EX-99 2 a2048105zex-99.txt EX-99 [2001 GRAPHIC OMITTED] J.B. HUNT TRANSPORT SERVICES, INC. MAY 2001 [J.B. HUNT LOGO OMITTED] 1 The Perfect Storm o Trucking industry as a whole o What is causing this turmoil? - Low Freight Volumes - High Fuel Costs - High Insurance Costs - Poor Used Truck Market 2
Morgan Stanley Truckload Freight Index 1994 1995 1996 1997 1998 1999 2000 2001 1997-1999 Average 1-Jan 0.5275 -0.0302 0.3215 0.9461 0.3143 1.2248 0.7054 0.5273 0.5088 -0.0255 0.3006 0.8912 0.2916 1.1936 0.6985 0.4945 0.4914 -0.0258 0.2785 0.8474 0.2884 1.1582 0.7121 0.4714 0.4745 -0.0213 0.2610 0.8124 0.2947 1.1160 0.7280 0.4560 0.4585 -0.0150 0.2444 0.7719 0.3020 1.0703 0.7266 0.4395 8-Jan 0.4403 -0.0154 0.2318 0.7333 0.3134 1.0269 0.7127 0.4262 0.4277 -0.0123 0.2173 0.6574 0.3135 0.9790 0.7031 0.3961 0.4167 -0.0068 0.2048 0.6219 0.3218 0.9208 0.6894 0.3828 0.4041 0.0009 0.1970 0.5834 0.3323 0.8617 0.6663 0.3709 0.3897 0.0038 0.1894 0.5422 0.3361 0.7930 0.6174 0.3559 15-Jan 0.3703 0.0025 0.1726 0.4993 0.3327 0.7331 0.5589 0.3349 0.3516 -0.0053 0.1536 0.4552 0.3335 0.6676 0.5047 0.3141 0.3314 -0.0202 0.1333 0.4196 0.3252 0.6015 0.4489 0.2927 0.3053 -0.0460 0.1138 0.3755 0.3173 0.5390 0.3749 0.2689 0.2812 -0.0634 0.0922 0.3366 0.3121 0.4862 0.2934 0.2470 22-Jan 0.2618 -0.0819 0.0763 0.3185 0.3072 0.4330 0.2064 0.2340 0.2445 -0.1070 0.0572 0.3052 0.2992 0.3845 0.1319 0.2205 0.2294 -0.1278 0.0405 0.2860 0.2827 0.3373 0.0690 0.2030 0.2064 -0.1492 0.0263 0.2485 0.2694 0.2963 -0.0133 0.1814 0.1840 -0.1682 0.0126 0.2177 0.2657 0.2863 -0.0956 0.1653 29-Jan 0.1668 -0.1767 0.0136 0.2056 0.2806 0.2707 -0.1432 0.1666 0.1531 -0.1865 0.0155 0.2052 0.2854 0.2589 -0.1894 0.1687 0.1421 -0.1855 0.0236 0.1971 0.2748 0.2454 -0.2317 0.1652 0.1263 -0.1909 0.0215 0.1757 0.2580 0.2374 -0.2740 0.1517 0.1107 -0.1962 0.0193 0.1578 0.2436 0.2272 -0.3131 0.1403 5-Feb 0.0959 -0.1940 0.0200 0.1433 0.2278 0.2257 -0.3471 0.1304 0.0815 -0.1945 0.0180 0.1675 0.2144 0.2233 -0.3754 0.1333 0.0661 -0.1946 0.0161 0.1548 0.2064 0.2289 -0.3883 0.1258 0.0542 -0.2034 0.0110 0.1376 0.1927 0.2325 -0.4002 0.1138 0.0433 -0.2092 -0.0009 0.1221 0.1778 0.2416 -0.4012 0.0996 12-Feb 0.0350 -0.2094 -0.0137 0.1051 0.1699 0.2531 -0.4035 0.0871 0.0265 -0.2100 -0.0246 0.0901 0.1574 0.2698 -0.3996 0.0743 0.0167 -0.2110 -0.0364 0.0777 0.1404 0.2861 -0.3951 0.0605 0.0122 -0.2092 -0.0434 0.0633 0.1294 0.3019 -0.3911 0.0498 0.0100 -0.2105 -0.0521 0.0506 0.1195 0.3216 -0.3901 0.0394 19-Feb 0.0078 -0.2118 -0.0581 0.0372 0.1178 0.3356 -0.3903 0.0323 0.0082 -0.2149 -0.0639 0.0224 0.1074 0.3386 -0.3802 0.0220 0.0111 -0.2114 -0.0709 0.0176 0.1072 0.3522 -0.3670 0.0180 0.0091 -0.2105 -0.0758 0.0162 0.1118 0.3636 -0.3524 0.0174 0.0065 -0.2069 -0.0734 0.0110 0.1191 0.3547 -0.3384 0.0189 26-Feb 0.0096 -0.2065 -0.0724 0.0046 0.1123 0.3619 -0.3214 0.0148 0.0092 -0.2027 -0.0702 -0.0029 0.1203 0.3769 -0.2984 0.0157 0.0181 -0.1989 -0.0659 -0.0054 0.1314 0.4009 -0.2679 0.0201 0.0273 -0.1774 -0.0592 0.0052 0.1396 0.4255 -0.2442 0.0285 0.0351 -0.1770 -0.0509 0.0129 0.1536 0.4539 -0.2130 0.0385 5-Mar 0.0444 -0.1773 -0.0401 0.0149 0.1692 0.4731 -0.1757 0.0480 0.0513 -0.1798 -0.0258 0.0100 0.1843 0.5003 -0.1396 0.0562 0.0575 -0.1746 -0.0119 0.0159 0.2004 0.5287 -0.1044 0.0681 0.0607 -0.1678 0.0025 0.0290 0.2254 0.5642 -0.0715 0.0857 0.0646 -0.1632 0.0184 0.0515 0.2491 0.6050 -0.0391 0.1064 12-Mar 0.0715 -0.1593 0.0400 0.0716 0.2740 0.6407 -0.0057 0.1285 0.0755 -0.1533 0.0593 0.0808 0.2945 0.6792 0.0283 0.1449 0.0835 -0.1459 0.0802 0.0994 0.3249 0.7187 0.0624 0.1682 0.0910 -0.1352 0.1000 0.1250 0.3524 0.7628 0.0908 0.1925 0.0944 -0.1307 0.1202 0.1500 0.3812 0.7912 0.1244 0.2171 19-Mar 0.1006 -0.1168 0.1474 0.1868 0.4075 0.8238 0.1636 0.2472 0.1035 -0.1036 0.1748 0.2136 0.4350 0.8711 0.1936 0.2745 0.1057 -0.0875 0.2050 0.2371 0.4582 0.9183 0.2223 0.3001 0.1125 -0.0739 0.2297 0.2517 0.4777 0.9596 0.2439 0.3197 0.1210 -0.0594 0.2554 0.2736 0.4905 1.0031 0.2691 0.3398 26-Mar 0.1280 -0.0459 0.2853 0.2968 0.5176 1.0200 0.2896 0.3666 0.1332 -0.0284 0.3155 0.3257 0.5380 1.0492 0.3180 0.3931 0.1332 -0.0129 0.3338 0.3508 0.5697 1.0844 0.3570 0.4181 0.1425 0.0127 0.3537 0.3864 0.6174 1.1315 0.3873 0.4525 0.1530 0.0328 0.3853 0.4268 0.6555 1.1934 0.4033 0.4892 2-Apr 0.1685 0.0504 0.4079 0.4688 0.6747 1.2623 0.4188 0.5171 0.1872 0.0675 0.4317 0.5133 0.6905 1.3259 0.4335 0.5452 0.1959 0.0818 0.4521 0.5380 0.7075 1.3810 0.4483 0.5658 0.2058 0.0867 0.4693 0.5616 0.7222 1.4280 0.4544 0.5843 0.2152 0.0898 0.4870 0.5811 0.7430 1.4627 0.4689 0.6037 9-Apr 0.2251 0.1001 0.5057 0.6055 0.7569 1.4907 0.4887 0.6227 0.2313 0.1091 0.5233 0.6264 0.7689 1.5149 0.5106 0.6396 0.2368 0.1206 0.5405 0.6370 0.7854 1.5436 0.5159 0.6543 0.2427 0.1306 0.5515 0.6582 0.8064 1.5734 0.5211 0.6720 0.2567 0.1400 0.5699 0.6832 0.8246 1.6125 0.5348 0.6926 16-Apr 0.2635 0.1469 0.5808 0.6995 0.8428 1.6392 0.5615 0.7077 0.2699 0.1566 0.5950 0.7239 0.8480 1.6649 0.5943 0.7223 0.2749 0.1627 0.6071 0.7369 0.8663 1.6845 0.6054 0.7368 0.2803 0.1676 0.6216 0.7580 0.8820 1.7007 0.7539 0.2832 0.1714 0.6289 0.7758 0.8917 1.7025 0.7655 23-Apr 0.2840 0.1754 0.6292 0.7902 0.9052 1.7323 0.7748 0.2852 0.1750 0.6282 0.8010 0.9104 1.7425 0.7799 0.2843 0.1756 0.6405 0.8112 0.9088 1.7477 0.7868 0.2793 0.1701 0.6501 0.8117 0.9072 1.7511 0.7896 0.2789 0.1718 0.6542 0.8153 0.9167 1.7511 0.7954 30-Apr 1.0000 0.2753 0.1826 0.6711 0.8295 0.9530 1.7270 0.8179 1.0219 0.2642 0.1958 0.6890 0.8441 0.9803 1.7091 0.8378 1.0468 0.2618 0.2099 0.7102 0.8548 1.0054 1.7045 0.8568 1.0631 0.2577 0.2275 0.7268 0.8687 1.0317 1.7035 0.8757 1.0802 0.2534 0.2432 0.7497 0.8800 1.0545 1.7030 0.8947 7-May 1.0955 0.2488 0.2573 0.7696 0.8937 1.0785 1.7028 0.9139 1.1110 0.2459 0.2737 0.7878 0.9235 1.1100 1.7079 0.9404 1.1291 0.2424 0.2882 0.8077 0.9466 1.1344 1.7062 0.9629 1.1422 0.2359 