UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2009

o 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)

479-820-0000

(Registrant’s telephone number, including area code)

www.jbhunt.com

(Registrant’s web site)

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 the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes o No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer x	Accelerated filer o
Non-accelerated filer o	Smaller reporting company o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x

The number of shares of the registrant’s $0.01 par value common stock outstanding on June 30, 2009 was 126,845,471.

Table of Contents

Part I. Financial Information

ITEM 1. FINANCIAL STATEMENTS

J.B. HUNT TRANSPORT SERVICES, INC.

Condensed Consolidated Statements of Earnings

(in thousands, except per share amounts)

(unaudited)

	Three Months Ended				Six Months Ended
	June 30				June 30
	2009		2008		2009		2008

Operating revenues, excluding fuel surcharge revenues	$	702,986	$	763,303	$	1,366,639	$	1,487,474
Fuel surcharge revenues	66,798		214,036		125,980		368,248
Total operating revenues	769,784		977,339		1,492,619		1,855,722

Operating expenses:
Rents and purchased transportation	336,569		377,433		635,991		708,108
Salaries, wages and employee benefits	192,933		220,961		385,279		434,596
Fuel and fuel taxes	62,712		157,637		121,942		291,639
Depreciation and amortization	47,094		50,728		94,457		101,267
Operating supplies and expenses	38,665		40,965		74,292		77,762
Insurance and claims	13,858		14,262		25,709		32,064
General and administrative expenses, net of asset dispositions	19,401		8,584		27,847		18,114
Operating taxes and licenses	7,022		8,120		13,917		16,173
Communication and utilities	4,439		4,604		9,104		9,898
Total operating expenses	722,693		883,294		1,388,538		1,689,621
Operating income	47,091		94,045		104,081		166,101
Interest income	132		257		286		500
Interest expense	7,637		10,322		14,547		22,072
Equity in loss of affiliated company	223		1,023		848		1,878
Earnings before income taxes	39,363		82,957		88,972		142,651
Income taxes	15,314		32,353		34,165		55,634
Net earnings	$	24,049	$	50,604	$	54,807	$	87,017

Weighted average basic shares outstanding	126,346		125,047		126,213		124,852

Basic earnings per share	$	0.19	$	0.40	$	0.43	$	0.70

Weighted average diluted shares outstanding	129,364		128,476		128,962		128,195

Diluted earnings per share	$	0.19	$	0.39	$	0.42	$	0.68

Dividends declared per common share	$	0.11	$	0.10	$	0.22	$	0.20

See Notes to Condensed Consolidated Financial Statements.

Table of Contents

J.B. HUNT TRANSPORT SERVICES, INC.

Condensed Consolidated Balance Sheets

(in thousands)

(unaudited)

	June 30, 2009		December 31, 2008

ASSETS
Current assets:
Cash and cash equivalents	$	3,570	$	2,373
Trade accounts receivable, net	308,313		280,614
Assets held for sale	18,018		17,843
Prepaid expenses and other	56,333		95,457
Total current assets	386,234		396,287
Property and equipment, at cost	2,165,261		2,169,893
Less accumulated depreciation	750,704		783,363
Net property and equipment	1,414,557		1,386,530
Other assets	20,095		10,636
	$	1,820,886	$	1,793,453

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Current debt	$	61,500	$	118,500
Trade accounts payable	173,125		196,059
Claims accruals	19,408		18,095
Accrued payroll	39,389		33,156
Other accrued expenses	46,540		31,995
Deferred income taxes	10,048		10,083
Total current liabilities	350,010		407,888

Long-term debt	586,700		515,000
Other long-term liabilities	31,075		30,490
Deferred income taxes	275,962		311,064
Stockholders’ equity	577,139		529,011
	$	1,820,886	$	1,793,453

See Notes to Condensed Consolidated Financial Statements.

Table of Contents

J.B. HUNT TRANSPORT SERVICES, INC.

Condensed Consolidated Statements of Cash Flows

(in thousands)

(unaudited)

	Six Months Ended
	June 30
	2009			2008

Cash flows from operating activities:
Net earnings	$	54,807		$	87,017
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	94,457			101,267
Share-based compensation	9,499			6,025
(Gain)/loss on sale of revenue equipment and other	2,284			(574		)
Impairment on assets held for sale	10,284			—
Provision for deferred income taxes	(35,137		)	(2,048		)
Equity in loss of affiliated company	848			1,878
Changes in operating assets and liabilities:
Trade accounts receivable	(27,933		)	(49,656		)
Income tax payable	15,706			(2,865		)
Other assets	38,462			42,663
Trade accounts payable	(19,320		)	10,861
Claims accruals	1,313			(67		)
Accrued payroll and other accrued expenses	5,368			9,010
Net cash provided by operating activities	150,638			203,511

Cash flows from investing activities:
Additions to property and equipment	(184,967		)	(157,384		)
Net proceeds from sale of equipment	50,275			46,984
Net distributions of available for sale investments	735			4,139
Changes in other assets	(9,648		)	(83		)
Net cash used in investing activities	(143,605		)	(106,344		)

Cash flows from financing activities:
Payments on long-term debt	(7,000		)	(7,000		)
Net borrowings/(repayments) on revolving lines of credit and other	18,087			(93,922		)
Stock option exercises and other	4,353			4,456
Tax benefit on stock options exercised	6,466			10,549
Dividends paid	(27,742		)	(24,947		)
Net cash used in financing activities	(5,836		)	(110,864		)
Net increase/(decrease) in cash and cash equivalents	1,197			(13,697		)
Cash and cash equivalents at beginning of period	2,373			14,957
Cash and cash equivalents at end of period	$	3,570		$	1,260

Supplemental disclosure of cash flow information:
Cash paid during the period for:
Interest	$	14,919		$	22,130
Income taxes	$	47,635		$	49,918

See Notes to Condensed Consolidated Financial Statements.

