-----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, LL+riRcKGZtzcAav3xTr2B2QviC7KAM4qmDi87FvFtk7VjeKhJbtIuEHwNkaWZRQ 5rW4AB8y975FW82BHyKQjw== 0000793074-08-000094.txt : 20080718 0000793074-08-000094.hdr.sgml : 20080718 20080718114858 ACCESSION NUMBER: 0000793074-08-000094 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20080717 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20080718 DATE AS OF CHANGE: 20080718 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WERNER ENTERPRISES INC CENTRAL INDEX KEY: 0000793074 STANDARD INDUSTRIAL CLASSIFICATION: TRUCKING (NO LOCAL) [4213] IRS NUMBER: 470648386 STATE OF INCORPORATION: NE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-14690 FILM NUMBER: 08958724 BUSINESS ADDRESS: STREET 1: 14507 FRONTIER ROAD STREET 2: P O BOX 45308 CITY: OMAHA STATE: NE ZIP: 68145 BUSINESS PHONE: 4028956640 8-K 1 wern8k071708.txt WERNER ENTERPRISES, INC. 8K 07/17/08 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ---------------------------------- FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): July 17, 2008 ---------------------------------- WERNER ENTERPRISES, INC. (Exact name of registrant as specified in its charter) NEBRASKA 0-14690 47-0648386 (State or other jurisdiction of (Commission File (IRS Employer incorporation) Number) Identification No.) 14507 FRONTIER ROAD POST OFFICE BOX 45308 OMAHA, NEBRASKA 68145 (Address of principal (Zip Code) executive offices) Registrant's telephone number, including area code: (402) 895-6640 Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION. On July 17, 2008, the registrant issued a press release regarding, among other things, its revenues and earnings for the second quarter ended June 30, 2008. A copy of the press release is furnished as Exhibit 99.1 to this Form 8-K. In accordance with General Instruction B.2 to the Form 8-K, the information under this Item 2.02 and the press release exhibit to this Form 8-K shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that Section 18; nor shall such information and exhibit be deemed incorporated by reference in any filing under the Exchange Act or the Securities Act of 1933, as amended (the "Securities Act"), unless the registrant expressly states that such information and exhibit are to be considered "filed" under the Exchange Act or incorporates such information and exhibit by specific reference in an Exchange Act or Securities Act filing. ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS. (d) Exhibits. --------- 99.1 Press release issued by the registrant on July 17, 2008, "Werner Enterprises Reports Second Quarter 2008 Revenues and Earnings" 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 hereunto duly authorized. WERNER ENTERPRISES, INC. Date: July 18, 2008 By: /s/ John J. Steele ------------------- ------------------------- John J. Steele Executive Vice President, Treasurer and Chief Financial Officer Date: July 18, 2008 By: /s/ James L. Johnson ------------------- ------------------------ James L. Johnson Senior Vice President, Controller and Corporate Secretary EX-99.1 2 earn2q08.txt WERNER ENTERPRISES, INC. 8K 07/17/08 Exhibit 99.1 WERNER ENTERPRISES, INC. 14507 Frontier Road P. O. Box 45308 Omaha, Nebraska 68145 FOR IMMEDIATE RELEASE - --------------------- Contacts: John J. Steele Executive Vice President, Treasurer and Chief Financial Officer (402) 894-3036 Robert E. Synowicki, Jr. Executive Vice President and Chief Information Officer (402) 894-3000 WERNER ENTERPRISES REPORTS SECOND QUARTER 2008 REVENUES AND EARNINGS Omaha, Nebraska, July 17, 2008: - --------------------------------- Werner Enterprises, Inc. (NASDAQ:WERN), one of the nation's largest truckload transportation and logistics companies, reported revenues and earnings for the second quarter ended June 30, 2008. Revenues increased 9% to $578.2 million in second quarter 2008 compared to $531.3 million in second quarter 2007. Revenues, excluding trucking fuel surcharges, declined 3% to $443.3 million in second quarter 2008 compared to $457.9 million in second quarter 2007. Earnings per share decreased 15% to 25 cents per share in second quarter 2008 compared to 30 cents per share in second quarter 2007. Werner made significant sequential progress by improving earnings per share from 12 cents in first quarter 2008 to 25 cents in second quarter 2008. Freight demand for the Company's Van Network of nearly 4,800 trucks in its Regional, Expedited and medium-to-long haul Van ("Van") fleets showed the normal seasonal improvement from first quarter to second quarter 2008. The percentage of loads to trucks (pre-books) in April and May 2008 were lower than in April and May 2007 and improved in June 2008, exceeding June 2007 levels. During the first half of July, Werner experienced the normal seasonal decline following the holiday, and pre- books tracked at about the same level as the first half of July 2007. The Regional and Expedited markets demonstrated the strongest improvement, with second quarter 2008 demand