-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, RtFYkj5C1y0SlV9FFpqwGEkqFaRSEGg1Y67qqEIjp8CcMHKMQM3+Mxft3abNsl/F Y92POfPQ0wWEr/dSMdOfAA== 0001047469-98-019532.txt : 19980514 0001047469-98-019532.hdr.sgml : 19980514 ACCESSION NUMBER: 0001047469-98-019532 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19980331 FILED AS OF DATE: 19980513 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: HUNT J B TRANSPORT SERVICES INC CENTRAL INDEX KEY: 0000728535 STANDARD INDUSTRIAL CLASSIFICATION: TRUCKING (NO LOCAL) [4213] IRS NUMBER: 710335111 STATE OF INCORPORATION: AR FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-11757 FILM NUMBER: 98617286 BUSINESS ADDRESS: STREET 1: 615 JB HUNT CORPORATE DR CITY: LOWELL STATE: AR ZIP: 72745 BUSINESS PHONE: 5018200000 10-Q 1 FORM 10-Q FORM 10-Q SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 (MARK ONE) X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF - ----- THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTER ENDED MARCH 31, 1998 OR - ----- TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 COMMISSION FILE NUMBER 0-11757 J.B. HUNT TRANSPORT SERVICES, INC. (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER) ARKANSAS 71-0335111 (STATE OR OTHER JURISDICTION (I.R.S. EMPLOYER OF INCORPORATION OR IDENTIFICATION NO.) ORGANIZATION) 615 J.B. HUNT CORPORATE DRIVE, LOWELL, ARKANSAS 72745 (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES, AND ZIP CODE) (501) 820-0000 (REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE) INDICATE BY CHECK MARK WHETHER THE REGISTRANT (1) HAS FILED ALL REPORTS REQUIRED TO BE FILED BY SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 DURING THE PRECEDING 12 MONTHS (OR FOR SUCH SHORTER PERIOD THAT THE REGISTRANT WAS REQUIRED TO FILE SUCH REPORTS), AND (2) HAS BEEN SUBJECT TO THE FILING REQUIREMENTS FOR AT LEAST THE PAST 90 DAYS. YES X NO ----- ------ THE NUMBER OF SHARES OF THE COMPANY'S $.01 PAR VALUE COMMON STOCK OUTSTANDING ON MARCH 31, 1998 WAS 35,495,460. PART 1 FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS The interim consolidated financial statements contained herein reflect all adjustments which, in the opinion of management, are necessary for a fair statement of financial condition, results of operations and cash flows for the periods presented. They have been prepared in accordance with Rule 10-01 of Regulation S-X and do not include all the information and footnotes required by generally accepted accounting principles for complete financial statements. Operating results for the three month period ended March 31, 1998 are not necessarily indicative of the results that may be expected for the entire year ending December 31, 1998. The interim consolidated financial statements have been reviewed by KPMG Peat Marwick LLP, independent public accountants. These interim consolidated financial statements should be read in conjunction with the Company's latest annual report and Form 10-K for the year ended December 31, 1997. INDEX ----- Consolidated Statements of Earnings for the Three Months Ended March 31, 1998 and 1997.............................. Page 3 Consolidated Balance Sheets as of March 31, 1998 and December 31, 1997.............................. Page 4 Consolidated Statements of Cash Flows for the Three Months Ended March 31, 1998 and 1997........................ Page 5 Notes to Consolidated Financial Statements as of March 31, 1998.............................................. Page 6 Review Report of KPMG Peat Marwick LLP.............................. Page 8 ITEM 2. Management's Discussion and Analysis of Results of Operations and Financial Condition........................................... Page 9 ITEM 3. Quantitive and Qualitative Disclosures About Market Risk...... Non Applicable 2 J.B. HUNT TRANSPORT SERVICES, INC. CONSOLIDATED STATEMENTS OF EARNINGS (in thousands, except per share data) (unaudited) THREE MONTHS ENDED MARCH 31 - ---------------------------------------------------------------------------- 1998 1997 - ---------------------------------------------------------------------------- Operating revenues $ 413,466 $ 365,401 Operating expenses Salaries, wages and employee benefits 145,988 121,444 Purchased transportation 137,307 116,780 Fuel and fuel taxes 33,416 38,057 Depreciation 32,430 33,250 Operating supplies and expenses 21,347 22,146 Insurance and claims 7,972 10,193 Operating taxes and licenses 5,376 6,078 General and administrative expenses 3,700 5,962 Communication and utilities 4,272 4,171 - ---------------------------------------------------------------------------- Total operating expenses 391,808 358,081 - ---------------------------------------------------------------------------- Operating income 21,658 7,320 Interest expense 6,606 6,404 - ---------------------------------------------------------------------------- Earnings before income taxes 15,052 916 Income taxes 5,569 348 - ---------------------------------------------------------------------------- Net earnings $ 9,483 $ 568 - ---------------------------------------------------------------------------- - ---------------------------------------------------------------------------- Average common shares outstanding 35,613 36,750 - ---------------------------------------------------------------------------- - ---------------------------------------------------------------------------- Basic earnings per share $ 0.27 $ 0.02 - ---------------------------------------------------------------------------- - ---------------------------------------------------------------------------- Average diluted shares outstanding 36,648 36,762 - ---------------------------------------------------------------------------- - ---------------------------------------------------------------------------- Diluted earnings per share $ 0.26 $ 0.02 - ---------------------------------------------------------------------------- - ----------------------------------------------------------------------------
See accompanying notes to consolidated financial statements. 3 J.B. HUNT TRANSPORT SERVICES, INC. CONSOLIDATED BALANCE SHEETS (in thousands) (unaudited) - ------------------------------------------------------------------------------- MARCH 31, 1998 DECEMBER 31, 1997 - ------------------------------------------------------------------------------- ASSETS Current assets: Cash and cash equivalents $ 9,363 $ 3,701 Accounts receivable 176,038 169,198 Prepaid expenses 20,475 24,716 Deferred income taxes 2,337 2,337 - ------------------------------------------------------------------------------- Total current assets 208,213 199,952 - ------------------------------------------------------------------------------- Property and equipment 1,262,761 1,217,478 Less accumulated depreciation 420,557 420,671 - ------------------------------------------------------------------------------- Net property and equipment 842,204 796,807 - ------------------------------------------------------------------------------- Other assets 21,953 25,160 - ------------------------------------------------------------------------------- $ 1,072,370 $ 1,021,919 - ------------------------------------------------------------------------------- - ------------------------------------------------------------------------------- LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Current maturities of long-term debt $ 88,650 $ 17,500 Trade accounts payable 119,130 138,509 Claims accruals 12,536 22,306 Accrued payroll 26,067 16,096 Other accrued expenses 9,283 10,677 - ------------------------------------------------------------------------------- Total current liabilities 255,666 205,088 - ------------------------------------------------------------------------------- Long-term debt 317,315 322,790 Claims accruals 15,168 15,168 Deferred income taxes 143,005 140,909 Stockholders' equity 341,216 337,964 - ------------------------------------------------------------------------------- $ 1,072,370 $ 1,021,919 - ------------------------------------------------------------------------------- - -------------------------------------------------------------------------------
See accompanying notes to consolidated financial statements. 4 J.B. HUNT TRANSPORT SERVICES, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited) - ----------------------------------------------------------------------------------------------- THREE MONTHS ENDED MARCH 31 - ----------------------------------------------------------------------------------------------- 1998 1997 - ----------------------------------------------------------------------------------------------- Cash flows from operating activities: Net earnings $ 9,483 $ 568 Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation 32,430 33,250 Deferred income taxes 2,096 199 Termination of restricted stock (15) 0 Tax benefit (expense) of stock options exercised 60 (27) Changes in assets and liabilities: Accounts receivable (6,840) (11,061) Prepaid expenses 4,241 11,637 Trade accounts payable (19,379) (13,410) Claims accruals (9,770) (2,592) Accrued payroll and other accrued expenses 8,577 (3,539) - ----------------------------------------------------------------------------------------------- Net cash provided by operating activities 20,883 15,025 - ----------------------------------------------------------------------------------------------- Cash flows from investing activities: Additions to property and equipment (93,307) (32,687) Proceeds from sale of equipment 15,480 26,390 Decrease in other assets 3,207 3,809 - ----------------------------------------------------------------------------------------------- Net cash used in investing activities (74,620) (2,488) - ----------------------------------------------------------------------------------------------- Cash flows from financing activities: Repayment of long-term debt (5,000) (5,000) Net borrowings under commercial paper program 70,675 13,096 Proceeds from sale of treasury stock 629 34 Repurchase of treasury stock (5,139) (10,479) Dividends paid (1,766) (1,860) - ----------------------------------------------------------------------------------------------- Net cash provided by (used in) financing activities 59,399 (4,209) - ----------------------------------------------------------------------------------------------- Net increase in cash and cash equivalents 5,662 8,328 - ----------------------------------------------------------------------------------------------- Cash and cash equivalents at beginning of period 3,701 3,786 - ----------------------------------------------------------------------------------------------- Cash and cash equivalents at end of period $ 9,363 $ 12,114 - ----------------------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------- Supplemental disclosure of cash flow information: Cash paid during the period for: Interest $ 6,597 $ 6,551 Income Taxes 1,474 196 - ----------------------------------------------------------------------------------------------- - -----------------------------------------------------------------------------------------------
See accompanying notes to consolidated financial statements. 5 J.B. HUNT TRANSPORT SERVICES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (1) LONG-TERM DEBT Long-term debt consists of (in thousands): 3/31/98 12/31/97 -------- -------- Commercial paper $203,650 $132,500 Senior notes payable, interest at 6.25% payable semiannually, due 9/1/03 98,260 98,260 Senior notes payable, interest at 7.84% payable semiannually 5,000 10,000 Senior subordinated notes, interest at 7.80% payable semiannually 50,000 50,000 Senior notes payable, interest at 6.25% payable semiannually, due 11/17/00 25,000 25,000 Senior notes payable, interest at 6.00% payable semiannually, due 12/12/00 25,000 25,000 -------- -------- 406,910 340,760 Less current maturities (88,650) (17,500) Unamortized discount (945) (470) -------- -------- $317,315 $322,790 -------- -------- -------- --------
The Company is authorized to issue up to $240 million in notes under its commercial paper note program. These notes are supported by two credit agreements with a group of banks. One agreement for $120 million expires March 12, 1999 and $120 million expires March 20, 2002. The 6.25% senior notes were issued on September 1, 1993 and are due on September 1, 2003. The 7.84% senior notes were issued on March 31, 1992 and are payable in five equal annual installments on March 31. The 7.80% senior subordinated notes were issued on October 30, 1992 and are payable in five equal annual installments beginning October 30, 2000. The 6.25% senior notes were issued on November 17, 1995 and are payable at maturity on November 17, 2000. The 6.00% senior notes were issued on December 12, 1995 and are payable at maturity on December 12, 2000. (2) CAPITAL STOCK The Company maintains a Management Incentive Plan that provides various vehicles to compensate key employees with Company common stock. A summary of the restricted and non-statutory options to purchase Company common stock follows: 6 Weighted average Number of Number of exercise price shares shares per share exercisable ------ --------- ----------- Outstanding at December 31, 1997 3,039,925 $16.70 274,225 ------- ------- Granted 10,000 17.50 Exercised (25,950) 16.47 Terminated (87,500) 17.62 --------- ------ Outstanding at March 31, 1998 2,936,475 $16.65 294,025 --------- ------ ------- --------- ------ -------
On April 16, 1998, the Company's Board of Directors declared a regular quarterly cash dividend of $.05 per share payable on May 19, 1998 to stockholders of record on May 1, 1998. (3) NEW ACCOUNTING PRONOUNCEMENTS The Company adopted Financial Accounting Standards Board Statement No. 128, Earnings Per Share (SFAS 128), as of December 31, 1997. Accordingly, earnings per share amounts for the first quarter of 1998 and 1997 have been computed based on the following: Three Months Ended March 31 (in thousands, except per share data) --------------------------- 1998 1997 ------- ------- Numerator (net earnings) $ 9,483 $ 568 Denominator - Basic earnings per share Weighted average shares outstanding 35,613 36,750 ------- ------- ------- ------- Basic earnings per share $ .27 $ .02 ------- ------- ------- ------- Denominator - Diluted earnings per share Weighted average share outstanding 35,613 36,750 Effect of common stock options 1,035 12 ------- ------- Weighted average shares assuming dilution 36,648 36,762 ------- ------- Diluted earnings per share $ .26 $ .02 ------- ------- ------- -------