Table of Contents

J.B. HUNT TRANSPORT SERVICES, INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

1. General

Basis of Presentation

The accompanying unaudited interim Condensed Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information. We believe such statements include all adjustments (consisting only of normal recurring adjustments) necessary for the fair presentation of our financial position, results of operations and cash flows at the dates and for the periods indicated. Pursuant to the requirements of the Securities and Exchange Commission (SEC) applicable to quarterly reports on Form 10-Q, the accompanying financial statements do not include all disclosures required by GAAP for annual financial statements. While we believe the disclosures presented are adequate to make the information not misleading, these unaudited interim Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2008. Operating results for the periods presented in this report are not necessarily indicative of the results that may be expected for the calendar year ending December 31, 2009, or any other interim period. Our business is somewhat seasonal with slightly higher freight volumes typically experienced during August through early November.

Impairment of Long-lived Assets and Assets Held for Sale

In June 2009, we entered into a plan to sell approximately 700 tractors, the majority of which were operating in our JBI and DCS segments. We reclassified the net book value of this equipment from net property and equipment to assets held for sale in our June 30, 2009 Balance Sheet and discontinued recording depreciation expense for these assets held for sale. We recorded a pretax charge of $10.3 million to reduce the carrying value of these assets to estimated fair value, less cost to sell. These impairment charges are included in “general and administrative expenses, net of asset dispositions” in our Condensed Consolidated Statements of Earnings and are reflected in our applicable business segments’ final results.

Recent Accounting Pronouncements

We adopted the provisions of Staff Position FAS 157-2, Effective Date of FASB Statement No. 157, (FSP 157-2) for nonfinancial assets and liabilities effective January 1, 2009. Adoption of FSP 157-2 increased our disclosures regarding fair value instruments, but did not have an effect on our operating income or net earnings. See Note 7, Fair Value Measurements, for more discussion.

In May 2009, the Financial Accounting Standards Board (FASB) issued Statement of Financial Accounting Standards No. 165, Subsequent Events, (FAS 165), which is effective for us during the second quarter 2009. FAS 165 sets forth the circumstances and the period after the balance sheet date for which an entity should evaluate events for recognition or disclosure in our financial statements. In addition, FAS 165 identifies the disclosures that an entity should make about such events. We adopted this statement for the second quarter ended 2009 and have evaluated subsequent events from June 30, 2009 through July 31, 2009 in accordance with the statement. Adoption of FAS 165 did not have an effect on our financial results.

2. Earnings Per Share

We compute basic earnings per share by dividing net earnings available to common stockholders by the actual weighted average number of common shares outstanding for the reporting period. Diluted earnings per share reflects the potential dilution that could occur if holders of options or unvested restricted share units exercised or converted their holdings into common stock. The dilutive effect of restricted share units and stock options was 3.0 million shares during the second quarter 2009, compared to 3.4 million shares during second quarter 2008. During the six

Table of Contents

months ended June 30, 2009 and June 30, 2008, the dilutive effect of restricted share units and stock options was 2.7 million shares and 3.3 million shares, respectively.

3. Share-based Compensation

The following table summarizes the components of our share-based compensation program expense (in thousands):

	Three Months Ended June 30				Six Months Ended June 30
	2009		2008		2009		2008
Restricted share units:
Pretax compensation expense	$	4,131	$	2,225	$	8,351	$	4,391
Tax benefit	1,586		868		3,207		1,712
Restricted share unit expense, net of tax	$	2,545	$	1,357	$	5,144	$	2,679
Stock options:
Pretax compensation expense	$	812	$	990	$	1,148	$	1,634
Tax benefit	312		386		441		637
Stock option expense, net of tax	$	500	$	604	$	707	$	997

As of June 30, 2009, we had $34.7 million and $9.3 million of total unrecognized compensation expense related to restricted share units and nonstatutory stock options, respectively, which is expected to be recognized over the remaining weighted-average period of 2.1 years for restricted share units and 1.8 years for stock options. During the six months ended June 30, 2009, we issued 25,261 shares for vested restricted share units and 776,975 shares as a result of stock option exercises.

4. Financing Arrangements

Outstanding borrowings under our current financing arrangements consist of the following (in millions):

	June 30, 2009			December 31, 2008
Revolving lines of credit	$	186.7		$	165.0
Senior notes	400.0			400.0
Term loan	61.5			68.5
Less current portion of long-term debt	(61.5		)	(118.5		)
Total long-term debt	$	586.7		$	515.0

Revolving Lines of Credit

At June 30, 2009, we were authorized to borrow up to $350 million under a revolving line of credit, which expires in March 2012 and is supported by a credit agreement with a group of banks. The applicable interest rate under this agreement is based on either the prime rate or LIBOR, depending upon the specific type of borrowing, plus a margin based on the level of borrowings and our credit rating. At June 30, 2009, we had $186.7 million outstanding at an average interest rate of 1.13% under this agreement.

Effective June 29, 2009, we terminated a $75 million accounts receivable securitization facility. Concurrent with this termination, we dissolved a wholly-owned subsidiary called JBH Receivables LLC, which was formed in July 2006 as a bankruptcy remote entity associated with the accounts receivable securitization facility.

Senior Notes

Our senior notes consist of two separate issuances. The first is $200 million of 5.31% senior notes, which mature in March 2011. Interest payments are due semiannually in March and September of each year. The second is $200 million of 6.08% senior notes, which mature in July 2014. For this second issuance, principal payments in the amount of $50.0 million are due in July 2012 and 2013, with the remainder due upon maturity. Interest payments are

Table of Contents

due semiannually in January and July of each year.

Term Loan

Our $100 million term loan facility, which matures in September 2009, was arranged in connection with our purchase of used, dry-van trailers and is collateralized by a security interest in the trailing equipment. Stated interest on this facility is a 3-month LIBOR variable rate. Concurrent with the loan and credit agreement, we entered into an interest rate swap agreement to effectively convert this floating rate debt to a fixed rate basis of 5.85%. The swap expires in September 2009, when the related term loan is due. At June 30, 2009, we had $61.5 million outstanding under this agreement.

Our revolving line of credit and debt facilities require us to maintain certain covenants and financial ratios. We were in compliance with all covenants and financial ratios at June 30, 2009.