consistently exceeding second quarter 2007. Although the domestic economy remains sluggish, Werner experienced improving freight demand over the last five weeks of second quarter 2008 due to the tightening of capacity. Management believes the primary reason for the freight improvement during June 2008 is due to trucking company failures, and shipper concerns about the potential for further trucking company failures, which results in more shipments being offered to high-service, financially-strong companies such as Werner. The rapid increase in diesel fuel prices during second quarter 2008 likely caused an acceleration of trucking company failures. As carrier failures have been occurring, shippers' understanding of the overall fuel impact has improved. In addition, many trucking companies, including Werner, reduced the size of their fleets over the past year to adapt to the challenging market conditions. With respect to pricing and rates, the overall rate market has shifted from a rate decrease market to a rate stable market. If freight demand improves in the third quarter, the potential exists to begin obtaining necessary rate increases in the second half of 2008. In mid-March 2007, Werner began reducing its Van fleet to better match declining load volumes with fewer trucks. This proactive decision helped Werner achieve measurable performance improvement by increasing average miles per tractor over 3% and improving revenue per total mile slightly in second quarter 2008 compared to second quarter 2007. Werner employees continue to work extremely hard to produce better asset utilization and provide outstanding customer service, while at the same time tightly managing controllable costs. In addition, the expanding Werner Value Added Services ("VAS") logistics division is producing continued improved results. The Company sincerely appreciates and respects the outstanding performance of the entire Werner team during these challenging times. The Company also believes it is well positioned to capitalize on the anticipated forthcoming opportunities in the markets it serves. Diesel fuel prices reached unprecedented levels during second quarter 2008. Compared to the same month in the prior year, diesel fuel costs were $1.22 per gallon higher in April 2008, $1.63 per gallon higher in May 2008, and $1.70 per gallon higher in June 2008. For the first 17 days of July 2008 compared to the same period in 2007, average fuel prices increased $1.77 per gallon. Fuel expense increased $55.0 million and rent and purchased transportation expense paid to owner- operator drivers (which increased due to the higher fuel reimbursement) increased $5.5 million, when comparing second quarter 2008 to second quarter 2007. Werner and the truckload industry as a whole do not recover the entire fuel cost increase through fuel surcharge programs. In the past, the Company negotiated higher rates with customers to recover the fuel expense shortfall in base rates per mile. However, with the softer freight market, Werner has not yet been able to recover the fuel expense shortfall in base rates. As a result, increases in the cost of fuel may continue to negatively impact earnings per share until freight market conditions allow the Company to recover this shortfall from customers. During second quarter 2008, the Company improved the controllable aspects of fuel expense by implementing numerous initiatives to improve fuel efficiency. These initiatives include reducing truck idle time, lowering non-billable miles, continued increases in the percentage of aerodynamic, more fuel-efficient trucks in the company truck fleet, and installing auxiliary power units ("APUs") in company trucks. As of June 30, 2008, the Company had installed APUs in approximately 30% of the company-owned truck fleet. The average miles per gallon ("mpg") of company trucks improved in second quarter 2008 compared to second quarter 2007. Werner is proud to report that through the efforts of many Werner employees, the Company has made meaningful positive progress by lowering diesel fuel consumption through its proactive initiatives to improve fuel mpg. Due strictly to these mpg improvements, Werner purchased nearly two million fewer gallons in second quarter 2008 than in second quarter 2007. Werner intends to continue these efforts as an environmentally conscious company. The U.S. Department of Energy national diesel fuel price index exceeded $4.70 per gallon during June 2008 and averaged $4.37 per gallon in second quarter 2008 compared to $2.81 per gallon in second quarter 2007. For longer haul shipments (over approximately 1,000 miles per trip), the Company observed a modal shift for some shipments from truckload to rail intermodal. The Company believes that because of the effect of higher priced diesel fuel on truckload freight rates, some price-sensitive shippers have been reallocating a greater portion of their long-haul freight from truckload to rail intermodal in recent months. This modal shift is supported by the