Options to purchase shares of common stock during the first quarter of 1998 and 1997, but were not included in the computation of diluted earnings per share because the options price was greater than the average market price of the common shares, are shown below. 1998 1997 ---- ---- Number of shares under option 3,100 4,979,000 Range of exercise price $24.63 $14.33 - $24.63
The Company adopted Financial Accounting Standards Board Statement No. 130, Reporting Comprehensive Income (SFAS 130), as of January 1, 1998. SFAS 130 establishes standards for reporting and displaying comprehensive income and its components in a financial statement that is displayed with the same prominence as other financial statements. SFAS No. 130 also requires the accumulated balance of other comprehensive income to be displayed separately in the equity section of the consolidated balance sheet. The accumulated balance of other comprehensive income of each of March 31, 1998 and December 31, 1997 was $5.6 million. The adoption of this Statement had no material impact on net earnings or stockholders' equity. Comprehensive income was equal to net earnings during the first quarter of 1998 and 1997. (4) RECLASSIFICATIONS Certain amounts for 1997 have been reclassified to conform to the 1998 classifications. 7 INDEPENDENT ACCOUNTANT'S REVIEW REPORT -------------------------------------- The Board of Directors J.B. Hunt Transport Services, Inc.: We have reviewed the accompanying condensed consolidated balance sheet of J.B. Hunt Transport Services, Inc. and subsidiaries as of March 31, 1998, and the related condensed consolidated statements of earnings and cash flows for the three-month periods ended March 31, 1998 and 1997. These condensed consolidated financial statements are the responsibility of the Company's management. We conducted our review in accordance with standards established by the American Institute of Certified Public Accountants. A review of interim financial information consists principally of applying analytical procedures to financial data and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit in accordance with generally accepted auditing standards, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion. Based on our review, we are not aware of any material modifications that should be made to the condensed consolidated financial statements referred to above for them to be in conformity with generally accepted accounting principles. We have previously audited, in accordance with generally accepted auditing standards, the consolidated balance sheet of J.B. Hunt Transport Services, Inc. and subsidiaries as of December 31, 1997, and the related consolidated statements of operations, stockholders' equity, and cash flows for the year then ended (not presented herein); and in our report dated January 30, 1998, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying condensed consolidated balance sheet as of December 31, 1997, is fairly presented, in all material respects, in relation to the consolidated balance sheet from which it has been derived. /s/ KPMG Peat Marwick LLP ------------------------- Little Rock, Arkansas April 14, 1998 8 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION The following discussion should be read in conjunction with the attached interim consolidated financial statements and notes thereto, and with the Company's audited consolidated financial statements and notes thereto for the calendar year ended December 31, 1997. RESULTS OF OPERATIONS COMPARISON OF FIRST QUARTER 1998 TO FIRST QUARTER 1997 The following table sets forth items in the Consolidated Statements of Earnings as a percentage of operating revenues and the percentage increase or decrease of those items as compared with the prior period. Three Months Ended March 31 Percentage Percentage of Change Operating Revenues Between Quarters --------------------- ---------------- 1998 1997 1998 vs. 1997 ------ ------ ------------- Operating revenues 100.0% 100.0% 13.2% Operating expenses Salaries, wages and employee benefits 35.3% 33.2% 20.2% Purchased transportation 33.2% 32.0% 17.6% Fuel and fuel taxes 8.1% 10.4% (12.2%) Depreciation 7.9% 9.1% (2.5%) Operating supplies and expenses 5.2% 6.1% (3.6%) Insurance and claims 1.9% 2.8% (21.8%) Operating taxes and licenses 1.3% 1.7% (11.5%) General and administrative expenses .9% 1.6% (37.9%) Communication and utilities 1.0% 1.1% 2.4% --------------------- ------------- Total operating expenses 94.8% 98.0% 9.4% --------------------- ------------- Operating income 5.2% 2.0% 195.9% Interest expense 1.6% 1.7% 3.2% --------------------- ------------- Earnings before income taxes 3.6% .3% 1,543.2% Income taxes 1.3% .1% 1,500.3% --------------------- ------------- Net earnings 2.3% .2% 1,569.5% --------------------- ------------- --------------------- -------------
