current maturities | 420,000 | 181,702 | |||||
Other long-term liabilities | 107,950 | 78,463 | |||||
Total liabilities | 699,045 | 371,515 | |||||
Stockholders’ investment: | |||||||
Common stock $.01 par value; 100,000 shares authorized; 37,925 and 37,564 shares issued and outstanding | 379 | 376 | |||||
Additional paid-in capital | 390,725 | 384,292 | |||||
Retained earnings | 167,671 | 115,697 | |||||
Total stockholders’ investment | 558,775 | 500,365 | |||||
Total liabilities and stockholders’ investment | $ | 1,257,820 | $ | 871,880 |
Three Months Ended | Twelve Months Ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Net income | $ | 12,379 | $ | 11,214 | $ | 51,974 | $ | 48,996 | |||||||
Plus: Provision for income taxes | 7,408 | 4,635 | 30,349 | 28,484 | |||||||||||
Plus: Interest expense | 4,427 | 2,320 | 13,363 | 7,883 | |||||||||||
Operating income | |||||||||||||||
TL | 19,686 | 11,523 | 66,186 | 43,385 | |||||||||||
LTL | 2,827 | 5,221 | 22,981 | 36,914 | |||||||||||
TMS | 5,651 | 3,819 | 21,924 | 14,742 | |||||||||||
Corporate | (3,950 | ) | (2,394 | ) | (15,405 | ) | (9,678 | ) | |||||||
Total | 24,214 | 18,169 | 95,686 | 85,363 | |||||||||||
Plus: Depreciation and amortization | |||||||||||||||
TL | 5,838 | 3,072 | 16,888 | 11,143 | |||||||||||
LTL | 756 | 859 | 3,287 | 3,255 | |||||||||||
TMS | 1,399 | 1,022 | 3,732 | 1,665 | |||||||||||
Corporate | 297 | 128 | 1,171 | 248 | |||||||||||
Total | 8,290 | 5,081 | 25,078 | 16,311 | |||||||||||
EBITDA | |||||||||||||||
TL | 25,524 | 14,595 | 83,074 | 54,528 | |||||||||||
LTL | 3,583 | 6,080 | 26,268 | 40,169 | |||||||||||
TMS | 7,050 | 4,841 | 25,656 | 16,407 | |||||||||||
Corporate | (3,653 | ) | (2,266 | ) | (14,234 | ) | (9,430 | ) | |||||||
Total EBITDA | $ | 32,504 | $ | 23,250 | $ | 120,764 | $ | 101,674 |
Twelve Months Ended | ||||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Acquired companies revenues for the period prior to acquisition | $ | 230,877 | $ | 524,889 | ||||
Consolidated revenues | 1,872,816 | 1,361,410 | ||||||
Pro forma revenues | $ | 2,103,693 | $ | 1,886,299 |
Twelve Months Ended | ||||
December 31, 2014 | ||||
Acquired companies net income for the period prior to acquisition | $ | 7,804 | ||
Plus: Provision for income taxes | 4,927 | |||
Plus: Interest expense | 3,363 | |||
Plus: Depreciation and amortization | 5,607 | |||
Acquired companies EBITDA for the period prior to acquisition | 21,701 | |||
Consolidated EBITDA | 120,764 | |||
Pro Forma EBITDA | 142,465 | |||
Plus: Acquisition transaction expenses | 2,305 | |||
Pro forma adjusted EBITDA | $ | 144,770 |
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