0000793074-12-000022.txt : 20120719
0000793074-12-000022.hdr.sgml : 20120719
20120719090749
ACCESSION NUMBER: 0000793074-12-000022
CONFORMED SUBMISSION TYPE: 8-K
PUBLIC DOCUMENT COUNT: 2
CONFORMED PERIOD OF REPORT: 20120718
ITEM INFORMATION: Results of Operations and Financial Condition
ITEM INFORMATION: Financial Statements and Exhibits
FILED AS OF DATE: 20120719
DATE AS OF CHANGE: 20120719
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: 12969126
BUSINESS ADDRESS:
STREET 1: 14507 FRONTIER ROAD
CITY: OMAHA
STATE: NE
ZIP: 68138
BUSINESS PHONE: 4028956640
MAIL ADDRESS:
STREET 1: P.O. BOX 45308
CITY: OMAHA
STATE: NE
ZIP: 68145
8-K
1
Form8k2Q12.txt
FORM 8-K EARNINGS RELEASE 2Q 2012
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 18, 2012
------------------
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 18, 2012, the registrant issued a press release regarding, among
other things, its revenues and earnings for the second quarter ended June
30, 2012. 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.
The press release furnished as Exhibit 99.1 to this Form 8-K may contain
forward-looking statements within the meaning of Section 27A of the
Securities Act and Section 21E of the Exchange Act and made pursuant to the
safe harbor provisions of the Private Securities Litigation Reform Act of
1995, as amended. Such forward-looking statements are based on information
presently available to the registrant's management and are current only as
of the date made. 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 registrant's Annual Report on Form 10-K for the
year ended December 31, 2011. For those reasons, undue reliance should not
be placed on any forward-looking statement. The registrant 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 or as
may be required by applicable securities law. Any such updates or
revisions may be made by filing reports with the U.S. Securities and
Exchange Commission, through the issuance of press releases or by other
methods of public disclosure.
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.
(d) Exhibits.
--------
99.1 Press release issued by the registrant on July 18,
2012, "Werner Enterprises Reports Improved Second
Quarter 2012 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 19, 2012 By: /s/ John J. Steele
------------------- ------------------------------
John J. Steele
Executive Vice President,
Treasurer and Chief
Financial Officer
Date: July 19, 2012 By: /s/ James L. Johnson
------------------- ------------------------------
James L. Johnson
Executive Vice President,
Chief Accounting Officer and
Corporate Secretary
EX-99.1 CHARTER
2
earn2Q12.txt
2Q 2012 EARNINGS RELEASE
Exhibit 99.1
WERNER ENTERPRISES, INC.
14507 Frontier Road
P. O. Box 45308
Omaha, Nebraska 68145
FOR IMMEDIATE RELEASE Contact: John J. Steele
--------------------- Executive Vice President, Treasurer and
Chief Financial Officer
(402) 894-3036
WERNER ENTERPRISES REPORTS IMPROVED SECOND
QUARTER 2012 REVENUES AND EARNINGS
Omaha, Nebraska, July 18, 2012:
------------------------------
Werner Enterprises, Inc. (NASDAQ: WERN), one of the nation's
largest transportation and logistics companies, reported revenues and
earnings for the second quarter ended June 30, 2012.
Summarized financial results for second quarter 2012 compared to
second quarter 2011 are as follows (dollars in thousands, except per
share data):
2Q12 2Q11 % Change YTD12 YTD11 % Change
-------- -------- -------- ---------- -------- --------
Total revenues $521,812 $515,897 1% $1,020,188 $985,326 4%
Trucking revenues, net
of fuel surcharge $331,974 $333,709 (1)% $653,200 $650,156 0%
Value Added Services
("VAS") revenues $84,024 $71,227 18% $160,778 $134,800 19%
Operating income $51,113 $46,767 9% $86,515 $74,209 17%
Net income $30,680 $27,518 11% $51,925 $43,811 19%
Earnings per diluted
share $0.42 $0.38 11% $0.71 $0.60 18%
Werner Enterprises achieved 11% growth in earnings per diluted
share in second quarter 2012 compared to second quarter 2011, resulting
from a seasonally improving freight market, operating margin expansion
and logistics growth.