Operating revenues for the first quarter of 1998 increased 13%, to $413.5 million from $365.4 million in the first quarter of 1997. This increase in revenue was primarily a result of an 18% increase in the van tractor fleet, offset by a 5% impact of flatbed business, which was included in the 1997 revenue. The flatbed business was sold in July of 1997. Dry-van truck revenue per mile (rates), excluding fuel surcharges, increased approximately 3% during the current quarter, while intermodal revenue per mile decreased about 3%. Intermodal revenue, which is included in the core dry-van business increased 7%. Total operating expenses for the first quarter of 1998 increased 9% over the comparable period of 1997. Total operating expenses expressed as a percentage of operating revenues (operating ratio) were 94.8% for the first quarter of 1998 compared 9 with 98.0% in 1997. A number of significant changes in operating expenses during the current quarter were related to an approximate 33% pay increase for certain over-the-road drivers which was effective on February 28, 1997. This pay increase was the primary reason for the increase in salaries, wages and employee benefits. The increase in purchased transportation expense was consistent with trends in recent periods and reflects payments to railroads and third-party providers of truck line-haul transportation services. The purchase of transportation services from unrelated motor carriers is a fundamental aspect of the growing logistics business. Fuel and fuel tax expense declined, primarily due to a 15% decrease in fuel cost per gallon during the first quarter of 1998. This decrease of fuel expense was partly offset by lower fuel surcharge revenue. The decline of depreciation expense was partly due to gains recognized during the current quarter on the disposition of revenue equipment. Gains on asset dispositions reduce depreciation expense and totaled $.7 million during the first quarter of 1998 compared with $.2 million in 1997. The nearly 22% decrease in insurance and claims expense was a result of fewer vehicle collisions during the first quarter of 1998. The new driver compensation package has been successful in attracting and retaining experienced, professional drivers. As anticipated, the higher average years of driving experience has resulted in lower levels of vehicle damage and collisions. The decrease of operating taxes and license expense was partly a result of a favorable tax case ruling which was received during the current quarter. The lower level of general and administrative expenses was due primarily to reduced driver advertising expense, and earnings recognized from the Company's operations in Mexico, which are recorded as an offset to general and administrative expenses. The Company's effective income tax rate was 37% for the first quarter of 1998 and 38% for the comparable period of 1997. As a result of the above, net earnings for the first quarter of 1998 increased to $9.5 million, or basic earnings per share of 27 cents, compared with $.6 million, or 2 cents per share in 1997. Diluted earnings per share were 26 cents in 1998 and 2 cents in 1997. The decrease in the number of shares outstanding was primarily due to the Company's acquisition of treasury shares. LIQUIDITY AND CAPITAL RESOURCES This discussion of corporate liquidity and capital resources should be read in conjunction with information presented in the Consolidated Statements of Cash Flows and the Consolidated Balance Sheets. Net cash provided by operating activities was $20.9 million for the first quarter of 1998, compared with $15.0 million in 1997. Net cash was generated during the current quarter primarily from net earnings and depreciation and used primarily for trade accounts payable, claims payments and an increase in accounts receivable. Net cash used in investing activities was $74.6 million in 1998 and $2.5 million in 1997. The primary use of cash in investing activities was to purchase revenue equipment. These purchases of revenue equipment were funded by cash provided by operating activities and a $65.7 million increase in debt. The Company also used cash to purchase $5.1 million of treasury stock during the first quarter of 1998. 10 SELECTED BALANCE SHEET DATA As of --------------------------------------------------- March 31, 1998 December 31, 1997 March 31, 1997 -------------- ----------------- -------------- Working capital ratio .81 .97 1.08 Current maturities of long- term debt (millions) $88.7 $17.5 $68.0 Total debt (millions) $ 406 $ 340 $ 390 Total debt to equity 1.19 1.01 1.13 Total debt as a percentage of total capital .54 .50 .53
