Delaware
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1-5046
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94-1444798
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(State or other jurisdiction of incorporation)
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(Commission File Number)
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(IRS Employer Identification Number)
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Exhibit No.
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Description
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99.1
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Press Release dated August 4, 2011.
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Exhibit No.
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Description
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99.1
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Press Release dated August 4, 2011.
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Revenue of $839.8 million, a 2.8 percent increase over last year’s second-quarter revenue of $817.0 million. Improved yield, including higher fuel surcharge revenue, contributed to revenue growth.
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Operating income of $39.2 million, a 127.3 percent increase over the $17.2 million earned in the year-ago period. The quarter benefited from effective cost controls and improved revenue.
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Revenue per hundredweight, or yield, increased 11.2 percent from the previous-year second quarter. Excluding the fuel surcharge, yield rose 6.0 percent.
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Tonnage per day declined 8.3 percent compared to the 2010 second quarter, reflecting strategic efforts in the second and third quarters last year to moderate tonnage to improve network efficiency.
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Operating ratio was 95.3 in the 2011 second quarter compared to 97.9 in the previous-year period.
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Revenue of $394.0 million, an increase of 2.1 percent from the prior year second-quarter revenue of $385.8 million, the result of increased revenue from both transportation-management and warehouse-management services.
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Net revenue of $147.0 million, a 2.9 percent increase from $142.8 million in the previous year second quarter.
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Operating income of $12.1 million, a 7.0 percent decline from last year’s second-quarter operating income of $13.0 million. Lower operating income in the 2011 period was affected by lower margins on warehouse-management services, due in part to start-up costs associated with new customer contracts.
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Revenue of $155.5 million, a 6.9 percent increase over last year’s second-quarter revenue of $145.5 million, reflecting the positive effects of higher fuel surcharges and improved revenue per loaded mile (excluding fuel surcharges).
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Operating income of $10.3 million, a 101.1 percent increase over operating income of $5.1 million in the previous-year period. The increase in second-quarter operating income resulted largely from improved pricing, operating efficiencies and a decline in vehicular self-insurance expense.
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Revenue per loaded mile (excluding fuel surcharges) increased 4.2 percent from the previous-year second quarter.
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Empty miles were 9.4 percent of total miles compared to 11.0 percent in the previous-year second quarter.
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Operating ratio exclusive of fuel surcharges was 91.3, compared to 95.7 in the second quarter of 2010.
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Con-way Inc. | ||||||||||||||||
Consolidated Statements of Income | ||||||||||||||||
(Dollars in thousands except per share amounts) | ||||||||||||||||
Three Months Ended
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Six Months Ended
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June 30,
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June 30,
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2011
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2010
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2011
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2010
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Revenue
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Freight
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$ | 839,829 | $ | 816,965 | $ | 1,607,570 | $ | 1,541,968 | ||||||||
Logistics [a]
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394,012 | 385,775 | 763,987 | 740,958 | ||||||||||||
Truckload
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155,451 | 145,454 | 300,666 | 286,070 | ||||||||||||
Other
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12,297 | 14,019 | 24,294 | 25,858 | ||||||||||||
Inter-segment Revenue Eliminations
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(53,040 | ) | (55,950 | ) | (102,341 | ) | (126,680 | ) | ||||||||
$ | 1,348,549 | $ | 1,306,263 | $ | 2,594,176 | $ | 2,468,174 | |||||||||
Operating Income (Loss)
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Freight
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$ | 39,155 | $ | 17,226 | $ | 59,499 | $ | 14,073 | ||||||||
Logistics [b]
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12,095 | 13,008 | 20,741 | 25,864 | ||||||||||||
Truckload
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10,323 | 5,132 | 17,406 | 8,107 | ||||||||||||
Other
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(1,408 | ) | 66 | (785 | ) | 1,788 | ||||||||||
60,165 | 35,432 | 96,861 | 49,832 | |||||||||||||
Other Expense, net
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14,721 | 15,121 | 30,056 | 32,435 | ||||||||||||
Income before Income Tax Provision
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45,444 | 20,311 | 66,805 | 17,397 | ||||||||||||
Income Tax Provision
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16,022 | 6,448 | 30,461 | 7,571 | ||||||||||||
Net Income Available to Common Shareholders
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$ | 29,422 | $ | 13,863 | $ | 36,344 | $ | 9,826 | ||||||||
Weighted-Average Common Shares Outstanding
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Basic
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55,413,243 | 51,665,047 | 55,227,528 | 50,506,809 | ||||||||||||
Diluted
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56,136,065 | 52,362,407 | 55,939,330 | 51,184,703 | ||||||||||||
Income Per Common Share
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Basic
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$ | 0.53 | $ | 0.27 | $ | 0.66 | $ | 0.19 | ||||||||
Diluted
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$ | 0.52 | $ | 0.26 | $ | 0.65 | $ | 0.19 | ||||||||
[a] Logistics' net revenue
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Revenue | $ | 394,012 | $ | 385,775 | $ | 763,987 | $ | 740,958 | ||||||||
Purchased transportation expense | (247,028 | ) | (242,978 | ) | (474,682 | ) | (453,912 | ) | ||||||||
Net revenue | $ | 146,984 | $ | 142,797 | $ | 289,305 | $ | 287,046 | ||||||||
[b] Includes a $2.8 million prior-year first-quarter charge for the write-off of a customer-relationship intangible asset.