5. Capital Stock

On April 30, 2009, our Board of Directors declared a regular quarterly dividend of $0.11 per common share, which was paid on May 29, 2009, to stockholders of record on May 15, 2009. On July 16, 2009, our Board of Directors declared a regular quarterly dividend of $0.11 per common share, payable on August 14, 2009, to stockholders of record on July 31, 2009.

6. Comprehensive Income

Comprehensive income includes changes in the fair value of our interest rate swap, which qualifies for hedge accounting. A reconciliation of net earnings and comprehensive income follows (in thousands):

	Three Months Ended June 30				Six Months Ended June 30
	2009		2008		2009		2008
Net earnings	$	24,049	$	50,604	$	54,807	$	87,017
Unrealized gain/(loss) on derivative instruments, net of income taxes	344		786		747		(34		)
Comprehensive income	$	24,393	$	51,390	$	55,554	$	86,983

7. Fair Value Measurements

Our assets and liabilities measured at fair value are based on the market approach valuation technique which considers prices and other relevant information generated by market transactions involving identical or comparable assets and liabilities.

Statement of Financial Standards No. 157, Fair Value Measurements, (FAS 157) clarifies that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for evaluating such assumptions, FAS 157 establishes a three-tier fair value hierarchy, which prioritizes the inputs in measuring fair value as follows:

Level 1	Quoted prices in active markets for identical assets or liabilities

Level 2	Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly

Level 3	Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions about what market participants would use in pricing the asset or liability

Table of Contents

The following are assets and liabilities measured at fair value at June 30, 2009 (in millions):

	Quoted Prices in Active Markets for Identical Assets/(Liabilities) (Level 1)		Significant Other Observable Inputs Assets/(Liabilities) (Level 2)
Available-for-sale investments	$	—	$	1.3
Trading investments	8.0		—
Assets held for sale	—		18.0
Interest rate swap	—		(0.7		)

The carrying amounts and estimated fair values, based on their net present value, of our long-term debt at June 30, 2009, were as follows (in millions):

	Carrying Value		Estimated Fair Value
Revolving line of credit	$	186.7	$	186.7
Senior notes	400.0		340.9
Term loan	61.5		61.3

The carrying amounts of all other instruments at June 30, 2009, approximate their fair value due to the short maturity of these instruments.

8. Income Taxes

Our effective income tax rate was 38.9% for the three month period ended June 30, 2009 and 38.4% for the six month period ended June 30, 2009, compared with 39.0% for the three and six month periods ended June 30, 2008. In determining our quarterly provision for income taxes, we use an estimated annual effective tax rate, which is based on our expected annual income, statutory tax rates, best estimate of nontaxable and nondeductible items of income and expense and the ultimate outcome of tax audits. The 2009 effective income tax rate reflects changes in estimates of state income taxes and nontaxable and nondeductible items as they relate to expected annual income.

At June 30, 2009, we had a total of $15.0 million in gross unrecognized tax benefits, which is a component of other long-term liabilities on our balance sheet. Of this amount, $9.7 million represents the amount of unrecognized tax benefits that, if recognized, would impact our effective tax rate. The total amount of accrued interest and penalties for such unrecognized tax benefits was $2.7 million at June 30, 2009.

9. Legal Proceedings

We are involved in certain claims and pending litigation arising from the normal conduct of business. Based on the present knowledge of the facts and, in certain cases, opinions of outside counsel, we believe the resolution of these claims and pending litigation will not have a material adverse effect on our financial condition, results of operations or liquidity.

10. Business Segments

We reported four distinct business segments during the three and six months ended June 30, 2009. These segments included: Intermodal (JBI), Dedicated Contract Services (DCS), Truck (JBT), and Integrated Capacity Solutions (ICS). The operation of each of these businesses is described in Note 13, Segment Information, of our Annual Report (Form 10-K) for the year ended December 31, 2008. A summary of certain segment information is presented below (in millions):

Table of Contents

	Assets (Excludes intercompany accounts) As of June 30
	2009		2008
JBI	$	855	$	781
DCS	431		421
JBT	353		493
ICS	32		26
Other (includes corporate)	150		139
Total	$	1,821	$	1,860

	Operating Revenues
	Three Months Ended June 30						Six Months Ended June 30
	2009			2008			2009			2008
JBI	$	425		$	496		$	816		$	933
DCS	174			243			354			472
JBT	108			192			210			377
ICS	68			53			125			91
Inter-segment eliminations	(5		)	(7		)	(12		)	(17		)
Total	$	770		$	977		$	1,493		$	1,856

	Operating Income (Loss)
	Three Months Ended June 30						Six Months Ended June 30
	2009			2008			2009			2008
JBI	$	38.8		$	66.2		$	80.1		$	118.0
DCS	8.1			22.2			25.4			40.5
JBT	(4.0		)	3.4			(9.8		)	3.3
ICS	4.2			2.3			8.3			4.2
Other (includes corporate)	0.0			(0.1		)	0.1			0.1
Total	$	47.1		$	94.0		$	104.1		$	166.1

	Depreciation and Amortization Expense
	Three Months Ended June 30				Six Months Ended June 30
	2009		2008		2009		2008
JBI	$	15.8	$	14.2	$	30.6	$	27.4
DCS	15.4		17.1		31.4		34.4
JBT	13.2		16.7		27.3		33.9
ICS	0.0		0.0		0.1		0.0
Other (includes corporate)	2.7		2.7		5.1		5.6
Total	$	47.1	$	50.7	$	94.5	$	101.3

Table of Contents

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

You should refer to the attached interim Condensed Consolidated Financial Statements and related notes and also to our Annual Report (Form 10-K) for the year ended December 31, 2008 as you read the following discussion. We may make statements in this report that reflect our current expectation regarding future results of operations, performance and achievements. These are “forward-looking” statements as defined in the Private Securities Litigation Reform Act of 1995, and are based on our belief or interpretation of information currently available. You should realize there are many risks and uncertainties that could cause actual results to differ materially from those described. Some of the factors and events that are not within our control and could have a significant impact on future operating results are general economic conditions, cost and availability of fuel, accidents, adverse weather conditions, competitive rate fluctuations, availability of drivers, adverse legal decisions and audits or tax assessments of various federal, state or local taxing authorities. Additionally, our business is somewhat seasonal with slightly higher freight volumes typically experienced during August through early November. You should also refer to Item 1A of our Annual Report (Form 10-K) for the year ended December 31, 2008, for additional information on risk factors and other events that are not within our control. Our future financial and operating results may fluctuate as a result of these and other risk factors as described from time to time in our filings with the SEC.