0.3030 0.8243 0.9605 1.1616 1.6999 0.9821 1.1523 0.2256 0.3169 0.8396 0.9787 1.1876 1.6907 1.0020 14-May 1.1594 0.2239 0.3350 0.8529 0.9989 1.1986 1.6883 1.0168 1.1649 0.2233 0.3525 0.8759 1.0235 1.2242 1.6841 1.0412 1.1737 0.2194 0.3752 0.8986 1.0496 1.2467 1.6837 1.0650 1.1737 0.2109 0.3997 0.9109 1.0720 1.2679 1.6917 1.0836 1.1778 0.2077 0.4214 0.9298 1.1048 1.2957 1.7115 1.1101 21-May 1.1791 0.2041 0.4457 0.9605 1.1480 1.3179 1.7265 1.1421 1.1790 0.2035 0.4673 0.9942 1.1817 1.3340 1.7375 1.1700 1.1829 0.2020 0.4904 1.0179 1.2181 1.3618 1.7694 1.1993 1.1853 0.2027 0.5149 1.0416 1.2415 1.3903 1.7834 1.2245 1.1874 0.2025 0.5413 1.0628 1.2679 1.4232 1.7774 1.2513 28-May 1.1862 0.2031 0.5550 1.0735 1.2979 1.4505 1.7852 1.2740 1.1860 0.2077 0.5707 1.0889 1.3369 1.4878 1.7880 1.3045 1.1854 0.2118 0.5887 1.1100 1.3744 1.5095 1.7979 1.3313 1.1842 0.2158 0.6172 1.1274 1.4056 1.5322 1.8055 1.3551 1.1807 0.2223 0.6364 1.1360 1.4333 1.5542 1.8115 1.3745 4-Jun 1.1788 0.2233 0.6492 1.1471 1.4645 1.5632 1.8237 1.3916 1.1729 0.2255 0.6616 1.1588 1.4909 1.5745 1.8354 1.4081 1.1696 0.2228 0.6782 1.1708 1.5192 1.5792 1.8493 1.4231 1.1717 0.2252 0.6949 1.1786 1.5392 1.5910 1.8691 1.4362 1.1720 0.2239 0.7123 1.1791 1.5581 1.5987 1.8899 1.4453 11-Jun 1.1695 0.2203 0.7237 1.1859 1.5758 1.6161 1.9015 1.4593 1.1675 0.2140 0.7355 1.1843 1.5980 1.6398 1.9143 1.4740 1.1640 0.2126 0.7471 1.1821 1.6176 1.6495 1.9200 1.4831 1.1641 0.2153 0.7576 1.1827 1.6359 1.6685 1.9304 1.4957 1.1615 0.2152 0.7629 1.1871 1.6455 1.6753 1.9337 1.5026 18-Jun 1.1599 0.2146 0.7655 1.1770 1.6402 1.6946 1.9282 1.5039 1.1573 0.2133 0.7748 1.1608 1.6429 1.7096 1.9181 1.5044 1.1547 0.2129 0.7840 1.1472 1.6412 1.7204 1.8841 1.5029 1.1491 0.2106 0.7932 1.1408 1.6548 1.7264 1.8667 1.5073 1.1466 0.2064 0.7944 1.1407 1.6655 1.7294 1.8654 1.5119 25-Jun 1.1430 0.2056 0.8006 1.1518 1.6585 1.7309 1.8450 1.5137 1.1401 0.2028 0.8233 1.1616 1.6492 1.7289 1.8457 1.5132 1.1366 0.2041 0.8464 1.1688 1.6524 1.7524 1.8474 1.5245 1.1333 0.2146 0.8694 1.1793 1.6646 1.7780 1.8565 1.5406 1.1330 0.2270 0.8845 1.1911 1.6706 1.8041 1.8655 1.5553 2-Jul 1.1315 0.2442 0.8945 1.1920 1.6584 1.8310 1.8361 1.5605 1.1339 0.2481 0.8982 1.1854 1.6332 1.8462 1.7955 1.5549 1.1316 0.2544 0.8924 1.1576 1.6108 1.8528 1.7400 1.5404 1.1246 0.2537 0.8794 1.1530 1.5953 1.8559 1.7138 1.5347 1.1213 0.2550 0.8598 1.1574 1.5785 1.8757 1.6919 1.5372 9-Jul 1.1111 0.2529 0.8537 1.1554 1.5535 1.8846 1.6661 1.5312 1.1031 0.2508 0.8478 1.1495 1.5262 1.8779 1.6418 1.5179 1.0876 0.2451 0.8369 1.1405 1.4947 1.8750 1.6183 1.5034 1.0732 0.2419 0.8234 1.1375 1.4676 1.8656 1.5884 1.4902 1.0630 0.2361 0.8150 1.1238 1.4371 1.8608 1.5635 1.4739 16-Jul 1.0490 0.2328 0.8053 1.1088 1.4048 1.8351 1.5244 1.4496 1.0364 0.2255 0.7889 1.0940 1.3646 1.8225 1.4960 1.4271 1.0188 0.2188 0.7672 1.0853 1.3276 1.7960 1.4709 1.4030 1.0038 0.2091 0.7431 1.0714 1.2839 1.7696 1.4343 1.3750 