Second quarter 2012 freight demand demonstrated typical seasonal
trends and improved into June similar to second quarter 2011. Freight
demand to date in July 2012 continues to show typical seasonal trends
similar to July 2011. Freight demand trends are being helped both by
supply side constraints limiting truckload capacity and demand generated
by economic activity from our customers.
Average revenues per total mile, net of fuel surcharge, rose 2.6%
in second quarter 2012 compared to second quarter 2011. Contractual
rate increase percentage awards to date in 2012 are similar to the same
period of 2011. Our truckload segment experienced a balanced freight
market with respect to freight and trucks during second quarter 2012
with normal seasonal strengthening at the end of the quarter. Spot
pricing was slightly higher in second quarter 2012 compared to second
quarter 2011; however, the number of special freight projects with
customers was lower for both our truck fleets and VAS Brokerage unit in
second quarter 2012. Project freight is generally high volume but short
duration and therefore commands a premium price. We continue to be
successful in this tightening capacity environment by working jointly
with our customers to secure sustainable transportation solutions across
all modes and to offset increased rates through enhanced optimization
and transportation solutions whenever possible.
In the last half of 2011, we operated slightly below our fleet goal
of 7,300 trucks due to the challenging driver market, and we ended 2011
with 7,200 trucks. During the last week of first quarter 2012, we
reached our goal of 7,300 trucks. Throughout second quarter 2012, we
maintained our fleet at the 7,300 truck level or slightly higher. We
intend to maintain our fleet size at approximately this level. Our
primary objectives continue to be improving our operating margin
percentage and our returns on assets, equity and invested capital, while
staying true to our broad transportation services portfolio. Only
through enhanced returns can we continue our commitment to reinvest in
our fleet and our expanded portfolio of services.
We remain an industry leader in miles per truck productivity;
however, due to several factors, we had a decline in miles per truck of
3.4% in second quarter 2012 compared to second quarter 2011. We had a
decrease in student/trainer driver teams, a 3.4% reduction in our
average loaded length of haul and changes in truck counts by fleet
within our Dedicated fleet division. We are working hard to increase
our student/trainer driver team truck count. Our empty miles percentage
increased 3.6%, as it was affected by the shorter average length of
haul. Our empty miles per trip remained flat at 66 miles per trip in
second quarter 2012 and second quarter 2011.
Capacity in our industry remains constrained by economic, safety
and regulatory factors. From 2007 to 2010, the number of new class 8
trucks built was well below historical replacement levels for our
industry. This led to the oldest average industry truck age in 40
years. Carriers were compelled to begin upgrading their aging truck
fleets, which led to increased replacement purchases of new and later-
model used trucks during 2011. Orders for new class 8 trucks slowed in
recent months. We believe these orders slowed as current freight rate
relief is not keeping pace with the increased costs and capital
requirements for new and much more expensive EPA-compliant trucks. The
significantly higher costs of new equipment and related diesel exhaust
fluid will not be recovered through a single year rate review cycle;
however, we remain committed to investing in a best in class fleet for
the benefit of our customers, our drivers and the Werner brand.
In July, Congress passed the federal transportation bill which
requires the U.S. Department of Transportation ("DOT") to promulgate
rules and regulations mandating the use of electronic on-board recorders
("EOBRs") by July 2013 with full adoption for all trucking companies by
no later than July 2015. We are the recognized industry leader for
electronic logging of driver hours as we proactively adopted a paperless
log system in 1996 that was subsequently approved for our use by the
Federal Motor Carrier Safety Administration ("FMCSA") in 1998. We
believe that as EOBRs become the industry standard and industry
requirement, EOBR use will help to level the competitive field for
transit times, driver recruiting, driver retention and rates.