GENERAL

We are one of the largest surface transportation companies in North America. We operate four distinct, but complementary, business segments and provide a wide range of transportation services to a diverse group of customers throughout the continental United States, Canada and Mexico. We generate revenues primarily from the actual movement of freight from shippers to consignees and from serving as a logistics provider by offering or arranging for others to provide the transportation service. Our DCS segment offers services that generally are not provided by common truckload carriers or intermodal. Such services include specialized equipment, on site management and final-mile-delivery services. We account for our business on a calendar year basis with our full year ending on December 31 and our quarterly reporting periods ending on March 31, June 30 and September 30.

Critical Accounting Policies and Estimates

The preparation of our financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that impact the amounts reported in our Consolidated Financial Statements and accompanying notes. Therefore, the reported amounts of assets, liabilities, revenues, expenses and associated disclosures of contingent assets and liabilities are affected by these estimates. We evaluate these estimates on an ongoing basis, utilizing historical experience, consultation with experts and other methods considered reasonable in the particular circumstances. Nevertheless, actual results may differ significantly from our estimates. Any effects on our business, financial position or results of operations resulting from revisions to these estimates are recognized in the accounting period in which the facts that give rise to the revision become known.

Information regarding our Critical Accounting Policies and Estimates can be found in our Annual Report (Form 10-K). The four critical accounting policies that we believe require us to make more significant judgments and estimates when we prepare our financial statements include those relating to self-insurance accruals, revenue equipment, revenue recognition and income taxes. We have discussed the development and selection of these critical accounting policies and estimates with the Audit Committee of our Board of Directors. In addition, Note 2, Summary of Significant Accounting Policies, to the financial statements in our Annual Report (Form 10-K) for the year ended December 31, 2008, contains a summary of our critical accounting policies. There have been no material changes to the methodology we apply for critical accounting estimates as previously disclosed in our Annual Report on Form 10-K.

Segments

We operated four segments during the second quarter 2009. The operation of each of these businesses is described in Note 13, Segment Information, of our Annual Report (Form 10-K) for the year ended December 31, 2008.

Table of Contents

RESULTS OF OPERATIONS

Comparison of Three Months Ended June 30, 2009 to Three Months Ended June 30, 2008

	Summary of Operating Segment Results For the Three Months Ended June 30 (in millions)
	Operating Revenues								Operating Income (Loss)
	2009			2008			% Change		2009			2008
JBI	$	425		$	496		(14	)%	$	38.8		$	66.2
DCS	174			243			(28	)	8.1			22.2
JBT	108			192			(44	)	(4.0		)	3.4
ICS	68			53			28		4.2			2.3
Other (includes corporate)	0			0			0		0.0			(0.1		)
Subtotal	775			984			(21	)%	47.1			94.0
Inter-segment eliminations	(5		)	(7		)	18		—			—
Total	$	770		$	977		(21	)%	$	47.1		$	94.0

Our total consolidated operating revenues decreased to $770 million for the second quarter 2009, a 21% decrease from the $977 million for the second quarter 2008. Lower fuel prices resulted in fuel surcharge revenues of $66.8 million during the current quarter, compared with $214.0 million in 2008. If fuel surcharge revenues were excluded from both periods, the decrease of 2009 revenue from 2008 was 8%. The decreased level of revenue, excluding fuel surcharge, was primarily attributable to lower load volumes in our DCS and JBT segments, partially offset by higher volumes in our JBI and ICS segments. The significant decline in JBT revenues was primarily a result of our ongoing long-term strategy to reduce the size of the segment’s tractor fleet and due to weaker demand brought about by the current economic recession. The total company-owned tractor fleet declined from 9,611 units at June 30, 2008 to 8,275 units at June 30, 2009, with reductions primarily in the JBT segment. Containers and trailers grew from 60,290 to 62,471. The growth in trailing equipment was primarily to support additional intermodal business.

JBI segment revenue decreased 14%, to $425 million during the second quarter 2009, compared with $496 million in 2008. This decrease in segment revenue was primarily the result of decreases in fuel prices and resulting lower fuel surcharges. JBI revenue increased 1% over the comparable prior year quarter when the impact of fuel surcharges is excluded. A 3% decrease in price and length of haul from second quarter 2008 was offset by an 8% increase in volumes, resulting in the increase in revenues, excluding fuel surcharges. Operating income of the JBI segment declined to $38.8 million in the second quarter 2009, from $66.2 million in 2008, primarily due to the lower revenue levels, as well as a $6.6 million pretax charge to write down the value of certain tractors held for sale, as discussed further in the Consolidated Operating Expenses section.

DCS segment revenue decreased 28%, to $174 million in 2009, from $243 million in 2008. Excluding fuel surcharges, revenue declined 17% compared to the second quarter 2008, primarily due to fleet reductions in response to changes in our customers’ business demands. Average truck count declined by 429 units from 2008. Operating income of our DCS segment decreased to $8.1 million in 2009, from $22.2 million in 2008. The decline in operating income was primarily due to reduced volume, a $3.7 million pretax charge to write down the value of certain tractors held for sale and approximately $4.3 million of costs for new contract start-ups and related implementation expenses, as discussed further in the Consolidated Operating Expenses section.

JBT segment revenue totaled $108 million for the second quarter 2009, a decrease of 44% from the $192 million in the second quarter 2008. This decrease in revenue was primarily a result of reducing our tractor fleet according to customer demand and market conditions. At the end of the second quarter, the fleet size declined 16%, or 599 units, compared to the second quarter 2008, as a result of our continued efforts to right-size our fleet. Rate per loaded mile, excluding fuel surcharges, decreased by 9.0%, compared to the prior year period. JBT operated at a loss of $4.0 million during the second quarter 2009, compared to operating income of $3.4 million in the second quarter 2008. This decrease in operating income was primarily the result of decreased revenue and higher maintenance costs due to an aging tractor fleet.

