0001193125-14-157136.txt : 20140424 0001193125-14-157136.hdr.sgml : 20140424 20140424161310 ACCESSION NUMBER: 0001193125-14-157136 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20140424 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20140424 DATE AS OF CHANGE: 20140424 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SWIFT TRANSPORTATION Co CENTRAL INDEX KEY: 0001492691 STANDARD INDUSTRIAL CLASSIFICATION: TRUCKING (NO LOCAL) [4213] IRS NUMBER: 205589597 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-35007 FILM NUMBER: 14781898 BUSINESS ADDRESS: STREET 1: 2200 SOUTH 75TH AVENUE CITY: PHOENIX STATE: AZ ZIP: 85043 BUSINESS PHONE: 602-269-9700 MAIL ADDRESS: STREET 1: 2200 SOUTH 75TH AVENUE CITY: PHOENIX STATE: AZ ZIP: 85043 FORMER COMPANY: FORMER CONFORMED NAME: SWIFT TRANSPORTATION CO DATE OF NAME CHANGE: 20101209 FORMER COMPANY: FORMER CONFORMED NAME: SWIFT TRANSPORTATION Co DATE OF NAME CHANGE: 20101129 FORMER COMPANY: FORMER CONFORMED NAME: SWIFT HOLDINGS CORP. DATE OF NAME CHANGE: 20100524 8-K 1 d714345d8k.htm FORM 8-K Form 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): April 24, 2014

 

 

Swift Transportation Company

(Exact name of Registrant as specified in charter)

 

 

 

Delaware   001-35007   20-5589597

(State or other jurisdiction

of incorporation)

  

(Commission

File Number)

  

(I.R.S. Employer

Identification Number)

2200 South 75th Avenue, Phoenix, Arizona   85043
(Address of principal executive offices)   (Zip Code)

Registrant’s telephone number, including area code: (602) 269-9700

N/A

(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 (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 

Item 8.01 Other Events.

During the first quarter of 2014, the Company reorganized its reportable segments to reflect management’s revised reporting structure of its lines of businesses following the integration of Central Refrigerated (“CRS”), which Swift acquired in August 2013. In association with the operational reorganization, the operations of CRS’s Trailer on Flat Car business will be reported within the Company’s Intermodal segment, and the operations of CRS’s logistics business, third-party leasing, and other services provided to owner-operators will be reported in the Company’s other non-reportable segment. Swift completed the integration of CRS in February 2014.

As a result of the above noted segment reorganization, on April 24, 2014, the Company posted on its website schedules providing recast quarterly financial information and operating statistics by segment, which reflects these changes as if the segment reorganization was effective January 1, 2012. These schedules recast the financial information and operating statistics for the quarterly periods ended March 31, 2012 through December 31, 2013 and for the years ended December 31, 2012 and 2013. This information may be presented in future filings on the Company’s Quarterly Reports on Form 10-Q and Annual Report on Form 10-K for applicable comparable periods and is therefore subject to change. A copy of the quarterly historical schedules are attached to this Current Report as Exhibit 99.1 through Exhibit 99.3 and are incorporated herein by reference.

The information in this Current Report is being furnished, not filed, under Item 8.01 in this Current Report on form 8-K.

 

Item 9.01 Financial Statements and Exhibits.

 

  (d) Exhibits.

 

Exhibit

Number

   

Description

Exhibit 99.1    Quarterly Financial Information by Segment for the two year period ended December 31, 2013 (Unaudited)
Exhibit 99.2    Quarterly Operating Statistics by Segment for the two year period ended December 31, 2013 (Unaudited)
Exhibit 99.3    Quarterly Adjusted Operating Income and Operating Ratio Reconciliation to Comparable GAAP Measures by Segment for the two year period ended December 31, 2013 (Unaudited)

SIGNATURES

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.

