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 No.)
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2211 Old Earhart Road, Ann Arbor, Michigan
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48105
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(Address of principal executive offices)
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(Zip code)
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Exhibit No.
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Description
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99.1
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Press Release, dated February 2, 2012.
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Exhibit No.
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Description
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99.1
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Press Release, dated February 2, 2012
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·
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Revenue of $796.2 million, an 8.2 percent increase over last year’s fourth-quarter revenue of $736.0 million. Improved yield, including higher fuel surcharge revenue, accounted for revenue growth.
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·
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Operating income of $19.6 million, compared to $1.8 million earned in the year-ago period. The quarter benefited from improved revenue and efficiency gains.
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·
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Revenue per hundredweight, or yield, increased 8.3 percent from the previous-year fourth quarter. Excluding the fuel surcharge, yield rose 4.3 percent.
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·
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Tonnage per day increased 0.8 percent compared to the 2010 fourth quarter.
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·
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Operating ratio was 97.5 in the 2011 fourth quarter compared to 99.8 in the previous-year period.
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·
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Revenue of $408.9 million, an increase of 11.4 percent from the prior year fourth-quarter revenue of $367.0 million. The quarter benefited from increased revenue in both warehousing and transportation management services.
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·
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Net revenue of $157.6 million, a 9.6 percent increase from $143.8 million in the previous year fourth quarter.
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·
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Operating income of $21.3 million, an increase over last year’s fourth quarter operating income of $6.7 million. The 2011 period includes a $10.0 million gain resulting from the settlement of a purchase-price dispute related to the 2007 acquisition of Chic Logistics.
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·
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Revenue of $155.6 million, an 8.8 percent increase over last year’s fourth-quarter revenue of $143.0 million, reflecting the positive effects of higher fuel surcharges and improved revenue per loaded mile, which increased 3.4 percent from the previous-year fourth quarter (excluding fuel surcharges).
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·
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Operating income of $9.5 million, a 31.4 percent increase over operating income of $7.3 million in the previous-year period. The increase in fourth-quarter operating income resulted largely from improved pricing and higher revenue per tractor.
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·
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Empty miles, at 9.6 percent, were relatively unchanged from the previous-year fourth quarter.
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·
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Operating ratio exclusive of fuel surcharges was 92.1, compared to 93.8 in the fourth quarter of 2010.
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Con-way Inc.
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Consolidated Statements of Income
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(Unaudited)
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(Dollars in thousands except per share amounts)
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Three Months Ended
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Twelve Months Ended
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December 31,
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December 31,
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2011
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2010
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2011
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2010
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Revenue
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Freight
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$ | 796,237 | $ | 736,018 | $ | 3,247,107 | $ | 3,075,064 | |||||||||||
Logistics [a]
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408,865 | 366,981 | 1,589,994 | 1,477,988 | |||||||||||||||
Truckload
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155,643 | 143,016 | 615,014 | 569,741 | |||||||||||||||
Other
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10,231 | 16,616 | 46,685 | 52,890 | |||||||||||||||
Inter-segment Revenue Eliminations
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(52,278 | ) | (48,988 | ) | (208,847 | ) | (223,683 | ) | |||||||||||
$ | 1,318,698 | $ | 1,213,643 | $ | 5,289,953 | $ | 4,952,000 | ||||||||||||
Operating Income (Loss) [b]
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Freight
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$ | 19,559 | $ | 1,773 | $ | 119,779 | $ | 28,908 | |||||||||||
Logistics [c] [d] [e]
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21,327 | 6,693 | 54,747 | 26,275 | |||||||||||||||
Truckload
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9,540 | 7,262 | 34,813 | 20,844 | |||||||||||||||
Other
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(484 | ) | 109 | (1,411 | ) | 2,143 | |||||||||||||
49,942 | 15,837 | 207,928 | 78,170 | ||||||||||||||||
Other Expense, net
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16,281 | 15,144 | 59,856 | 61,613 | |||||||||||||||
Income before Income Tax Provision (Benefit)
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33,661 | 693 | 148,072 | 16,557 | |||||||||||||||
Income Tax Provision (Benefit)
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10,690 | (1,694 | ) | 59,629 | 12,572 | ||||||||||||||
Net Income Available to Common Shareholders
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$ | 22,971 | $ | 2,387 | $ | 88,443 | $ | 3,985 | |||||||||||
Weighted-Average Common Shares Outstanding
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Basic
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55,557,816 | 54,663,750 | 55,388,297 | 52,507,320 | |||||||||||||||
Diluted
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56,168,761 | 55,354,809 | 56,101,903 | 53,169,299 | |||||||||||||||
Earnings Per Common Share
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Basic
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$ | 0.41 | $ | 0.04 | $ | 1.60 | $ | 0.08 | |||||||||||
Diluted
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$ | 0.41 | $ | 0.04 | $ | 1.58 | $ | 0.07 | |||||||||||
[a] |
Logistics' net revenue
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Revenue
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$ | 408,865 | $ | 366,981 | $ | 1,589,994 | $ | 1,477,988 | |||||||||||
Purchased transportation expense
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(251,246 | ) | (223,157 | ) | (988,405 | ) | (906,389 | ) | |||||||||||
Net revenue
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$ | 157,619 | $ | 143,824 | $ | 601,589 | $ | 571,599 | |||||||||||
[b] |
Includes costs related to administrative outsourcing, the consolidation of Con-way's executive offices, and other employee-separation costs. In connection with these events, $8.9 million of expenses were recognized for full-year 2010 by Con-way and allocated across all reporting segments, with the Freight segment incurring the predominant amount of the related expense in the third quarter of 2010.