Table of Contents

ICS segment revenue grew 28%, to $68 million in the second quarter 2009, from $53 million in the second quarter 2008, which was attributable to a 28% increase in loads from new and existing customers. Operating expenses increased 82% from the second quarter 2008, primarily due to employee count growth throughout 2008 and 2009. In addition, purchased transportation expense increased due to volume growth. Our ICS staff count grew 99%, from the second quarter 2008 to second quarter 2009. Operating income of our ICS segment increased to $4.2 million, from $2.3 million in 2008 primarily due to the volume growth in this segment.

Consolidated Operating Expenses

The following table sets forth items in our Condensed 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 June 30
	Dollar Amounts as a Percentage of Total Operating Revenues				Percentage Change of Dollar Amounts Between Quarters
	2009		2008		2009 vs. 2008
Total operating revenues	100.0	%	100.0	%	(21.2	)%
Operating expenses:
Rents and purchased transportation	43.7		38.6		(10.8	)
Salaries, wages and employee benefits	25.1		22.6		(12.7	)
Fuel and fuel taxes	8.1		16.1		(60.2	)
Depreciation and amortization	6.1		5.2		(7.2	)
Operating supplies and expenses	5.0		4.2		(5.6	)
Insurance and claims	1.8		1.5		(2.8	)
General and administrative expenses, net of asset dispositions	2.6		0.9		126.0
Operating taxes and licenses	0.9		0.8		(13.5	)
Communication and utilities	0.6		0.5		(3.6	)
Total operating expenses	93.9		90.4		(18.2	)
Operating income	6.1		9.6		(49.9	)
Interest income	0.0		0.0		(48.6	)
Interest expense	1.0		1.1		(26.0	)
Equity in loss of affiliated company	0.0		0.0		(78.2	)
Earnings before income taxes	5.1		8.5		(52.6	)
Income taxes	2.0		3.3		(52.7	)
Net earnings	3.1	%	5.2	%	(52.5	)%

Total operating expenses decreased 18.2% and operating revenues decreased 21.2%, during the second quarter 2009, from the comparable period 2008. Changes in fuel costs and fuel surcharge revenues can have an impact on the comparison of revenues and costs between reporting periods. Operating income declined to $47.1 million during the second quarter 2009, from $94.0 million in 2008.

Rents and purchased transportation costs decreased 10.8% in 2009. This decrease is primarily the result of the lower cost of fuel, since fuel costs of third-party rail and truck carriers are included in purchased transportation expense. This decrease was partially offset by an increase in load volume in our JBI and ICS segments.

Salaries, wages and employee benefit costs decreased 12.7% in 2009 compared with 2008. This decrease was primarily related to reductions in the number of company drivers in our DCS and JBT segments, due to the reduction in business demand and freight movement.

Fuel costs decreased 60.2% in 2009, compared with 2008. Our fuel cost per gallon during the current quarter decreased 49% due to the steep decline in fuel prices, compared with the second quarter 2008. We have fuel surcharge programs in place with the majority of our customers. These programs typically involve a specified

Table of Contents

computation based on the change in national, regional or local fuel prices. While these programs may incorporate fuel cost changes as frequently as weekly, most also reflect a specified miles per gallon factor and require a certain minimum change in fuel costs (e.g., $0.05 per gallon) to trigger a change in fuel surcharge revenue. As a result, some of these programs have a timing lag between when fuel costs change and when this change is reflected in revenues. For such programs, this lag negatively impacts operating income in times of rapidly increasing fuel costs and positively impacts operating income when fuel costs decrease rapidly.

It is not meaningful to compare the amount of fuel surcharge revenue or the change in fuel surcharge revenue between reporting periods to fuel and fuel taxes expense, or the change of fuel expense between periods, as a significant portion of fuel cost is included in our payments to railroads, dray carriers and other third parties. These payments are classified as purchased transportation expense.

Depreciation and amortization expense decreased 7.2% in 2009, which was primarily the result of the reduction in the size of our tractor fleet. Operating supplies and expenses decreased 5.6%, primarily due to lower travel expenses, compared with the second quarter 2008. Insurance and claims expense decreased 2.8% for 2009 compared with 2008, primarily due to fewer claims incidents and lower severity of self-insured claims. Operating taxes and licenses decreased by 13.5% due to the decrease in the total company-owned tractor fleet.

General and administrative expenses increased 126.0% for the current quarter from the comparable period in 2008, primarily as a result of the $10.3 million pretax charge to write down to estimated fair value certain tractors that have been designated as held for sale. The held-for-sale plan was initiated due to a change in our actual and targeted new DCS business as well as to upgrade the JBI dray fleet. In addition to the equipment write-down, we incurred approximately $4.3 million of costs related to certain significant new contract start-ups in our DCS segment. Such implementation costs include items such as driver hiring and training, travel and equipment repositioning, and investments to establish necessary infrastructure. Net losses from sale of revenue equipment were $0.1 million in 2009, compared with net gains of $0.4 million in 2008.

Net interest expense decreased 26% in 2009, due to a reduction in debt levels and lower interest rates. We continue to use operating cash flows to pay down debt and have reduced total debt to $648 million at June 30, 2009 from $825 million at June 30, 2008.

The “equity in loss of affiliated company” item on our Condensed Consolidated Statement of Earnings reflects our share of the operating results of Transplace, Inc. (TPI).

Our effective income tax rate was 38.9% for the second quarter and 38.4% for the six months ended June 2009, as compared to 39.0% for the second quarter and the six months ended 2008. In determining our quarterly provision for income taxes, we use an estimated annual effective tax rate, which is based on our expected annual income, statutory tax rates, best estimate of nontaxable and nondeductible items of income and expense and the ultimate outcome of tax audits.