We continue to diversify our business model with the goal of
achieving a balanced portfolio of revenues comprised of One-Way
Truckload (which includes the short-haul Regional, medium-to-long-haul
Van and Expedited fleets), Specialized Services and VAS. Our
Specialized Services unit, primarily Dedicated, ended the quarter with
3,495 trucks (or 48% of our total fleet).
The driver recruiting and retention market remained challenging in
second quarter 2012 and was similar to first quarter 2012. Driver pay
increased 1.5 cents per mile year-over-year as we made certain pay
adjustments over the last year to attract and retain drivers for
specific fleets. While historically higher national unemployment rates
have aided our driver recruiting and retention efforts, we believe that
an improved freight market, extended government unemployment benefit
programs, a reduction in available truck driving school graduates and
changing industry safety regulations tightened driver supply. While we
are not immune to fluctuations in the driver market, we continue to
believe we are in a better position in the current market than many
competitors because over 70% of our driving jobs are in more attractive,
shorter-haul Regional and Dedicated fleet operations that enable us to
return these drivers to their homes on a more frequent and consistent
basis.
Gains on sales of assets were $5.7 million in second quarter 2012
compared to $5.6 million in second quarter 2011 and $4.7 million in
first quarter 2012. The market for the sale of used trucks and trailers
remains strong. Gains on sales are reflected as a reduction of Other
Operating Expenses in our income statement.
We continue to buy new trucks to replace older trucks we sell or
trade. We continue to invest in environmentally friendly equipment
solutions such as more aerodynamic truck features, idle reduction
systems, tire inflation systems and trailer skirts which improve the
mile per gallon efficiency of our fleet. Over the last year, we reduced
our annual carbon footprint by almost 98,000 tons. Our net capital
expenditures in second quarter 2012 were $39 million which puts year-to-
date net capital expenditures for 2012 at $122 million. We expect our
net capital expenditures for the full year 2012 to be in a range of $180
million to $210 million. The average age of our truck fleet as of June
30, 2012 was 2.3 years, and we expect to further reduce our average
truck age to approximately 2.1 years as of December 31, 2012. We remain
committed to the ongoing investment required to maintain a best-in-class
fleet while focusing on the lowest operating cost model for our
customers.
To provide shippers with additional sources of managed capacity and
network analysis, we continue to develop our non-asset-based VAS
segment. VAS includes Brokerage, Freight Management, Intermodal and
Werner Global Logistics (International).
Value Added Services
(amounts in 000's) 2Q12 2Q11
-------------------- ---------------- ----------------
Revenues $84,024 100.0% $71,227 100.0%
Rent and purchased
transportation expense 71,154 84.7 60,385 84.8
------- -------
Gross margin 12,870 15.3 10,842 15.2
Other operating expenses 8,568 10.2 7,123 10.0
------- -------
Operating income $4,302 5.1 $3,719 5.2
======= =======
The following table shows the change in shipment volume and average
revenue (excluding logistics fee revenue) per shipment for all VAS
shipments.
2Q12 2Q11 Difference % Change
------ ------ ---------- --------
Total VAS shipments 68,376 63,671 4,705 7%
Less: Non-committed
shipments to Truckload
segment 18,808 20,247 (1,439) (7)%
------ ------ ----------
Net VAS shipments 49,568 43,424 6,144 14%
====== ====== ==========
Average revenue per shipment $1,595 $1,531 $64 4%
====== ====== ==========
In second quarter 2012, VAS revenues increased $13 million or 18%,
gross margin dollars increased 19% and operating income dollars
increased 16% compared to second quarter 2011.
Brokerage revenues in second quarter 2012 increased 11% compared to
second quarter 2011 due to a 10% increase in shipment volume and a 1%
increase in average revenue per shipment. Brokerage gross margin
percentage declined 80 basis points due to rising capacity costs and
lower special project business, which in turn caused Brokerage operating
income to be essentially flat compared to second quarter 2011.