The Company's debt levels were reduced during the fourth quarter of 1997, primarily due to reduced capital expenditures for revenue equipment. Debt levels increased during the first quarter of 1998 primarily due to increased spending for fleet expansion and to reduce the average age of the tractor fleet. The Company generates significant cash from operating activities and has borrowing capacity to meet its committed and contemplated cash requirements. YEAR 2000 The Company developed a plan during 1996 to deal with the Year 2000 problem. The Year 2000 problem is the result of computer programs being written using two digits rather than four to define the applicable year. The Company's plan provides for the conversion efforts to be completed by the end of 1998. The total cost of the project is estimated to be $820,000 and is being funded through operating cash flows. The Company is expensing all costs associated with these systems changes as the costs are incurred. FORWARD-LOOKING STATEMENTS This report may contain statements that may be considered as forward-looking or predictions concerning future operations. Such statements are based on management's belief or interpretation of information currently available. These statements and assumptions involve certain risks and uncertainties and management can give no assurance that such expectations will be realized. Among all the factors and events that are not within the Company's control and could have a material impact on future operating results are general economic conditions, cost and availability of diesel fuel, adverse weather conditions and competitive rate fluctuations. In addition, the ultimate net cost of the new driver compensation package will be dependent on the mix of experienced drivers attracted to the Company and on future accident, cargo and worker's compensation claims, as well as other factors. 11 PART II OTHER INFORMATION ITEM 1. LEGAL PROCEEDINGS None applicable. ITEM 2. CHANGES IN SECURITIES None applicable. ITEM 3. DEFAULTS UPON SENIOR SECURITIES None applicable. ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS The annual meeting of stockholders of J.B. Hunt Transport Services, Inc. was held on April 16, 1998. Proxies for the meeting were solicited pursuant to Regulation 14A of the Securities Exchange Act of 1934. At the meeting, stockholders voted on the following resolutions with the vote tabulations so indicated: Votes ---------------------------------------- For Against Abstained ---------------------------------------- 1. To elect nine directors of the Company; three for a one-year term; three for a two-year term; and three for a three-year term. 31,294,904 0 1,460,870 2. To approve the Amended Management Incentive Plan 26,751,917 5,978,370 25,487 3. To ratify the appointment of KPMG Peat Marwick LLP as the Company's independent public accountants for the next fiscal year. 32,741,432 3,980 10,362 4. To transact such other business as may properly come before the meeting or any adjournments thereof. 28,273,412 3,570,700 911,662
There was no solicitation in opposition to management's nominees for Directors as listed in the proxy statement and each nominee was elected by greater than ninety-two percent of the shares entitled to vote. No additional business or other matters came before the meeting or any adjournment thereof. ITEM 5. OTHER INFORMATION None applicable. ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K (a) Exhibits 27.1 Financial Data Schedule 27.2 1997 Restated Financial Data Schedule 12 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 thereunto duly authorized. J.B. HUNT TRANSPORT SERVICES, INC. DATE: May 12, 1998 BY: /s/ Kirk Thompson ----------------- -------------------------------- Kirk Thompson President and Chief Executive Officer DATE: May 12, 1998 BY: /s/ Jerry W. Walton ----------------- -------------------------------- Jerry W. Walton Executive Vice President, Finance and Chief Financial Officer 13 EX-27.1 2 FINANCIAL DATA SCHEDULE
5 1,000 3-MOS DEC-31-1998 JAN-01-1998 MAR-31-1998 9,363 0 176,038 0 0 208,213 1,262,761 420,557 1,072,370 255,666 0 0 0 390 0 1,072,370 413,466 413,466 0 391,808 0 0 6,606 15,052 5,569 9,483 0 0 0 9,483 0.27 0.26
EX-27.2 3 RESTATED FINANCIAL DATA SCHEDULES
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE REGISTRANT'S REPORT ON FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 1997 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1,000 3-MOS DEC-31-1997 JAN-01-1997 MAR-31-1997 12,114 0 162,288 0 0 209,729 1,201,622 415,322 1,018,519 194,669 0 0 0 390 0 1,018,519 365,401 365,401 0 358,081 0 0 6,404 916 348 568 0 0 0 568 0.02 0.02
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