 

SWIFT TRANSPORTATION COMPANY
  By:  

/s/ VIRGINIA HENKELS

  Name:   VIRGINIA HENKELS
  Title:   Executive Vice President and Chief Financial Officer

Dated: April 24, 2014

EX-99.1 2 d714345dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

QUARTERLY FINANCIAL INFORMATION BY SEGMENT (UNAUDITED)(a)

FOR THE TWO YEAR PERIOD ENDED DECEMBER 31, 2013

(Amounts in thousands)

 

     Three Months Ended     Years Ended December 31,  
     3/31/2012     6/30/2012     9/30/2012     12/31/2012     3/31/2013     6/30/2013     9/30/2013     12/31/2013     2012     2013  

Operating revenue:

                     

Truckload

    $ 551,247        575,193        564,802        591,100        559,595        588,724        579,494        585,222      $ 2,282,342        2,313,035   

Dedicated

      171,539        181,873        182,843        188,150        179,226        182,651        184,550        192,502        724,405        738,929   

Central Refrigerated

      101,389        103,772        104,042        106,530        106,402        111,238        115,339        119,552        415,733        452,531   

Intermodal

      73,647        86,145        91,745        103,957        83,264        90,994        96,478        105,339        355,494        376,075   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Subtotal

      897,822        946,983        943,432        989,737        928,487        973,607        975,861        1,002,615        3,777,974        3,880,570   

Nonreportable segments (b)

      66,908        62,341        65,123        74,450        72,057        71,915        63,982        79,899        268,821        287,853   

Intersegment eliminations

      (20,912 )      (17,241 )      (15,931 )      (16,627 )      (18,936 )      (16,451 )      (7,716 )      (7,125 )      (70,710 )      (50,228 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Consolidated operating revenue

    $ 943,818        992,083        992,624        1,047,560        981,608        1,029,071        1,032,127        1,075,389      $ 3,976,085        4,118,195   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Operating income (loss):

                     

Truckload

    $ 46,554        67,994        53,818        77,639        42,403        64,614        58,053        60,893      $ 246,005        225,963   

Dedicated

      14,507        18,515        17,082        23,922        18,954        24,263        20,508        19,795        74,026        83,520   

Central Refrigerated

      3,710        6,445        4,516        6,663        4,721        5,660        3,422        3,879        21,334        17,682   

Intermodal (c)

      (3,806 )      141        (2,238 )      (583 )      (1,604 )      788        1,531        4,904        (6,486 )      5,619   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Subtotal

      60,965        93,095        73,178        107,641        64,474        95,325        83,514        89,471        334,879        332,784   

Nonreportable segments (b)

      2,608        1,954        4,012        8,363        5,244        4,941        906        13,084        16,937        24,175   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Consolidated operating income

    $ 63,573        95,049        77,190        116,004        69,718        100,266        84,420        102,555      $ 351,816        356,959   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Operating Ratio

                     

Truckload

      91.6 %      88.2 %      90.5 %      86.9 %      92.4 %      89.0 %      90.0 %      89.6 %      89.2 %      90.2 % 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Dedicated

      91.5 %      89.8 %      90.7 %      87.3 %      89.4 %      86.7 %      88.9 %      89.7 %      89.8 %      88.7 % 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Central Refrigerated

      96.3 %      93.8 %      95.7 %      93.7 %      95.6 %      94.9 %      97.0 %      96.8 %      94.9 %      96.1 % 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Intermodal (c)

      105.2 %      99.8 %      102.4 %      100.6 %      101.9 %      99.1 %      98.4 %      95.3 %      101.8 %      98.5 % 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Adjusted Operating Ratio (d):

                     

Truckload

      89.3 %      84.9 %      88.0 %      83.3 %      90.4 %      86.2 %      87.4 %      87.0 %      86.3 %      87.7 % 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Dedicated

      89.7 %      87.4 %      88.6 %      84.3 %      86.9 %      83.7 %      86.3 %      87.4 %      87.5 %      86.1 % 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Central Refrigerated

      95.2 %      91.8 %      94.4 %      91.9 %      94.2 %      93.5 %      96.3 %      96.0 %      93.3 %      95.1 % 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Intermodal (c)