Company's Intermodal unit within VAS. Ultimately the customer is able to stay with Werner while exploring the lowest cost delivery option on a shipment-by-shipment basis. The Company also believes this partial modal shift has contributed to the more significant decline in freight demand in the longer haul truckload market, although in only rare cases has the customer ultimately transitioned from Werner altogether. The Company has already proactively adapted to this modal shift by reducing the number of trucks in its Van fleet from 3,000 trucks in March 2007 to approximately 2,100 trucks at June 30, 2008. The driver recruiting and retention market remained less difficult than a year ago. The weakness in the construction and automotive industries and other factors continue to positively affect the Company's driver availability and selectivity. In addition, the Company's strong mileage utilization and financial strength are attractive to many drivers when compared to many other carriers. During the past few months, several large competitors reduced the maximum speed for their company trucks to as low as 60 miles per hour ("mph") in order to improve fuel mpg. This mph reduction essentially resulted in a pay cut for their drivers who must work longer hours to earn the same amount of pay. In addition, customer transit times in shipping lanes are negatively impacted when the maximum mph is lowered. Werner continues to carefully analyze all aspects of this issue and has no current plans to change the maximum speed for its company trucks from 65 mph. The ongoing diversification of the Company's service offerings away from the Van fleet to Dedicated, Regional, Expedited, North America International and logistics through the VAS division helped lessen the impact of a weaker freight market in second quarter 2008. Customer response to these growing service offerings continues to be very positive. Werner intends to continue diversifying and growing these service offerings. To provide shippers with additional sources of managed capacity and network analysis, as well as a more global footprint, the Company continues to successfully grow its non-asset based VAS division. VAS includes Brokerage, Freight Management, Intermodal and Werner Global Logistics. In second quarter 2008, VAS received a record number of freight management awards. These new awards are expected to generate additional revenues across all Company business units (including Brokerage, Intermodal, Dedicated and the Van Network) as they are implemented in the second half of 2008. Werner's diverse portfolio of logistics services, backed by the Company's asset-based fleets, has become an attractive option to customers as they look to ensure they have a competitive and seamless supply chain solution.
Value Added Services (amounts in 000's) 2Q08 2Q07 - --------------------------------------- ----------------- ----------------- Revenues $67,629 100.0% $75,849 100.0% Rent and purchased transportation expense 57,841 85.5 67,308 88.7 -------- -------- Gross margin 9,788 14.5 8,541 11.3 Other operating expenses 6,104 9.1 5,084 6.7 -------- -------- Operating income $3,684 5.4 $3,457 4.6 ======== ======== YTD08 YTD07 ----------------- ----------------- Revenues $129,815 100.0% $145,726 100.0% Rent and purchased transportation expense 110,520 85.1 129,237 88.7 -------- -------- Gross margin 19,295 14.9 16,489 11.3 Other operating expenses 11,944 9.2 10,092 6.9 -------- -------- Operating income $7,351 5.7 $6,397 4.4 ======== ========
VAS had an 11% decline in reported revenues (as explained below), 15% gross margin growth, and 7% operating income growth in second quarter 2008 compared to second quarter 2007. Beginning in third quarter 2007, Werner and a large VAS customer negotiated a structural change to such customer's continuing arrangement that resulted in a reduction in VAS revenues and VAS rent and purchased transportation expense of $19.5 million from second quarter 2007 to second quarter 2008 and $37.9 million from year to date June 2007 to year to date June 2008. This change had no impact on the dollar amount of VAS gross margin or operating income. Excluding the affected revenues for this customer, VAS revenues grew 20% during the quarter and year to date in 2008 compared to the same period in 2007. Brokerage continued to produce strong results with 17% revenue growth and a slight decline in its gross margin percentage. The tightening of truckload capacity due to increased carrier failures is making it more challenging for Brokerage to obtain qualified third party carriers at a comparable cost to prior quarters. Intermodal revenues grew 21%, and the operating margin percentage improved. Werner Global Logistics continues to generate solid growth and better results. A comparison of the operating ratios (net of fuel surcharge revenues) for the Truckload Transportation Services ("Truckload") segment and VAS operating ratios for second quarters 2008 and 2007 and year to date 2008 and 2007 is shown below.