0.9850 0.1940 0.7233 1.0593 1.2370 1.7326 1.3955 1.3430 23-Jul 0.9677 0.1773 0.7009 1.0279 1.1892 1.6930 1.3740 1.3034 0.9508 0.1661 0.6612 0.9949 1.1373 1.6584 1.3341 1.2636 0.9307 0.1477 0.6188 0.9552 1.0861 1.6112 1.2822 1.2175 0.9134 0.1219 0.5764 0.9177 1.0307 1.5636 1.2300 1.1707 0.8965 0.0946 0.5480 0.8852 0.9855 1.5149 1.1903 1.1285 30-Jul 0.8794 0.0731 0.5292 0.8641 0.9604 1.4902 1.1854 1.1049 0.8647 0.0645 0.5189 0.8590 0.9572 1.4581 1.1866 1.0914 0.8460 0.0527 0.5103 0.8710 0.9345 1.4381 1.1866 1.0812 0.8305 0.0426 0.5079 0.8630 0.9225 1.4062 1.1874 1.0639 0.8140 0.0307 0.5067 0.8500 0.9072 1.3585 1.1589 1.0386 6-Aug 0.8051 0.0187 0.4934 0.8399 0.8966 1.3281 1.1307 1.0215 0.7894 0.0112 0.4812 0.8333 0.8743 1.3050 1.1131 1.0042 0.7833 0.0074 0.4694 0.8331 0.8642 1.2805 1.0866 0.9926 0.7743 -0.0021 0.4613 0.8304 0.8633 1.2604 1.0582 0.9847 0.7645 -0.0106 0.4552 0.8294 0.8626 1.2462 1.0347 0.9794 13-Aug 0.7581 -0.0233 0.4462 0.8352 0.8713 1.2332 1.0151 0.9799 0.7497 -0.0295 0.4395 0.8497 0.8863 1.2230 1.0062 0.9863 0.7449 -0.0366 0.4319 0.8631 0.8986 1.2204 0.9901 0.9940 0.7403 -0.0428 0.4300 0.8670 0.9145 1.2114 0.9734 0.9976 0.7401 -0.0429 0.4275 0.8634 0.9245 1.2074 0.9622 0.9984 20-Aug 0.7406 -0.0433 0.4289 0.8760 0.9404 1.2040 0.9529 1.0068 0.7421 -0.0508 0.4338 0.8892 0.9469 1.2022 0.9485 1.0128 0.7426 -0.0530 0.4417 0.9087 0.9599 1.2027 0.9392 1.0238 0.7447 -0.0504 0.4439 0.9239 0.9816 1.2060 0.9284 1.0372 0.7466 -0.0479 0.4469 0.9443 1.0060 1.2190 0.9184 1.0564 27-Aug 0.7486 -0.0510 0.4555 0.9729 1.0297 1.2247 0.8970 1.0758 0.7499 -0.0544 0.4591 1.0064 1.0501 1.2420 0.8880 1.0995 0.7564 -0.0499 0.4788 1.0330 1.0853 1.2757 0.8820 1.1314 0.7679 -0.0395 0.5003 1.0534 1.1067 1.3108 0.8852 1.1570 0.7768 -0.0215 0.5271 1.0750 1.1334 1.3512 0.9125 1.1865 3-Sep 0.7922 0.0008 0.5509 1.0937 1.1649 1.3967 0.9309 1.2184 0.8046 0.0116 0.5637 1.1143 1.1977 1.4496 0.9497 1.2539 0.8134 0.0284 0.5798 1.1322 1.2273 1.5004 0.9591 1.2866 0.8176 0.0501 0.5920 1.1493 1.2401 1.5372 0.9746 1.3089 0.8247 0.0665 0.6044 1.1646 1.2580 1.5694 0.9903 1.3307 10-Sep 0.8337 0.0861 0.6215 1.1808 1.2768 1.6143 1.0071 1.3573 0.8441 0.1094 0.6349 1.1903 1.2971 1.6365 1.0193 1.3746 0.8505 0.1337 0.6557 1.2007 1.3020 1.6611 1.0394 1.3879 0.8590 0.1551 0.6708 1.2189 1.3167 1.6879 1.0616 1.4078 0.8660 0.1750 0.6842 1.2370 1.3405 1.7175 1.0837 1.4317 17-Sep 0.8714 0.1902 0.6987 1.2566 1.3591 1.7423 1.1038 1.4527 0.8762 0.2126 0.7110 1.2769 1.3921 1.7753 1.1174 1.4814 0.8852 0.2362 0.7198 1.2920 1.4099 1.8096 1.1353 1.5038 0.8926 0.2551 0.7291 1.3093 1.4199 1.8489 1.1579 1.5261 0.8990 0.2677 0.7382 1.3228 1.4263 1.8836 1.1809 1.5442 24-Sep 0.9037 0.2756 0.7426 1.3330 1.4288 1.9150 1.2163 1.5590 0.9083 0.2913 0.7559 1.3405 1.4341 1.9348 1.2362 1.5698 0.9107 0.3030 0.7615 1.3591 1.4312 1.9548 1.2606 1.5817 0.9100 0.3061 0.7710 1.3898 1.4427 1.9887 1.2955 1.6070 0.9099 0.2999 0.7775 