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[c] |
Includes a $2.8 million prior-year first-quarter charge for the write-off of a customer-relationship intangible asset.
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[d] |
Includes a $16.4 million prior-year third-quarter goodwill-impairment charge.
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[e] |
Includes a $10.0 million current-year fourth-quarter gain resulting from a purchase-price adjustment to settle a dispute associated with the 2007 acquisition of Chic Logistics.
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Con-way Inc.
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Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures
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(Unaudited)
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(Dollars in thousands except per share amounts)
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Three Months Ended
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Twelve Months Ended
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December 31,
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December 31,
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2011
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2010
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2011
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2010
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Net Income Available to Common Shareholders
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$ | 22,971 | $ | 2,387 | $ | 88,443 | $ | 3,985 | ||||||||
Before-Tax Reconciling Items
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Gain from purchase-price adjustment (Chic Logistics acquisition)
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10,000 | - | 10,000 | - | ||||||||||||
Impairment of goodwill and other intangible assets
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- | - | - | (19,181 | ) | |||||||||||
Restructuring charges and other employee-separation costs
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- | (1,147 | ) | - | (8,928 | ) | ||||||||||
$ | 10,000 | $ | (1,147 | ) | $ | 10,000 | $ | (28,109 | ) | |||||||
Tax-Related Reconciling Items
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Tax effect of items above
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(1,149 | ) | 447 | (1,149 | ) | 4,174 | ||||||||||
Changes in annual effective tax rate [f]
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26 | 1,287 | 598 | 1,322 | ||||||||||||
Discrete tax adjustments
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(576 | ) | 692 | (6,610 | ) | 1,355 | ||||||||||
$ | (1,699 | ) | $ | 2,426 | $ | (7,161 | ) | $ | 6,851 | |||||||
Adjusted Non-GAAP Financial Measures:
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Net Income Available to Common Shareholders
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$ | 14,670 | $ | 1,108 | $ | 85,604 | $ | 25,243 | ||||||||
Earnings Per Diluted Common Share
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$ | 0.26 | $ | 0.02 | $ | 1.53 | $ | 0.47 | ||||||||
Diluted Common Shares Outstanding
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56,168,761 | 55,354,809 | 56,101,903 | 53,169,299 | ||||||||||||
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 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 comparable GAAP measures. Con-way believes that the non-GAAP financial measures provide meaningful information to assist investors and analysts in understanding 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 financial measures are not standardized, it may not be possible to compare these financial measures across companies. Investors are strongly encouraged to review 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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[f] The “changes in annual effective tax rate” line quantifies the variance in the income tax provision or benefit that resulted from differences in the year-to-date effective tax rate for the period (excluding discrete tax adjustments) from the forecasted annual effective tax rate at the beginning of the year.
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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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December 31,
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December 31,
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2011
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2010
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(Unaudited)
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ASSETS
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Current assets
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$ | 1,190,390 | $ | 1,120,077 | ||||
Property, plant and equipment, net
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1,496,033 | 1,404,585 | ||||||
Other assets
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413,593 | 419,070 | ||||||
Total Assets
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$ | 3,100,016 | $ | 2,943,732 | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY
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Current liabilities
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$ | 723,470 | $ | 651,890 | ||||
Long-term debt and capital leases
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770,238 | 793,950 | ||||||
Other long-term liabilities and deferred credits
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847,054 | 678,360 | ||||||
Shareholders' equity
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759,254 | 819,532 | ||||||
Total Liabilities and Shareholders' Equity
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$ | 3,100,016 | $ | 2,943,732 |