Comparison of Six Months Ended June 30, 2009 to Six Months Ended June 30, 2008

	Summary of Operating Segment Results For the Six Months Ended June 30 (in millions)
	Operating Revenues								Operating Income (Loss)
	2009			2008			% Change		2009			2008
JBI	$	816		$	933		(13	)%	$	80.1		$	118.0
DCS	354			472			(25	)	25.4			40.5
JBT	210			377			(44	)	(9.8		)	3.3
ICS	125			91			38		8.3			4.2
Other (includes corporate)	0			0			0		0.1			0.1
Subtotal	1,505			1,873			(20	)%	104.1			166.1
Inter-segment eliminations	(12		)	(17		)	27		—			—
Total	$	1,493		$	1,856		(20	)%	$	104.1		$	166.1

Table of Contents

Our total consolidated operating revenues decreased to $1,493 million for the first six months 2009, a 20% decrease from the $1,856 million for the comparable period 2008. Lower fuel prices resulted in fuel surcharge revenues of $125.9 million during the first six months 2009, compared with $368.2 million in 2008. If fuel surcharge revenues were excluded from both periods, the decrease of 2009 revenue from 2008 was 8.1%. The decreased level of revenue, excluding fuel surcharge, was primarily attributable to lower load volume in our DCS and JBT segments, partially offset by higher volumes in our JBI and ICS segments. The significant decline in JBT revenues was primarily a result of our ongoing long-term strategy to reduce the size of the segment’s tractor fleet and weaker demand brought about by the current economic recession. The total company-owned tractor fleet declined from 9,611 units at June 30, 2008 to 8,275 units at June 30, 2009, with reductions primarily in the JBT segment. Containers and trailers grew from 60,290 to 62,471. The growth in trailing equipment was primarily to support additional intermodal business.

JBI segment revenue decreased 13%, to $816 million during the first six months 2009, compared with $933 million in 2008. This decrease in revenue was primarily a result of the reduction in fuel costs and fuel surcharge revenue partly offset by a 7% growth in overall load volume. Operating income of the JBI segment declined to $80.1 million in the first six months 2009, from $118.0 million in 2008, primarily due to decreased revenue and declining length of haul, as well as a pretax charge to write down the fair value of certain assets held for sale in the second quarter 2009.

DCS segment revenue decreased 25%, to $354 million in 2009, from $472 million in 2008. This decrease in DCS segment revenue is partly due to decreased fuel surcharges due to lower costs of fuel and fewer loads. Excluding fuel surcharges, revenue declined 15% compared to the first six months 2008, primarily due to the decline in the average truck count of 401 units. The lower truck count reflects fleet reductions in response to changes in customers’ business demands. Operating income of our DCS segment decreased to $25.4 million in 2009, from $40.5 million in 2008. The decline in operating income was due to decreased demand, as well as increased implementation expenses related to new business and the pretax charge to write down the fair value of certain assets held for sale.

JBT segment revenue totaled $210 million for the first six months 2009, a decrease of 44% from $377 million in the same period in 2008. This decrease in revenue was primarily a result of a 31% decrease in loads hauled, compared to the same period a year ago, as demand was less in 2009. At the end of the first six months 2009, the fleet size declined 16%, or 599 units, compared to the first six months 2008. Rate per loaded mile, excluding fuel surcharges, decreased by 6%, compared to the prior year period. Our JBT segment operating loss was $9.8 million during the first six months 2009, down from $3.3 million of operating income in 2008. The operating loss was the result of decreased revenue, lower tractor utilization and higher maintenance costs.

ICS segment revenue grew 38%, to $125 million in 2009, from $91 million in 2008, which was attributable to increases in load volume from both new and existing customers. Operating income of our ICS segment increased to $8.3 million, from $4.2 million in 2008, due to volume growth as our third-party carrier base grew 9% to over 21,500 carriers by quarter end. Our ICS employee count increased 75% during the first six months 2009, compared with 2008, which was largely in sales and operations.

Consolidated Operating Expenses

Table of Contents

	Six Months Ended June 30
	Dollar Amounts as a Percentage of Total Operating Revenues				Percentage Change of Dollar Amounts Between Periods
	2009		2008		2009 vs. 2008
Total operating revenues	100.0	%	100.0	%	(19.6	)%
Operating expenses:
Rents and purchased transportation	42.6		38.2		(10.2	)
Salaries, wages and employee benefits	25.8		23.4		(11.3	)
Fuel and fuel taxes	8.2		15.7		(58.2	)
Depreciation and amortization	6.3		5.5		(6.7	)
Operating supplies and expenses	5.0		4.2		(4.5	)
Insurance and claims	1.7		1.7		(19.8	)
General and administrative expenses, net of asset dispositions	1.9		0.9		53.7
Operating taxes and licenses	0.9		0.9		(13.9	)
Communication and utilities	0.6		0.5		(8.0	)
Total operating expenses	93.0		91.0		(17.8	)
Operating income	7.0		9.0		(37.3	)
Interest income	0.0		0.0		(42.8	)
Interest expense	0.9		1.2		(34.1	)
Equity in loss of affiliated company	0.1		0.1		(54.8	)
Earnings before income taxes	6.0		7.7		(37.6	)
Income taxes	2.3		3.0		(38.6	)
Net earnings	3.7	%	4.7	%	(37.0	)%

Total operating expenses decreased 17.8% and operating revenues decreased 19.6%, during the first six months 2009, from the comparable period of 2008. Changes in fuel costs and fuel surcharge revenues can have an impact on the comparison of revenues and costs between reporting periods. Operating income declined to $104.1 million during the first six months 2009, from $166.1 million in 2008.

Rents and purchased transportation costs decreased 10.2% in 2009. This decrease was a direct result of decreases in the cost of fuel, since fuel costs of third-party rail and truck carriers are included in purchased transportation expense. This decrease was partially offset by an increase of outsourced freight through our JBI and ICS segments.

Salaries, wages and employee benefit costs decreased 11.3% in 2009 from 2008. This decrease was primarily related to reductions in the number of drivers in our DCS and JBT segments, due to the reduction in business demand and freight movement.