Intermodal revenues increased 20%, and Intermodal operating income was
slightly lower comparing second quarter 2012 to second quarter 2011.
Werner Global Logistics revenues increased 57% in second quarter 2012
compared to second quarter 2011 and had a larger percentage increase in
operating income.
Comparisons of the operating ratios (net of fuel surcharge
revenues) for the Truckload segment and VAS segment for second quarters
2012 and 2011 and year-to-date 2012 and 2011 are shown below.
Operating Ratios 2Q12 2Q11 Difference
---------------- ----- ----- ----------
Truckload Transportation Services 86.6% 86.7% (0.1)%
Value Added Services 94.9 94.8 0.1
YTD11 YTD10 Difference
----- ----- ----------
Truckload Transportation Services 88.4% 89.5% (1.1)%
Value Added Services 94.8 94.7 0.1
Fluctuating fuel prices and fuel surcharge collections impact 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 2012 and second quarter 2011 are 89.6% and 89.8%,
respectively, and for year-to- date 2012 and 2011 are 91.0% and 91.8%,
respectively, when fuel surcharge revenues are reported as revenues
instead of a reduction of operating expenses.
Diesel fuel prices were 16 cents per gallon lower in second quarter
2012 than in second quarter 2011 and were 15 cents per gallon lower than
in first quarter 2012. For the first 18 days of July 2012, the average
diesel fuel price per gallon was 26 cents lower than the average diesel
fuel price per gallon in the same period of 2011 and 20 cents lower than
in third quarter 2011.
Our financial position remains strong. As of June 30, 2012 we had
no debt and $772.8 million of stockholders' equity.
INCOME STATEMENT DATA
(Unaudited)
(In thousands, except per share amounts)
Quarter % of Quarter % of
Ended Operating Ended Operating
6/30/12 Revenues 6/30/11 Revenues
-------- --------- -------- ---------
Operating revenues $521,812 100.0 $515,897 100.0
-------- --------- -------- ---------
Operating expenses:
Salaries, wages and benefits 138,512 26.5 135,265 26.2
Fuel 99,322 19.0 110,502 21.4
Supplies and maintenance 44,741 8.6 43,085 8.4
Taxes and licenses 22,967 4.4 23,414 4.5
Insurance and claims 15,103 2.9 16,531 3.2
Depreciation 41,506 8.0 39,246 7.6
Rent and purchased transportation 108,496 20.8 98,605 19.1
Communications and utilities 3,344 0.6 3,843 0.8
Other (3,292) (0.6) (1,361) (0.3)
-------- --------- -------- ---------
Total operating expenses 470,699 90.2 469,130 90.9
-------- --------- -------- ---------
Operating income 51,113 9.8 46,767 9.1
-------- --------- -------- ---------
Other expense (income):
Interest expense 65 0.0 10 0.0
Interest income (433) (0.1) (345) (0.1)
Other (82) (0.0) 263 0.1
-------- --------- -------- ---------
Total other expense(income) (450) (0.1) (72) (0.0)
-------- --------- -------- ---------
Income before income taxes 51,563 9.9 46,839 9.1
Income taxes 20,883 4.0 19,321 3.8
-------- --------- -------- ---------
Net income $30,680 5.9 $27,518 5.3
======== ========= ======== =========
Diluted shares outstanding 73,412 73,239
======== ========
Diluted earnings per share $0.42 $0.38
======== ========
OPERATING STATISTICS
Quarter Ended Quarter Ended
6/30/12 % Change 6/30/11
------------- -------- -------------
Trucking revenues, net of fuel surcharge (1) $331,974 -0.5% $333,709
Trucking fuel surcharge revenues (1) 97,389 -5.6% 103,187
Non-trucking revenues, including VAS (1) 87,440 17.8% 74,240
Other operating revenues (1) 5,009 5.2% 4,761
------------- -------------
Operating revenues (1) $521,812 1.1% $515,897
============= =============
Average monthly miles per tractor 9,713 -3.4% 10,059
Average revenues per total mile (2) $1.555 2.6% $1.516
Average revenues per loaded mile (2) $1.772 3.1% $1.719
Average percentage of empty miles 12.23% 3.6% 11.80%
Average trip length in miles (loaded) (3) 476 -3.4% 493
Total miles (loaded and empty) (1) 213,488 -3.0% 220,142
Average tractors in service 7,327 0.4% 7,295
Average revenues per tractor per week (2) $3,485 -1.0% $3,519
Capital expenditures, net (1) $39,377 $85,886
Cash flow from operations (1) $54,799 $63,230
Return on assets (annualized) 9.2% 9.1%
Total tractors (at quarter end)
Company 6,675 6,675
Independent contractor 650 625
------------- -------------
Total tractors 7,325 7,300
Total trailers (truck and intermodal,
quarter end) 23,355 23,320
(1) Amounts in thousands.