1.4252 1.4615 2.0264 1.3106 1.6377 1-Oct 0.9061 0.2931 0.7865 1.4656 1.4668 2.0551 1.3462 1.6625 0.9101 0.3048 0.8064 1.4961 1.4843 2.0634 1.3686 1.6813 0.9162 0.3073 0.8194 1.5364 1.4887 2.0741 1.4028 1.6997 0.9245 0.3075 0.8350 1.5762 1.4973 2.0973 1.4242 1.7236 0.9277 0.3126 0.8445 1.6050 1.5044 2.1273 1.4403 1.7456 8-Oct 0.9302 0.3182 0.8493 1.6321 1.5028 2.1440 1.4601 1.7596 0.9328 0.3152 0.8576 1.6660 1.5023 2.1708 1.4759 1.7797 0.9382 0.3050 0.8630 1.6911 1.5112 2.1969 1.4899 1.7997 0.9392 0.3073 0.8654 1.7107 1.5134 2.2291 1.4945 1.8177 0.9391 0.3073 0.8678 1.7332 1.5139 2.2530 1.5024 1.8334 15-Oct 0.9398 0.3069 0.8705 1.7566 1.5179 2.2958 1.5145 1.8568 0.9408 0.2990 0.8738 1.7751 1.5146 2.3143 1.5268 1.8680 0.9397 0.2912 0.8771 1.8026 1.5171 2.3351 1.5377 1.8849 0.9366 0.2859 0.8797 1.8234 1.5193 2.3477 1.5469 1.8968 0.9339 0.2832 0.8833 1.8392 1.5185 2.3575 1.5519 1.9051 22-Oct 0.9313 0.2831 0.8822 1.8554 1.5171 2.3706 1.5509 1.9143 0.9298 0.2757 0.8741 1.8653 1.5136 2.3816 1.5536 1.9202 0.9299 0.2683 0.8642 1.8692 1.5133 2.3848 1.5467 1.9225 0.9283 0.2669 0.8479 1.8655 1.5008 2.3870 1.5337 1.9178 0.9241 0.2748 0.8327 1.8612 1.4865 2.3971 1.5220 1.9149 29-Oct 0.9217 0.2825 0.8227 1.8693 1.4878 2.4115 1.5025 1.9229 0.9153 0.2804 0.8155 1.8880 1.4927 2.4157 1.4936 1.9321 0.9108 0.2778 0.8114 1.9002 1.4890 2.4264 1.4854 1.9386 0.9082 0.2773 0.8032 1.8976 1.4836 2.4336 1.4779 1.9383 0.9050 0.2708 0.7946 1.9069 1.4704 2.4406 1.4683 1.9393 5-Nov 0.9003 0.2642 0.7874 1.9165 1.4663 2.4441 1.4475 1.9423 0.8971 0.2570 0.7849 1.9173 1.4612 2.4552 1.4461 1.9446 0.8929 0.2522 0.7756 1.9142 1.4609 2.4591 1.4425 1.9448 0.8884 0.2390 0.7700 1.9251 1.4484 2.4594 1.4360 1.9443 0.8825 0.2291 0.7640 1.9336 1.4326 2.4624 1.4245 1.9429 12-Nov 0.8782 0.2215 0.7575 1.9344 1.4190 2.4589 1.4004 1.9375 0.8704 0.2175 0.7514 1.9384 1.4136 2.4516 1.3923 1.9345 0.8643 0.2146 0.7481 1.9336 1.4044 2.4460 1.3842 1.9280 0.8611 0.2125 0.7428 1.9335 1.3879 2.4382 1.3742 1.9198 0.8569 0.2081 0.7364 1.9378 1.3774 2.4425 1.3710 1.9192 19-Nov 0.8539 0.2138 0.7337 1.9432 1.3731 2.4436 1.3593 1.9199 0.8465 0.2167 0.7359 1.9499 1.3674 2.4496 1.3573 1.9223 0.8389 0.2186 0.7375 1.9665 1.3670 2.4503 1.3560 1.9279 0.8365 0.2190 0.7423 1.9843 1.3653 2.4357 1.3491 1.9284 0.8415 0.2123 0.7603 1.9943 1.3462 2.3832 1.3215 1.9079 26-Nov 0.8369 0.2032 0.7675 1.9888 1.3154 2.3007 1.2627 1.8683 0.8299 0.1856 0.7684 1.9529 1.2677 2.2300 1.2482 1.8169 0.8015 0.1780 0.7543 1.8864 1.2447 2.2191 1.2380 1.7834 0.7939 0.1691 0.7297 1.8332 1.2245 2.2005 1.2272 1.7527 0.7907 0.1664 0.7097 1.8133 1.2094 2.1678 1.2156 1.7301 3-Dec 0.7873 0.1572 0.7055 1.7908 1.1831 2.1453 1.1862 1.7064 0.7821 0.1465 0.6929 1.7693 1.1497 2.1046 1.1326 1.6745 0.7771 0.1336 0.6801 1.7489 1.1153 2.0613 1.0758 1.6418 0.7677 0.1183 0.6651 1.7166 1.0770 2.0149 1.0291 1.6029 0.7601 0.0994 0.6547 1.6781 1.0321 1.9670 0.9861 1.5591 10-Dec 