Fuel costs decreased 58.2% in 2009, compared with 2008 due to lower cost per gallon. Our fuel cost per gallon during the first six months 2009 decreased nearly 47% due to the decline in fuel prices. As previously discussed, changes in fuel prices impact our fuel costs and results of operations.

Depreciation and amortization expense decreased 6.7% in 2009, which was primarily the result of the reduction in our tractor fleet. Operating supplies and expenses decreased 4.5%, primarily due to lower travel expenses, compared with the first six months 2008. Insurance and claims expense decreased 19.8% for 2009 compared with 2008, primarily due to lower collision claims incidents and lower liability insurance claims. Operating taxes and licenses decreased by 13.9% due to the decrease in miles and freight demand, as well as a reduction in tractor units.

General and administrative expenses increased 53.7% in 2009 from the comparable period in 2008, primarily as a result of the $10.3 million pretax charge to write down the fair value of certain assets held for sale and implementation charges for new business. This increase was partially offset by decreases in driver recruiting expenses. Net gains from the sale of revenue equipment were $0.1 million in 2009, compared with $0.7 million in 2008.

Table of Contents

Net interest expense decreased 34% in 2009, primarily due to reduced debt levels and lower interest rates. Total debt decreased to $648 million at June 30, 2009, from $825 million at June 30, 2008.

The “equity in loss of affiliated company” item on our Condensed Consolidated Statement of Earnings reflects our share of the operating results of TPI.

Liquidity and Capital Resources

Cash Flow

Net cash provided by operating activities totaled $151 million during the first six months of 2009, compared with $204 million for the same period 2008. Operating cash flows decreased primarily due to lower earnings and changes in the timing of payments to vendors. This decrease in cash flows was partially offset by a change in the timing of collection of accounts receivable as well as a reduction in the amount of taxes payable. Net cash used in investing activities totaled $144 million in 2009, compared with $106 million in 2008. The higher level of cash used in investing activities in 2009 primarily related to implementation costs and investing in new start-up DCS business, as well as expanding our container fleet. This increase was partially offset by proceeds on asset sales through further execution of our strategy of reduced investment in the asset-based operations of our JBT segment. Net cash used in financing activities decreased to $6 million on 2009, compared with $111 million in 2008, as a result of our decreased net payments on outstanding debt during the comparable period. The decrease in financing activity outflows was partially offset by an increase in our quarterly dividend payment.

Debt and Liquidity Data

	June 30, 2009		December 31, 2008		June 30, 2008
Working capital ratio	1.10		0.97		0.93
Current portion of debt (millions)	$	61.5	$	118.5	$	209.0
Total debt (millions)	$	648.2	$	633.5	$	824.7
Total debt to equity ratio	1.12		1.20		1.93
Total debt to capital ratio	0.53		0.54		0.66

Liquidity

Our need for capital has typically resulted from the acquisition of intermodal containers and chassis, trucks, tractors and trailers required to support our growth and the replacement of older equipment with new, late model equipment. We have, during the past few years, obtained capital through cash generated from operations, revolving lines of credit and long-term debt issuances. We have also periodically utilized operating leases to acquire revenue equipment. At June 30, 2009, the operating leases outstanding are primarily for facilities, none of which contain any guaranteed residual value clauses.

Effective June 29, 2009, we terminated a $75 million accounts receivable securitization facility, which previously provided a second revolving line of credit that we determined was no longer necessary.

Our revolving lines of credit and debt facilities require us to maintain certain covenants and financial ratios. We were in compliance with all covenants and financial ratios at June 30, 2009.

We believe that our liquid assets, cash generated from operations and revolving line of credit will provide sufficient funds for our operating and capital requirements for the foreseeable future.

Table of Contents

	Contractual Cash Obligations As of June 30, 2009 Amounts Due by Period (in millions)
	Total		One Year Or Less		Two to Three Years		Four to Five Years		After Five Years
Operating leases	$	10	$	3	$	4	$	2	$	1
Debt payments	648		61		387		100		100
Interest payments on debt (1)	78		26		36		15		1
Commitments to acquire revenue equipment and facilities	199		199		0		0		0
Total	$	935	$	289	$	427	$	117	$	102

(1) Interest payments on debt are based on the debt balance and applicable rate, adjusted for any swaps, at June 30, 2009.

Our net capital expenditures were approximately $142 million during the first six months of 2009, compared with $110 million for the same period 2008. The $142 million of net capital expenditures includes net additions to revenue equipment and non-revenue producing assets, including those recorded in “Other Assets” in our Condensed Consolidated Balance Sheets that are necessary to contribute to and support the future growth of our various business segments. Capital expenditures in 2009 were primarily for tractor trades, additional intermodal containers, chassis, and other trailing equipment. We are currently committed to spend approximately $155 million during the remainder of 2009, net of $49 million of expected sales proceeds from equipment dispositions. We expect to spend approximately $297 million for net capital expenditures during calendar year 2009. The table above excludes $17.7 million of potential liabilities, including interest and penalties, for uncertain tax positions as we are unable to reasonably estimate the ultimate timing of settlement.

Off-Balance Sheet Arrangements

Our only off-balance sheet arrangements are related to operating leases primarily for facilities.

Risk Factors

You should refer to Item 1A of our Annual Report (Form 10-K) for the year ended December 31, 2008, under the caption “Risk Factors” for specific details on the following factors and events that are not within our control and could affect our financial results.

· Our business is subject to general economic and business factors, any of which could have a material adverse effect on our results of operations. Recent economic trends and the current tightening of credit in financial markets could adversely affect our ability, and the ability of our suppliers, to obtain financing for operations and capital expenditures.

· We depend on third parties in the operation of our business.

· We derive a significant portion of our revenue from a few major customers, the loss of one or more of which could have a material adverse effect on our business.

· Ongoing insurance and claims expenses could significantly reduce our earnings.

· We operate in a regulated industry, and increased direct and indirect costs of compliance with, or liability for violation of, existing or future regulations could have a material adverse effect on our business.

Table of Contents

· Our operations are subject to various environmental laws and regulations, the violation of which could result in substantial fines or penalties.