      106.5 %      99.8 %      103.1 %      100.7 %      102.5 %      98.9 %      98.0 %      94.2 %      102.3 %      98.1 % 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

(a) In the first quarter of 2014, we reorganized out reportable segments to reflect our revised reporting structure of our lines of businesses following the integration of Central Refrigerated. In association with the organizational reorganization, the operations of Central Refrigerated’s Trailer on Flat Car (“TOFC”) business will be reported within our Intermodal segment and the operations of Central Refrigerated’s logistic business, third party leasing and other services provided to owner-operators will be reported within our other non-reportable segment. All prior period historical results related to the above noted segment reorganization have been retrospectively recast.
(b) Our nonreportable segments are comprised of our freight brokerage and logistics management services, IEL, insurance and shop activities.
(c) During 2012, our Intermodal reportable segment incurred an increase in its insurance and claims expense primarily related to one claim associated with a drayage accident, which increased the Intermodal Operating Ratio and Adjusted Operating Ratio by approximately 420 basis points and 530 basis points, respectively, for the three months ended March 31, 2012, 760 basis points and 970 basis points, respectively, for the three months ended September 30, 2012 and 280 basis points and 360 basis points, respectively, for the year ended December 31, 2012.
(d) See our reconciliation of Adjusted Operating Ratio by Segment at the schedule titled “Adjusted Operating Income and Operating Ratio Reconciliation by Segment”.
EX-99.2 3 d714345dex992.htm EX-99.2 EX-99.2

Exhibit 99.2

QUARTERLY OPERATING STATISTICS BY SEGMENT (UNAUDITED)(a)

FOR THE TWO YEAR PERIOD ENDED DECEMBER 31, 2013

 

     Three Months Ended     Years Ended December 31,  
     3/31/2012     6/30/2012     9/30/2012     12/31/2012     3/31/2013     6/30/2013     9/30/2013     12/31/2013     2012     2013  

Truckload:

                     

Weekly trucking revenue xFSR per tractor

    $ 3,028        3,169        3,174        3,292        3,182        3,270        3,212        3,366      $ 3,165        3,257   

Total loaded miles (b)

      262,549        268,905        266,328        267,557        261,850        274,830        267,607        262,854        1,065,339        1,067,141   

Deadhead miles percentage

      11.3 %      10.9 %      10.9 %      11.3 %      11.2 %      11.4 %      11.5 %      12.4 %      11.1 %      11.6 % 

Average tractors available for dispatch:

                     

Company

      7,683        7,599        7,327        7,425        7,494        7,733        7,552        7,220        7,508        7,500   

Owner-operator

      3,354        3,351        3,399        3,340        3,291        3,288        3,355        3,398        3,361        3,333   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total

      11,037        10,950        10,726        10,765        10,785        11,021        10,907        10,618        10,869        10,833   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Dedicated:

                     

Weekly trucking revenue xFSR per tractor

    $ 3,370        3,355        3,336        3,366        3,385        3,396        3,326        3,256      $ 3,357        3,339   

Average tractors available for dispatch:

                     

Company

      2,537        2,717        2,773        2,768        2,684        2,735        2,771        2,975        2,698        2,791   

Owner-operator

      668        664        646        671        643        632        663        700        663        660   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total

      3,205        3,381        3,419        3,439        3,327        3,367        3,434        3,675        3,361        3,451   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Central Refrigerated:

                     

Weekly trucking revenue xFSR per tractor

    $ 3,345        3,362        3,359        3,373        3,330        3,367        3,544        3,656      $ 3,360        3,474   

Total loaded miles (b)

      46,292        46,648        46,419        46,625        47,100        49,239        48,003        49,217        185,984        193,559   

Deadhead miles percentage

      12.0 %      12.4 %      12.4 %      12.8 %      12.1 %      12.4 %      13.4 %      13.4 %      12.4 %      12.8 % 

Average tractors available for dispatch:

                     

Company

      938        957        932        960        998        1,043        1,012        1,022        947        1,018   

Owner-operator

      837        851        885        889        907        947        964        988        865        951   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total