0.7490 0.0807 0.6374 1.6426 0.9797 1.9117 0.9376 1.5113 0.7384 0.0637 0.6110 1.6023 0.9176 1.8733 0.8887 1.4644 0.7265 0.0447 0.5843 1.5640 0.8725 1.8263 0.8506 1.4209 0.7110 0.0229 0.5588 1.5281 0.8223 1.7789 0.8159 1.3764 0.6940 0.0052 0.5362 1.4910 0.7645 1.7157 0.7850 1.3237 17-Dec 0.6770 -0.0179 0.5156 1.4466 0.7069 1.6545 0.7504 1.2693 0.6631 -0.0371 0.4974 1.3963 0.6533 1.6002 0.7248 1.2166 0.6532 -0.0495 0.4790 1.3401 0.6046 1.5467 0.7188 1.1638 0.6384 -0.0540 0.4609 1.2824 0.5619 1.4992 0.7156 1.1145 0.6213 -0.0499 0.4309 1.2321 0.5211 1.4705 0.7239 1.0746 24-Dec 0.6071 -0.0484 0.4077 1.1762 0.4843 1.4607 0.7401 1.0404 0.5927 -0.0365 0.3761 1.1226 0.4516 1.4696 0.7270 1.0146 0.5967 -0.0308 0.3627 1.0907 0.4230 1.4101 0.7272 0.9746 0.5770 -0.0345 0.3631 1.0731 0.3983 1.3571 0.7296 0.9428 0.5621 -0.0344 0.3630 1.0399 0.3728 1.3152 0.9093 31-Dec 0.5474 -0.0292 0.3449 0.9990 0.3462 1.2564 0.8672
Trucking Failures vs. Average Diesel Price
1995 Trucking Failures 375 370 365 360 355 350 345 359 373 387 401 415 Average Diesel Price $1.09 $1.10 $1.10 $1.11 $1.12 $1.11 $1.11 $1.10 $1.13 $1.15 $1.18 $1.17 1996 Trucking Failures 429 443 495 547 595 539 483 427 370 485 600 638 Average Diesel Price $1.17 $1.16 $1.18 $1.21 $1.23 $1.22 $1.22 $1.21 $1.24 $1.27 $1.30 $1.28 1997 Trucking Failures 676 715 715 715 715 725 681 637 593 550 515 480 Average Diesel Price $1.27 $1.26 $1.23 $1.21 $1.18 $1.17 $1.17 $1.16 $1.17 $1.17 $1.18 $1.15 1998 Trucking Failures 445 410 400 390 380 370 360 350 330 310 314 318 Average Diesel Price $1.12 $1.09 $1.08 $1.07 $1.06 $1.05 $1.04 $1.03 $1.02 $1.01 $1.00 $0.99 1999 Trucking Failures 322 325 308 291 275 297 319 340 327 314 300 407 Average Diesel Price $0.98 $0.98 $1.01 $1.04 $1.08 $1.11 $1.14 $1.18 $1.20 $1.23 $1.26 $1.31 2000 Trucking Failures 514 620 663 706 750 866 982 1098 1214 1330 Average Diesel Price $1.37 $1.42 $1.42 $1.41 $1.41 $1.43 $1.45 $1.47 $1.49 $1.51
4 Insurance o Insurance expenses 2.5% of revenue o Will swell on an average 100 basis points to 3.5-4% of revenue o Conceivably could see expenses exceed 4% of revenue 5 Used Truck Sales [trucks photo omitted] o October 2000 used truck estimate $40,000. o April 2001 same used truck estimate $20,000. 6 2000 JBHT Consolidated EPS Scenarios EPS SCENARIOS WITH JBT DIFFERENCES IN 3Q2000 AND 4Q2000
JBT Desired Operating Ratio 100.8% Through June 2001 100.0% 98.0% 96.0% ---------------------------------------------------------------------------------------------------------- Revenue (Jul-Dec) 426,832 Revenue 408,870 426,832 426,832 426,832 Total Revenue 833,802 Operating (3,475) 833,802 833,802 833,802 Total Operating Income (7,053) Operating 100.9% 0 16,676 33,352 Operating Income Truck (7,053) 0 16,676 33,352 Operating Income Intermodal 36,669 36,669 36,669 36,669 Operating Income Logistics 5,519 5,519 5,519 5,519 Operating Income DCS 28,415 28,415 28,415 28,415 Operating