(2) Net of fuel surcharge revenues.
(3) Quarter ended 6/30/11 trip length corrected. See www.werner.com
("Investors tab" under "Featured Documents") for correction of prior
quarterly and annual trip length data.
INCOME STATEMENT DATA
(Unaudited)
(In thousands, except per share amounts)
Six Months % of Six Months % of
Ended Operating Ended Operating
6/30/12 Revenues 6/30/11 Revenues
---------- --------- ---------- ---------
Operating revenues $1,020,188 100.0 $985,326 100.0
---------- --------- ---------- ---------
Operating expenses:
Salaries, wages and benefits 272,360 26.7 268,128 27.2
Fuel 202,259 19.8 208,433 21.2
Supplies and maintenance 86,578 8.5 84,274 8.6
Taxes and licenses 45,499 4.5 46,440 4.7
Insurance and claims 34,327 3.4 34,591 3.5
Depreciation 82,177 8.0 78,964 8.0
Rent and purchased transportation 209,006 20.5 187,102 19.0
Communications and utilities 7,163 0.7 7,766 0.8
Other (5,696) (0.6) (4,581) (0.5)
---------- --------- ---------- ---------
Total operating expenses 933,673 91.5 911,117 92.5
---------- --------- ---------- ---------
Operating income 86,515 8.5 74,209 7.5
---------- --------- ---------- ---------
Other expense (income):
Interest expense 207 0.0 38 0.0
Interest income (855) (0.1) (690) (0.0)
Other (106) (0.0) 289 0.0
---------- --------- ---------- ---------
Total other expense (income) (754) (0.1) (363) (0.0)
---------- --------- ---------- ---------
Income before income taxes 87,269 8.6 74,572 7.5
Income taxes 35,344 3.5 30,761 3.1
---------- --------- ---------- ---------
Net income $51,925 5.1 $43,811 4.4
========== ========= ========== =========
Diluted shares outstanding 73,401 73,190
========== ==========
Diluted earnings per share $0.71 $0.60
========== ==========
OPERATING STATISTICS
YTD 12 % Change YTD 11
---------- -------- --------
Trucking revenues, net of fuel surcharge (1) $653,200 0.5% $650,156
Trucking fuel surcharge revenues (1) 190,596 2.2% 186,460
Non-trucking revenues, including VAS (1) 167,223 19.1% 140,405
Other operating revenues (1) 9,169 10.4% 8,305
---------- --------
Operating revenues (1) $1,020,188 3.5% $985,326
========== ========
Average monthly miles per tractor 9,687 -2.0% 9,882
Average revenues per total mile (2) $1.548 2.6% $1.509
Average revenues per loaded mile (2) $1.760 3.2% $1.706
Average percentage of empty miles 12.06% 4.5% 11.54%
Average trip length in miles (loaded) (3) 483 -2.8% 497
Total miles (loaded and empty) (1) 421,995 -2.0% 430,776
Average tractors in service 7,261 -0.0% 7,265
Average revenues per tractor per week (2) $3,460 0.5% $3,442
Capital expenditures, net (1) $121,926 $105,940
Cash flow from operations (1) $138,798 $117,030
Return on assets (annualized) 7.8% 7.4%
Total tractors (at quarter end)
Company 6,675 6,675
Independent contractor 650 625
-------- --------
Total tractors 7,325 7,300
Total trailers (truck and intermodal,
quarter end) 23,355 23,320
(1) Amounts in thousands.