      1,775        1,808        1,817        1,849        1,905        1,990        1,976        2,010        1,812        1,970   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Intermodal:

                     

Average tractors available for dispatch:

                     

Company

      295        308        305        300        295        301        329        354        302        321   

Owner-operator

      —          —          1        7        18        29        48        69        2        41   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total

      295        308        306        307        313        330        377        423        304        362   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Load count

      32,276        37,359        39,762        42,840        35,639        39,124        41,747        44,132        152,237        160,642   

Average Container Count

      6,317        6,489        7,403        8,628        8,717        8,717        8,717        8,717        7,209        8,717   

 

(a) In the first quarter of 2014, we reorganized out reportable segments to reflect our revised reporting structure of our lines of businesses following the integration of Central Refrigerated. In association with the organizational reorganization, the operations of Central Refrigerated’s Trailer on Flat Car (“TOFC”) business will be reported within our Intermodal segment and the operations of Central Refrigerated’s logistic business, third party leasing and other services provided to owner-operators will be reported within our other non-reportable segment. All prior period historical results related to the above noted segment reorganization have been retrospectively recast.
(b) Total loaded miles presented in thousands.
EX-99.3 4 d714345dex993.htm EX-99.3 EX-99.3

Exhibit 99.3

QUARTERLY ADJUSTED OPERATING INCOME AND OPERATING RATIO RECONCILIATION

TO COMPARABLE GAAP MEASURES BY SEGMENT (UNAUDITED) (a)

FOR THE TWO YEAR PERIOD ENDED DECEMBER 31, 2013

(Amounts in thousands)

 

     Three Months Ended     Years Ended December 31,  
     3/31/2012     6/30/2012     9/30/2012     12/31/2012     3/31/2013     6/30/2013     9/30/2013     12/31/2013     2012     2013  

Truckload:

                     

Operating revenue

    $ 551,247        575,193        564,802        591,100        559,595        588,724        579,494        585,222      $ 2,282,342        2,313,035   

Less: Fuel surcharge revenue

      116,866        124,059        117,344        125,354        118,339        120,144        119,088        115,568        483,623        473,139   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Revenue xFSR

      434,381        451,134        447,458        465,746        441,256        468,580        460,406        469,654        1,798,719        1,839,896   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Operating expense

      504,693        507,199        510,984        513,461        517,192        524,110        521,441        524,329        2,036,337        2,087,072   

Adjusted for:

                     

Fuel surcharge revenue

      (116,866 )      (124,059 )      (117,344 )      (125,354 )      (118,339 )      (120,144 )      (119,088 )      (115,568 )      (483,623 )      (473,139 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Adjusted operating expense

      387,827        383,140        393,640        388,107        398,853        403,966        402,353        408,761        1,552,714        1,613,933   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Adjusted operating income

    $ 46,554        67,994        53,818        77,639        42,403        64,614        58,053        60,893      $ 246,005        225,963   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Adjusted Operating Ratio

      89.3 %      84.9 %      88.0 %      83.3 %      90.4 %      86.2 %      87.4 %      87.0 %      86.3 %      87.7 % 

Operating Ratio

      91.6 %      88.2 %      90.5 %      86.9 %      92.4 %      89.0 %      90.0 %      89.6 %      89.2 %      90.2 % 

Dedicated:

                     

Operating revenue

    $ 171,539        181,873        182,843        188,150        179,226        182,651        184,550        192,502      $ 724,405        738,929   

Less: Fuel surcharge revenue

      31,131        34,415        32,953        35,999        34,433        33,998        34,424        35,208        134,498        138,063   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Revenue xFSR

      140,408        147,458        149,890        152,151        144,793        148,653        150,126        157,294        589,907        600,866   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Operating expense

      157,032        163,358        165,761        164,228        160,272        158,388        164,042        172,707        650,379        655,409   

Adjusted for:

                     

Fuel surcharge revenue

      (31,131 )      (34,415 )      (32,953 )      (35,999 )      (34,433 )      (33,998 )      (34,424 )      (35,208 )      (134,498 )      (138,063 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Adjusted operating expense