Income LCG 2,524 2,524 2,524 2,524 Operating Income Other (2,665) (2,665) (2,665) (2,665) ------------------------------------------------------------------ 63,409 70,462 87,138 103,814 Interest Expense 25,747 25,747 25,747 25,747 Equity In Earnings of Assoc Comp 4,777 4,777 4,777 4,777 Earnings Before Tax 42,439 49,492 66,168 82,844 Tax Rate 15.0% 17.25% 20.75% 21.5% Income Taxes 6,366 8,537 13,730 17,811 Net Earnings 36,073 40,955 52,438 65,033 Basic Shares Outstanding 35,313 BASIC EARNINGS PER SHARE 1.02 1.16 1.48 1.84 Diluted Shares Outstanding 35,417 DILUTED EARNINGS PER SHARE 1.02 1.16 1.48 1.84 ANALYST ESTIMATE EPS 1.00 1.00 1.00 1.00
** Assumes improvement in Operating Ratio must come from ONLY cost reduction, and not from utilization, freight mix, rate incr, volume due to revenue being held constant. 7 J.B. Hunt Truck [truck photo omitted] 8 Operation T/C DEFINITION: "KEEP ALL TRAILERS ON THE ROAD AND ALL CONTAINERS ON THE RAIL" 9 Increased Demand on Load Volume o 12.6% increase in capacity due to having more drivers o 8% increase in capacity due to the separation of Van into JBI and JBT o 2.2% increase in capacity due to the DCS growth requiring backhaul freight 22.8% increase in capacity without adding a single JBT tractor 10 Sales Strategy 2 DIMENSION APPROACH o National Accounts - Customers with growth opportunity. o Regional Areas - Diversifying our base with year around new customers. o New Freight Opportunities - Have processed $1.4 B in bids during the 1Q'01 and currently have $1.6 B in house. 11 Driver Hiring Van Hires 1999 vs 2000
Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 352 325 310 438 355 326 480 439 421 332 223 262 314 359 567 471 569 511 506 727 668 677 629 586 1030 816 612
12 2001 Asset Strategy
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JBT 6000 6000 5900 5800 5700 5600 5500 5400 5300 5200 5100 5000 DCS 4000 4000 4100 4200 4300 4400 4500 4600 4700 4800 4900 5000
13 About DCS J.B. Hunt Dedicated Contract Services (DCS) provides customized transportation solutions that result in cost effective delivery systems for clients who wish to: [side of truck photo omitted] lower transportation costs reduce liability improve logistics/distribution operations redirect capital back into core business functions. 14 Locations [Map of United States Showing Primary DCS Locations.] 15 Financial History
1996 1997 1998 1999 2000 ------------------------------------------------------------- Revenue ($Mil) 126.9 150.7 211.9 320.0 479.0
16 DCS Service Levels [Graph depicting 99% on-time DCS service level.] 99% 17 CPI vs. DCS Rate per Mile
1996 1997 1998 1999 2000 CPI 156.9 160.5 163 166.6 172 Rate per Mile 1.53 1.57 1.56 1.57 1.59
18 Portfolio Management PROJECT SPOTLIGHT
