Note 12 - Business Segments

6 Months Ended

Jun. 30, 2015

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

(12) Business Segments

We have six current operating segments that have been aggregated into four reporting segments (Truckload, Dedicated, Intermodal and Brokerage) for financial reporting purposes. Information for the first six months of 2014, which was previously aggregated into two reporting segments, has been shown in the same four segments for comparison purposes.  We believe reporting our results in this manner will provide better visibility and understanding into our business and reflect our operational structure.

The primary source of our operating revenue is provided by our Truckload segment through a combination of regional short-haul and medium-to-long-haul full-load transportation services. We transport food and other consumer packaged goods that require a temperature-controlled or insulated environment across the United States and into and out of Mexico and Canada.

Our Dedicated segment provides customized transportation solutions tailored to meet individual customers’ requirements, utilizing temperature-controlled trailers, dry vans and other specialized equipment within the United States. Our customer contracts range from three to five years and are subject to annual rate reviews.

Our Intermodal segment transports our customers’ freight within the United States primarily utilizing our temperature-controlled trailers and also, through March 2015, our dry containers on railroad flatcars for portions of trips, with the balance of the trips using our tractors or, to a lesser extent, contracted carriers.

Our Brokerage segment arranges for smaller third-party carriers to transport freight for our customers in temperature-controlled trailers and dry vans within the United States and into and out of Mexico while we retain the billing, collection and customer management responsibilities.

The following table sets forth for the periods indicated our operating revenue and operating income by segment. We do not prepare separate balance sheets by segment and, as a result, assets are not separately identifiable by segment.

	Three Months				Six Months
	Ended June 30,				Ended June 30,
( Dollars in thousands )	2015		2014		2015		2014
Operating revenue:
Truckload revenue, net of fuel surcharge revenue	$	88,822	$	90,316	$	175,633	$	177,118
Truckload fuel surcharge revenue		13,929		23,699		28,519		47,411
Total Truckload revenue		102,751		114,015		204,152		224,529
Dedicated revenue, net of fuel surcharge revenue		22,601		11,845		42,464		22,573
Dedicated fuel surcharge revenue		2,803		3,245		5,394		6,067
Total Dedicated revenue		25,404		15,090		47,858		28,640
Intermodal revenue, net of fuel surcharge revenue		16,101		20,406		33,120		38,760
Intermodal fuel surcharge revenue		2,945		5,800		6,318		11,136
Total Intermodal revenue		19,046		26,206		39,438		49,896
Brokerage revenue		16,387		13,112		33,427		24,767
Total operating revenue	$	163,588	$	168,423	$	324,875	$	327,832
Operating income:
Truckload	$	9,808	$	10,410	$	19,410	$	16,588
Dedicated		2,563		1,433		4,567		2,755
Intermodal		969		483		2,220		966
Brokerage		821		606		1,563		1,263
Total operating income before gain on disposition of facility		14,161		12,932		27,760		21,572
Gain on disposition of facility		-		-		3,712		-
Total operating income	$	14,161	$	12,932	$	31,472	$	21,572

             Truckload segment depreciation expense was $13.5 million and $13.2 million, Dedicated segment depreciation expense was $3.2 million and $1.8 million, Intermodal segment depreciation expense was $1.4 million and $1.6 million, and Brokerage segment depreciation expense was $289,000 and $240,000, in the three-month periods ended June 30, 2015 and June 30, 2014, respectively. Truckload segment depreciation expense was $26.7 million and $26.5 million, Dedicated segment depreciation expense was $6.0 million and $3.3 million, Intermodal segment depreciation expense was $2.9 million in each of the periods, and Brokerage segment depreciation expense was $559,000 and $464,000, in the six-month periods ended June 30, 2015 and June 30, 2014, respectively.