· Rapid changes in fuel costs could impact our periodic financial results.

· Difficulty in attracting and retaining drivers, delivery personnel and third-party carriers could affect our profitability and ability to grow.

· We operate in a competitive and somewhat fragmented industry. Numerous factors could impair our ability to maintain our current profitability and to compete with other carriers and private fleets.

· Extreme or unusual weather conditions can disrupt our operations, impact freight volumes and increase our costs, all of which could have a material adverse effect on our business results.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

We had $648 million of debt outstanding at June 30, 2009, including our revolving line of credit, term loan facility, and senior notes issuances. We currently have an interest rate swap agreement which effectively converts the amounts outstanding of our $100 million variable rate term loan facility to a fixed rate basis. Additionally, our senior notes have fixed interest rates of 5.31% and 6.08%. These fixed-rate facilities reduce the impact of changes to market interest rates on future interest expense. For our revolving line of credit, rates are based on either the prime rate or LIBOR plus an applicable margin. Our earnings are affected by changes in these short-term interest rates. Risk can be quantified by measuring the financial impact of a near-term adverse increase in short-term interest rates. At our current level of borrowing, a one percent increase in our applicable rate would reduce annual pretax earnings by $1.9 million.

Although we conduct business in foreign countries, international operations are not material to our consolidated financial position, results of operations or cash flows. Additionally, foreign currency transaction gains and losses were not material to our results of operations for the six months ended June 30, 2009. Accordingly, we are not currently subject to material foreign currency exchange rate risks from the effects that exchange rate movements of foreign currencies would have on our future costs or on future cash flows we would receive from our foreign investment. As of June 30, 2009, we had no foreign currency forward exchange contracts or other derivative financial instruments to hedge the effects of adverse fluctuations in foreign currency exchange rates.

The price and availability of diesel fuel are subject to fluctuations due to changes in the level of global oil production, seasonality, weather and other market factors. Historically, we have been able to recover a majority of fuel price increases from our customers in the form of fuel surcharges. We cannot predict the extent to which fuel price levels will fluctuate in the future or the extent to which fuel surcharges could be collected to offset such changes. As of June 30, 2009, we had no derivative financial instruments to reduce our exposure to fuel price fluctuations.

ITEM 4. CONTROLS AND PROCEDURES

As of the end of the period covered by this report, we carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our internal controls and disclosure controls. Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of June 30, 2009, in alerting them on a timely basis to material information required to be disclosed by us in our periodic reports to the SEC.

In addition, there were no changes in our internal control over financial reporting during our first six months of 2009 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Table of Contents

Part II. Other Information

ITEM 1. LEGAL PROCEEDINGS

ITEM 1A. RISK FACTORS

Information regarding risk factors appears in Part I, Item 2, Management’s Discussion and Analysis of Financial Condition and Results of Operations of this report on Form 10-Q and in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2008.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Not applicable.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

Not applicable.

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

Our annual meeting of stockholders was held on April 30, 2009. Proxies for the meeting were solicited pursuant to Regulation 14A of the Securities Exchange Act of 1934. Our board of directors is divided into three classes. Three Class II directors were elected at this Shareholders’ Meeting. The matters voted upon at the meeting and vote tabulations are indicated below:

	Votes
	For	Against	Abstained

Election of three (3) Class II Directors for a term of one (1) year	118,999,578	0	1,683,280

Ratification of Ernst & Young LLP as the Company’s independent registered public accounting firm for the 2009 calendar year	120,418,173	247,005	17,680

There was no solicitation in opposition to our nominees for Directors as listed in the proxy statement and no nominee received less than 98.6% of the shares voted. No additional business or other matters came before the meeting or any adjournment thereof.

ITEM 5. OTHER INFORMATION

Not applicable.

		Page
Part I. Financial Information

Item 1.	Financial Statements

	Condensed Consolidated Statements of Earnings for the Three and Six Months Ended June 30, 2009 and 2008	3

	Condensed Consolidated Balance Sheets as of June 30, 2009 and December 31, 2008	4

	Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2009 and 2008	5

	Notes to Condensed Consolidated Financial Statements as of June 30, 2009	6

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	11

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	19

Item 4.	Controls and Procedures	19

Part II. Other Information

Item 1.	Legal Proceedings	20

Item 1A.	Risk Factors	20

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	20

Item 3.	Defaults Upon Senior Securities	20

Item 4.	Submission of Matters to a Vote of Security Holders	20

Item 5.	Other Information	20

Item 6.	Exhibits	21

Signatures		22

Exhibits

Exhibit
Number		Exhibits

3.1		Amended and Restated Articles of Incorporation of J.B. Hunt Transport Services, Inc. dated May 19, 1988 (incorporated by reference from Exhibit 3.1 of the Company’s Quarterly Report on Form 10-Q for the period ended March 31, 2005, filed on April 29, 2005)

3.2		Restated Bylaws of J. B. Hunt Transport Services, Inc. dated February 27, 2008 (incorporated by reference from Exhibit 3(ii) of the Company’s Quarterly Report on Form 10-Q for the period ended March 31, 2008, filed on April 30, 2008)

31.1		Rule 13a-14(a)/15d-14(a) Certification

31.2		Rule 13a-14(a)/15d-14(a) Certification

32.1		Section 1350 Certification

32.2		Section 1350 Certification

	J.B. HUNT TRANSPORT SERVICES, INC.
	(Registrant)


	BY:	/s/ Kirk Thompson
		Kirk Thompson
		President and Chief Executive Officer


	BY:	/s/ Jerry W. Walton
		Jerry W. Walton
		Executive Vice President, Finance and Administration, Chief Financial Officer


	BY:	/s/ Donald G. Cope
		Donald G. Cope
		Senior Vice President, Controller, Chief Accounting Officer

Date: July 31, 2009	/s/ Kirk Thompson
	Kirk Thompson
	President and Chief Executive Officer

Date: July 31, 2009	/s/ Jerry W. Walton
	Jerry W. Walton
	Executive Vice President, Finance and
	Administration, Chief Financial Officer