Operating Ratios 2Q08 2Q07 Difference - ---------------------- -------- ------- ----------- Truckload Transportation Services 93.0% 90.8% 2.2% Value Added Services 94.6 95.4 (0.8) YTD08 YTD07 Difference -------- ------- ----------- Truckload Transportation Services 95.1% 92.2% 2.9% Value Added Services 94.3 95.6 (1.3)
Higher fuel prices and higher fuel surcharge collections increase the total Company operating ratio and the Truckload segment's operating ratio when fuel surcharges are reported on a gross basis as revenues versus netting against fuel expenses. Eliminating fuel surcharge revenues, which are generally a more volatile source of revenue, provides a more consistent basis for comparing the results of operations from period to period. The Truckload segment's operating ratios for second quarter 2008 and second quarter 2007 are 94.9% and 92.3%, respectively, and for year to date 2008 and 2007 are 96.3% and 93.4%, respectively, when fuel surcharge revenues are reported as revenues instead of a reduction of operating expenses. The Company's wholly owned subsidiary, Fleet Truck Sales, is one of the largest equipment sales remarketing companies in the U.S. and has been in business since 1992. Gains on sales of assets, primarily trucks and trailers, decreased to $2.2 million in second quarter 2008 compared to $7.6 million in second quarter 2007. In the first quarter 2008 earnings release issued on April 16, 2008, the Company noted that it anticipated lower gains on sales of equipment in second quarter 2008 than in first quarter 2008 due to the effect of the softer freight market and high fuel prices. From mid-April 2008 to June 2008, fuel prices increased approximately 59 cents per gallon and trucking company failures accelerated. As a result, buyer demand declined, and the supply of used trucks increased. Based on current freight and fuel conditions, the Company anticipates that gains on sales of equipment for third quarter 2008 will be lower than the gains realized in second quarter 2008. Gains on sales are reflected as a reduction of Other Operating Expenses in the Company's income statement. The Company's financial position remains strong. The Company ended the quarter with no debt and $77.5 million of cash. Stockholders' equity is $854.7 million, or $12.14 per share.
INCOME STATEMENT DATA (Unaudited) (In thousands, except per share amounts) Quarter % of Quarter % of Ended Operating Ended Operating 6/30/08 Revenues 6/30/07 Revenues -------- ----- -------- ----- Operating revenues $578,181 100.0 $531,286 100.0 -------- ----- -------- ----- Operating expenses: Salaries, wages and benefits 148,588 25.7 150,335 28.3 Fuel 154,963 26.8 99,918 18.8 Supplies and maintenance 41,261 7.2 40,077 7.6 Taxes and licenses 27,886 4.8 29,317 5.5 Insurance and claims 23,907 4.2 23,922 4.5 Depreciation 41,683 7.2 41,629 7.8 Rent and purchased transportation 105,220 18.2 108,903 20.5 Communications and utilities 4,820 0.8 5,182 1.0 Other (1,015) (0.2) (6,383) (1.2) -------- ----- -------- ----- Total operating expenses 547,313 94.7 492,900 92.8 -------- ----- -------- ----- Operating income 30,868 5.3 38,386 7.2 -------- ----- -------- ----- Other expense (income): Interest expense 3 0.0 1,057 0.2 Interest income (964) (0.2) (923) (0.2) Other 1 0.0 46 0.0 -------- ----- -------- ----- Total other expense (income) (960) (0.2) 180 0.0 -------- ----- -------- ----- Income before income taxes 31,828 5.5 38,206 7.2 Income taxes 13,716 2.4 15,952 3.0 -------- ----- -------- ----- Net income $18,112 3.1 $22,254 4.2 ======== ===== ======== ===== Diluted shares outstanding 71,417 74,748 ======== ======== Diluted earnings per share $.25 $.30 ======== ======== OPERATING STATISTICS Quarter Ended Quarter Ended 6/30/08 % Change 6/30/07 ----------- ---------- ----------- Trucking revenues, net of fuel surcharge (1) $368,577 -1.8% $375,169 