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Con-way Inc.
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Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures
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(Dollars in thousands except per share amounts)
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Three Months Ended
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Six Months Ended
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June 30,
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June 30,
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2011
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2010
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2011
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2010
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Net Income Available to Common Shareholders
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$ | 29,422 | $ | 13,863 | $ | 36,344 | $ | 9,826 | ||||||||
Before-Tax Reconciling Items
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Impairment of goodwill and other intangible assets
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- | - | - | (2,767 | ) | |||||||||||
$ | - | $ | - | $ | - | $ | (2,767 | ) | ||||||||
Tax-Related Reconciling Items
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Tax effect of items above
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- | - | - | 692 | ||||||||||||
Changes in annual effective tax rate
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117 | 20 | 267 | 20 | ||||||||||||
Discrete tax adjustments
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1,129 | 2,204 | (5,342 | ) | 1,019 | |||||||||||
$ | 1,246 | $ | 2,224 | $ | (5,075 | ) | $ | 1,731 | ||||||||
Adjusted Non-GAAP Financial Measures:
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Net Income Available to Common Shareholders
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$ | 28,176 | $ | 11,639 | $ | 41,419 | $ | 10,862 | ||||||||
Net Income Per Diluted Common Share
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$ | 0.50 | $ | 0.22 | $ | 0.74 | $ | 0.21 | ||||||||
Diluted Common Shares Outstanding
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56,136,065 | 52,362,407 | 55,939,330 | 51,184,703 | ||||||||||||
Information About Non-GAAP Financial Measures:
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Con-way provides adjusted net income and earnings per share as additional information to investors. These measures are not in accordance with generally accepted
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accounting principles in the United States ("GAAP"). Con-way's non-GAAP financial measures are intended to supplement, but not substitute for, the most directly
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comparable GAAP measures. Con-way believes that the non-GAAP financial measures provide meaningful information to assist investors and analysts in understanding
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Con-way's financial results because they exclude items that may not be indicative or are unrelated to Con-way's core operating results. However, because non-GAAP
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financial measures are not standardized, it may not be possible to compare these financial measures across companies. Investors are strongly encouraged to review
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Con-way's financial statements and publicly filed reports in their entirety and not to rely on any single financial measure.
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Con-way Inc.
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Consolidated Condensed Balance Sheets
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(Dollars in thousands)
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June 30,
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December 31,
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2011
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2010
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ASSETS
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Current assets
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$ | 1,242,504 | $ | 1,120,077 | ||||
Property, plant and equipment, net
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1,431,260 | 1,404,585 | ||||||
Other assets
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414,687 | 419,070 | ||||||
Total Assets
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$ | 3,088,451 | $ | 2,943,732 | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY
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Current liabilities
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$ | 742,242 | $ | 651,890 | ||||
Long-term debt and capital leases
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784,343 | 793,950 | ||||||
Other long-term liabilities and deferred credits
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690,853 | 678,360 | ||||||
Shareholders' equity
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871,013 | 819,532 | ||||||
Total Liabilities and Shareholders' Equity
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$ | 3,088,451 | $ | 2,943,732 | ||||