(2) Net of fuel surcharge revenues.
(3) YTD 2011 trip length data corrected. See www.werner.com
("Investors tab" under "Featured Documents") for correction of prior
quarterly and annual trip length data.
BALANCE SHEET DATA
(In thousands, except share amounts)
6/30/12 12/31/11
----------- ----------
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents $18,184 $12,412
Accounts receivable, trade, less allowance of
$10,457 and $10,154, respectively 219,635 218,712
Other receivables 9,693 9,213
Inventories and supplies 26,070 30,212
Prepaid taxes, licenses and permits 7,037 15,094
Current deferred income taxes 26,901 25,805
Other current assets 15,907 29,883
----------- ----------
Total current assets 323,427 341,331
----------- ----------
Property and equipment 1,666,943 1,625,008
Less - accumulated depreciation 686,737 682,872
----------- ----------
Property and equipment, net 980,206 942,136
----------- ----------
Other non-current assets 21,927 18,949
----------- ----------
$1,325,560 $1,302,416
=========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Checks issued in excess of cash balances $0 $6,671
Accounts payable 77,153 93,486
Insurance and claims accruals 55,274 62,681
Accrued payroll 23,328 19,483
Other current liabilities 23,017 16,504
----------- ----------
Total current liabilities 178,772 198,825
----------- ----------
Other long-term liabilities 15,074 14,194
Insurance and claims accruals, net of current portion 120,950 121,250
Deferred income taxes 237,978 243,000
Stockholders' equity:
Common stock, $.01 par value, 200,000,000 shares
authorized; 80,533,536 shares issued; 72,869,626
and 72,847,576 shares outstanding, respectively 805 805
Paid-in capital 96,628 94,396
Retained earnings 824,633 779,994
Accumulated other comprehensive loss (4,804) (5,170)
Treasury stock, at cost; 7,663,910 and 7,685,960
shares, respectively (144,476) (144,878)
----------- ----------
Total stockholders' equity 772,786 725,147
----------- ----------
$1,325,560 $1,302,416
=========== ==========
Werner Enterprises, Inc. was founded in 1956 and is a premier
transportation and logistics company, with coverage throughout North
America, Asia, Europe, South America, Africa and Australia. Werner
maintains its global headquarters in Omaha, Nebraska and maintains
offices in the United States, Canada, Mexico, China and Australia.
Werner is among the five largest truckload carriers in the United
States, with a diversified portfolio of transportation services that
includes dedicated van, temperature-controlled and flatbed; medium-to-
long-haul, regional and local van; and expedited services. Werner's
Value Added Services portfolio includes freight management, truck
brokerage, intermodal, and international services. International
services are provided through Werner's domestic and global subsidiary
companies and include ocean, air and ground transportation; freight
forwarding; and customs brokerage.
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.
This press release may contain forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended, and
made pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995, as amended. Such forward-looking
statements are based on information presently available to the Company's
management and are current only as of the date made. 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,
2011. For those reasons, undue reliance should not be placed on any
forward-looking statement. 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 or as may be
required by applicable securities law. Any such updates or revisions
may be made by filing reports with the U.S. Securities and Exchange
Commission, through the issuance of press releases or by other methods
of public disclosure.