Trucking fuel surcharge revenues (1) 134,929 83.8% 73,403 Non-trucking revenues, including VAS (1) 69,510 -11.1% 78,184 Other operating revenues (1) 5,165 14.0% 4,530 ----------- ----------- Operating revenues (1) $578,181 8.8% $531,286 =========== =========== Average monthly miles per tractor 10,397 3.2% 10,078 Average revenues per total mile (2) $1.465 0.1% $1.463 Average revenues per loaded mile (2) $1.690 0.3% $1.685 Average percentage of empty miles 13.35% 1.2% 13.19% Average trip length in miles (loaded) 540 -3.7% 561 Total miles (loaded and empty) (1) 251,630 -1.9% 256,486 Average tractors in service 8,068 -4.9% 8,483 Average revenues per tractor per week (2) $3,514 3.3% $3,402 Capital expenditures, net (1) $40,582 ($2,189) Cash flow from operations (1) $40,164 $66,268 Return on assets (annualized) 5.3% 6.2% Total tractors (at quarter end) Company 7,320 7,530 Owner-operator 730 820 ----------- ----------- Total tractors 8,050 8,350 Total trailers (truck and intermodal, quarter end) 24,700 24,800
(1) Amounts in thousands. (2) Net of fuel surcharge revenues.
INCOME STATEMENT DATA (Unaudited) (In thousands, except per share amounts) Six Months % of Six Months % of Ended Operating Ended Operating 6/30/08 Revenues 6/30/07 Revenues ----------- ---------- ----------- ---------- Operating revenues $1,090,968 100.0 $1,035,199 100.0 ----------- ---------- ----------- ---------- Operating expenses: Salaries, wages and benefits 291,775 26.7 300,856 29.1 Fuel 278,799 25.6 189,003 18.3 Supplies and maintenance 81,770 7.5 79,668 7.7 Taxes and licenses 56,151 5.1 59,480 5.7 Insurance and claims 48,639 4.5 48,127 4.7 Depreciation 83,479 7.6 84,186 8.1 Rent and purchased transportation 199,683 18.3 209,118 20.2 Communications and utilities 10,059 0.9 10,274 1.0 Other (3,673) (0.3) (11,165) (1.1) ----------- ---------- ----------- ---------- Total operating expenses 1,046,682 95.9 969,547 93.7 ----------- ---------- ----------- ---------- Operating income 44,286 4.1 65,652 6.3 ----------- ---------- ----------- ---------- Other expense (income): Interest expense 6 0.0 2,393 0.2 Interest income (2,037) (0.1) (1,974) (0.2) Other 52 0.0 118 0.0 ----------- ---------- ----------- ---------- Total other expense (income) (1,979) (0.1) 537 0.0 ----------- ---------- ----------- ---------- Income before income taxes 46,265 4.2 65,115 6.3 Income taxes 19,778 1.8 27,193 2.6 ----------- ---------- ----------- ---------- Net income $26,487 2.4 $37,922 3.7 =========== ========== =========== ========== Diluted shares outstanding 71,438 75,477 =========== =========== Diluted earnings per share $.37 $.50 =========== =========== OPERATING STATISTICS YTD 08 % Change YTD 07 ---------- ---------- ---------- Trucking revenues, net of fuel surcharge (1) $717,001 -3.3% $741,475 Trucking fuel surcharge revenues (1) 230,698 72.4% 133,786 Non-trucking revenues, including VAS (1) 133,629 -11.6% 151,135 Other operating revenues (1) 9,640 9.5% 8,803 ---------- ---------- Operating revenues (1) $1,090,968 5.4% $1,035,199 ========== ========== Average monthly miles per tractor 10,132 3.5% 9,792 Average revenues per total mile (2) $1.459 0.4% $1.453 Average revenues per loaded mile (2) $1.688 0.5% $1.680 Average percentage of empty miles 13.53% 0.1% 13.51% Average trip length in miles (loaded) 541 -4.6% 567 Total miles (loaded and empty) (1) 491,374 -3.7% 510,200 Average tractors in service 8,083 -6.9% 8,684 Average revenues per tractor per week (2) $3,412 3.9% $3,284 Capital expenditures, net (1) $65,970 $29,375 Cash flow from operations (1) $120,210 $134,324 Return on assets (annualized) 3.9% 5.3% Total tractors (at quarter end) Company 7,320 7,530 Owner-operator 730 820 ---------- ---------- Total tractors 8,050 8,350 Total trailers (truck and intermodal, quarter end) 24,700 24,800
(1) Amounts in thousands. (2) Net of fuel surcharge revenues.
