EX-99.2 3 tcam054414_ex99-2.htm CORRECTION OF THIRD QUARTER RESULTS Exhibit 99.2 to Transport Corporation Form 8-K dated October 25, 2005

Exhibit 99.2

Transport Corporation of America, Inc.
1715 Yankee Doodle Road
Eagan, MN 55121

Traded: Nasdaq: TCAM

COMPANY CONTACTS:
Michael Paxton
Chairman, President and CEO
(651) 686-2500
Keith Klein
Chief Financial Officer
(651) 686-2500

FOR IMMEDIATE RELEASE
Tuesday, October 25, 2005

CORRECTION - TRANSPORT CORPORATION OF AMERICA
REPORTS THIRD QUARTER RESULTS

MINNEAPOLIS, MINNESOTA, October 25, 2005 – On October 25, 2005, Transport Corporation of America, Inc. (NASDAQ: TCAM) issued a press release regarding its operating and financial results for the three and nine months ended September 30, 2005. The Company has revised the statement of operations to correct an error whereby the revenue equipment leases amount was erroneously transposed with the depreciation and amortization expense for the nine-month period ended September 30, 2005. This error did not have any impact on overall expenses or earnings per share. A corrected statement of operations is attached.

About Transport America

Transport Corporation of America, Inc., based in the Minneapolis — St. Paul metropolitan area, provides a wide range of truckload freight carriage and logistics services to customers in the United States and Canada. Transport America focuses on providing time-definite and other responsive services through its team of dedicated and committed employees supported by state-of-the-art technology and information systems.

This news release contains forward-looking statements regarding the Company. The Company wishes to caution readers not to place undue reliance on any forward-looking statements which speak only as of the date made. The following important factors, among other things, in some cases have affected and in the future could affect the Company’s actual results and could cause the Company’s actual financial performance to differ materially from that expressed in any forward-looking statement: (1) the highly competitive conditions that currently exist in the Company’s market and the Company’s ability to compete, (2) the Company’s ability to recruit, train, and retain qualified drivers, (3) increases in fuel prices, and the Company’s ability to recover these costs from its customers, (4) the impact of environmental standards and regulations on new revenue equipment, (5) changes in governmental regulations applicable to the Company’s operations, (6) adverse weather conditions, (7) accidents, (8) the financing and resale market for used revenue equipment, (9) changes in interest rates, (10) cost of liability insurance coverage, (11) changes in safety rating by Regulatory authorities, and (12) downturns in general economic conditions affecting the Company and its customers. The foregoing list should not be construed as exhaustive and the Company disclaims any obligation subsequently to revise or update any previously made forward-looking statements. Unanticipated events are likely to occur.


Financial Table to Follow...




TRANSPORT CORPORATION OF AMERICA, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
Three and Nine Months ended September 30, 2005 and 2004
(In thousands, except share and per share amounts)


Three Months
(Unaudited)
Nine Months
(Unaudited)


2005 2004 2005 2004




Amount % Amount % Amount % Amount %








Operating revenues     $ 64,357    100.0   $ 65,730    100.0   $ 188,621    100.0   $ 193,105    100.0  
 
Operating expenses:   
  Salaries, wages, and benefits    19,655    30.6    19,888    30.2    57,976    30.8    57,365    29.7  
  Fuel, maintenance, and other expense    13,092    20.3    11,354    17.3    36,425    19.3    31,005    16.1  
  Purchased transportation    18,436    28.7    19,496    29.7    54,390    28.9    60,321    31.2  
  Revenue equipment leases    403    0.6    347    0.5    1,195    0.6    892    0.5  
  Depreciation and amortization    5,599    8.7    5,988    9.1    16,805    8.9    17,693    9.2  
  Insurance, claims, and damage    2,003    3.1    3,931    6.0    6,233    3.3    9,824    5.1  
  Taxes and licenses    1,075    1.7    1,142    1.7    3,357    1.8    3,391    1.8  
  Communication    339    0.5    441    0.7    1,206    0.6    1,339    0.7  
  Other general and administrative expenses    2,819    4.4    2,343    3.6    7,780    4.1    7,226    3.7  
  Impairment of sublease office space                            190    0.1  
  Gain on disposition of equipment    (314 )  (0.5 )          (332 )  (0.2 )  (22 )  (0.1 )








        Total operating expenses    63,107    98.1    64,930    98.8    185,035    98.1    189,224    98.0  








 
    Operating income     1,250    1.9    800    1.2    3,586    1.9    3,881    2.0  
 
Interest expense, net    602    0.9    756    1.1    1,928    1.0    2,406    1.2  








 
    Earnings before income taxes     648    1.0    44    0.1    1,658    0.9    1,475    0.8  
 
Income tax provision    215    0.3    8    0.0    617    0.3    573    0.3  








 
    Net earnings     433    0.7    36    0.1    1,041    0.6    902    0.5  








 
 
Earnings per common share - basic   $ 0.07       $ 0.01       $ 0.16       $ 0.13      




 
Earnings per common share - diluted   $ 0.07       $ 0.01       $ 0.16       $ 0.13      




 
Average common shares outstanding   
    Basic    6,563,440        6,523,417        6,554,142        6,788,123      
    Diluted    6,647,913        6,655,208        6,672,350        6,904,551