      125,901        128,943        132,808        128,229        125,839        124,390        129,618        137,499        515,881        517,346   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Adjusted operating income

    $ 14,507        18,515        17,082        23,922        18,954        24,263        20,508        19,795      $ 74,026        83,520   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Adjusted Operating Ratio

      89.7 %      87.4 %      88.6 %      84.3 %      86.9 %      83.7 %      86.3 %      87.4 %      87.5 %      86.1 % 

Operating Ratio

      91.5 %      89.8 %      90.7 %      87.3 %      89.4 %      86.7 %      88.9 %      89.7 %      89.8 %      88.7 % 

Central Refrigerated:

                     

Operating revenue

    $ 101,389        103,772        104,042        106,530        106,402        111,238        115,339        119,552      $ 415,733        452,531   

Less: Fuel surcharge revenue

      24,197        24,750        23,827        24,567        24,850        24,162        23,300        23,000        97,341        95,312   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Revenue xFSR

      77,192        79,022        80,215        81,963        81,552        87,076        92,039        96,552        318,392        357,219   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Operating expense

      97,679        97,327        99,526        99,867        101,681        105,578        111,917        115,673        394,399        434,849   

Adjusted for:

                     

Fuel surcharge revenue

      (24,197 )      (24,750 )      (23,827 )      (24,567 )      (24,850 )      (24,162 )      (23,300 )      (23,000 )      (97,341 )      (95,312 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Adjusted operating expense

      73,482        72,577        75,699        75,300        76,831        81,416        88,617        92,673        297,058        339,537   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Adjusted operating income

    $ 3,710        6,445        4,516        6,663        4,721        5,660        3,422        3,879      $ 21,334        17,682   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Adjusted Operating Ratio

      95.2 %      91.8 %      94.4 %      91.9 %      94.2 %      93.5 %      96.3 %      96.0 %      93.3 %      95.1 % 

Operating Ratio

      96.3 %      93.8 %      95.7 %      93.7 %      95.6 %      94.9 %      97.0 %      96.8 %      94.9 %      96.1 % 

Intermodal:

                     

Operating revenue

    $ 73,647        86,145        91,745        103,957        83,264        90,994        96,478        105,339      $ 355,494        376,075   

Less: Fuel surcharge revenue

      15,481        18,414        19,397        22,279        18,011        18,814        19,825        20,944        75,571        77,594   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Revenue xFSR

      58,166        67,731        72,348        81,678        65,253        72,180        76,653        84,395        279,923        298,481   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Operating expense

      77,453        86,004        93,983        104,540        84,868        90,206        94,947        100,435        361,980        370,456   

Adjusted for:

                     

Fuel surcharge revenue

      (15,481 )      (18,414 )      (19,397 )      (22,279 )      (18,011 )      (18,814 )      (19,825 )      (20,944 )      (75,571 )      (77,594 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Adjusted operating expense

      61,972        67,590        74,586        82,261        66,857        71,392        75,122        79,491        286,409        292,862   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Adjusted operating income

    $ (3,806 )      141        (2,238 )      (583 )      (1,604 )      788        1,531        4,904      $ (6,486 )      5,619   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Adjusted Operating Ratio

      106.5 %      99.8 %      103.1 %      100.7 %      102.5 %      98.9 %      98.0 %      94.2 %      102.3 %      98.1 % 

Operating Ratio

      105.2 %      99.8 %      102.4 %      100.6 %      101.9 %      99.1 %      98.4 %      95.3 %      101.8 %      98.5 % 

 

(a) In the first quarter of 2014, we reorganized out reportable segments to reflect our revised reporting structure of our lines of businesses following the integration of Central Refrigerated. In association with the organizational reorganization, the operations of Central Refrigerated’s Trailer on Flat Car (“TOFC”) business will be reported within our Intermodal segment and the operations of Central Refrigerated’s logistic business, third party leasing and other services provided to owner-operators will be reported within our other non-reportable segment. All prior period historical results related to the above noted segment reorganization have been retrospectively recast.