BALANCE SHEET DATA (In thousands, except share amounts) 6/30/08 12/31/07 ------------ ------------ (Unaudited) ASSETS Current assets: Cash and cash equivalents $77,523 $25,090 Accounts receivable,trade, less allowance of $10,283 and $9,765, 234,991 213,496 respectively Other receivables 14,488 14,587 Inventories and supplies 10,013 10,747 Prepaid taxes, licenses and permits 7,809 17,045 Current deferred income taxes 30,327 26,702 Other current assets 20,192 21,500 ------------ ------------ Total current assets 395,343 329,167 ------------ ------------ Property and equipment 1,621,247 1,605,445 Less - accumulated depreciation 662,690 633,504 ------------ ------------ Property and equipment, net 958,557 971,941 ------------ ------------ Other non-current assets 18,244 20,300 ------------ ------------ $1,372,144 $1,321,408 ============ ============ LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $63,808 $49,652 Insurance and claims accruals 81,650 76,189 Accrued payroll 25,715 21,753 Other current liabilities 26,051 19,395 ------------ ------------ Total current liabilities 197,224 166,989 ------------ ------------ Other long-term liabilities 7,416 14,165 Insurance and claims accruals, net of current portion 116,000 110,500 Deferred income taxes 196,760 196,966 Stockholders' equity: Common stock, $.01 par value, 200,000,000 shares authorized; 80,533,536 shares issued; 70,422,549 and 70,373,189 shares outstanding, respectively 805 805 Paid-in capital 99,807 101,024 Retained earnings 942,858 923,411 Accumulated other comprehensive loss 2,018 (169) Treasury stock, at cost; 10,110,987 and 10,160,347 shares, respectively (190,744) (192,283) ------------ ------------ Total stockholders' equity 854,744 832,788 ------------ ------------ $1,372,144 $1,321,408 ============ ============
Werner Enterprises, Inc. was founded in 1956 and is a premier transportation and logistics company, with coverage throughout the United States, Canada, Mexico, Asia, Europe and South America. Werner maintains its global headquarters in Omaha, Nebraska and maintains offices throughout North America and China. Werner is among the five largest truckload carriers in the United States, with a diversified portfolio of transportation services that includes dedicated, medium-to- long-haul, regional and local van capacity, expedited, temperature- controlled and flatbed services. Werner's Value Added Services portfolio includes freight management, truck brokerage, intermodal, load/mode and network optimization and freight forwarding. Werner, through its subsidiary companies, is a licensed U.S. NVOCC, U.S. Customs Broker, Class A Freight Forwarder in China, licensed China NVOCC, TSA- approved Indirect Air Carrier, and IATA Accredited Cargo Agent. Werner Enterprises, Inc.'s common stock trades on the NASDAQ Global Select MarketSM under the symbol "WERN". For further information about Werner, visit the Company's website at www.werner.com. Note: This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Such forward- looking statements are based on information currently available to the Company's management and are current only as of the date made. For that reason, undue reliance should not be placed on any such forward-looking statement. Actual results could also differ materially from those anticipated as a result of a number of factors, including, but not limited to, those discussed in the Company's Annual Report on Form 10-K for the year ended December 31, 2007. The Company assumes no duty or obligation to update or revise any forward-looking statement, although it may do so from time to time as management believes is warranted. Any such updates or revisions may be made by filing reports with the Securities and Exchange Commission, through the issuance of press releases or by other methods of public disclosure. -----END PRIVACY-ENHANCED MESSAGE-----