YTD YTD Neutral PORTFOLIO RANKING Account Region Revenue Margin % Mar-00 Mar-01 YTD L3M COMMENTS C 164,444 1% 5 4 4 12 C 126,501 -6% 5 5 12 MW 502,219 -4% 1 2 5 12 MW 497,597 -8% 1 5 5 15 MW 1,189,254 -15% 4 5 5 14 MW 306,647 -17% 1 5 5 15 MW 1,514,981 -4% 5 3 5 13 MW 96,763 -12% 2 5 12 MW 87,676 -7% 4 5 14 MW 947,176 -17% 4 5 5 14 MW 176,654 -4% 1 5 5 15 NE 216,895 -8% 3 5 5 14 NE 576,748 -5% 5 3 6 13 NE 402,234 -12% 1 5 5 13 NE 152,559 0% 3 4 12 NE 929,189 -1% 1 3 5 13 NE 3,972,722 3% 1 3 4 12 SE 2,420,481 2% 1 5 4 14 SE 793,875 3% 5 4 12 SE 1,561,630 13% 1 5 5 13 SW 167,308 -9% 1 5 5 13 SW 441,971 0% 4 4 13 SW 281,228 -25% 1 5 5 15 SW 426,225 -2% 4 4 13 SW 207,507 7% 1 3 5 12 SW 195,444 0% 1 3 5 13 W 91,218 -12% 5 5 15 W 398,319 -5% 1 5 5 13 W 31,685 -12% 1 5 5 13 W 122,121 -2% 2 3 4 12 W 942,695 -15% 5 5 15 W 739,511 -11% 1 5 5 15 W 580,082 5% 5 4 12
Each DCS project is reviewed at least quarterly on the basis of revenue and margin. 19 Productivity & Retail Sales [Graph of: DCS revenue per tractor vs % change in Retail Sales] 20 Internal Accounting Financial impact of shared Trailer Pool Costs 21 DCS Cost Opportunities *all figures in millions
Offset with Q1:00 Q1:01 %Change: Revenue Growth Revenue $ 979,982 $ 127,802 30% Worker's Comp $ 1,442 $ 2,277 58% $ 402 Insurance/Claims $ 1,653 $ 3,228 108% $ 1,209 Safety Costs: $ 1,612 O/R Impact: Allocations $ 3,597 $ 5,508 53% $ 832 Trailer Expenses $ 1,796 $ 4,940 175% $ 2,606 Accounting Changes: $ 3,437 O/R Impact: 2.69%
22 Operating Leverage
Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar. Apr. ---- ---- ---- ---- ---- ---- ---- ---- ---- Avg. Idle Trucks Per Day 30 71 64 67 65 48 64 99 215 Revenue per tractor per day 530 580 540 540 540 510 540 520 530
23 J.B. Hunt Intermodal [picture of crane omitted] 24 Transportation Market o 367 Billion in Trucking which is 80% of total o Domestic Transportation o Truckload 75 Billion* o 50,000 Carriers o 95% = 1 Million or less o Intermodal 6.5 Billion o 18% of Railroad Revenue * EXCLUDES PRIVATE FLEET 25
J.B. Hunt Intermodal Zero to $800M 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001(PLAN) East 5527 42184 104756 182344 252727 315615 372732 396180 451387 432315 424413 488074
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2000 2001 ------------------------------------ Containers (48') 7,500 4,200 Containers (53') 14,500 14,500 ------------------------------------ Total Containers 22,000 18,700 Non-Intermodal Use -6,500 -1,500 (DCS, TRUCK) Intermodal Use 15,500 17,200 11%
27 J. B. Hunt Intermodal
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr East 20.4 27.4 90 20.4 West 30.6 38.6 34.6 31.6 North 45.9 46.9 45 43.9
28 Intermodal Loads By Railroad
% OF RAILROAD 1999 2000 DIFFERENCE --------------------------------------------------------------------- BNSF 277,357 265,495 -4% CN 614 915 49% CR 35,753 CSXT 32,267 15,832 -51% FEC 498 133 -73% IC 1,419 773 -46% KCS 9,681 10,433 8% NS 66,827 124,378 86% UP 6,872 5,888 -14% -------------------------------------------- TOTAL 431,288 423,847 -2%
29