Delaware | 021238 | 06-1313069 | ||
(State or other jurisdiction | (Commission | (I.R.S. Employer | ||
of incorporation) | File Number) | Identification No.) |
13410 Sutton Park Drive South, Jacksonville, Florida | 32224 | |
(Address of principal executive offices) | (Zip Code) |
Item 2.02 | Results of Operations and Financial Condition |
Item 9.01 | Financial Statements and Exhibits |
99.1 | News Release dated July 14, 2010 of Landstar System, Inc. |
LANDSTAR SYSTEM, INC. |
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Date: July 14, 2010 | By: | /s/ James B. Gattoni | ||
Name: | James B. Gattoni | |||
Title: | Vice President and Chief Financial Officer | |||
Landstar System, Inc.
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13410 Sutton Park Drive, South
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Jacksonville, FL 32224
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904 398 9400
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For Immediate Release | Contact: Jim Gattoni | |
Landstar System, Inc. | ||
www.landstar.com | ||
July 14, 2010 | 904-398-9400 |
Twenty Six Weeks Ended | Thirteen Weeks Ended | |||||||||||||||
June 26, | June 27, | June 26, | June 27, | |||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
Revenue |
$ | 1,189,809 | $ | 960,411 | $ | 641,721 | $ | 491,164 | ||||||||
Investment income |
574 | 675 | 289 | 250 | ||||||||||||
Costs and expenses: |
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Purchased transportation |
907,290 | 717,891 | 490,089 | 366,567 | ||||||||||||
Commissions to agents |
87,379 | 78,251 | 46,971 | 39,927 | ||||||||||||
Other operating costs |
15,504 | 14,838 | 7,968 | 7,388 | ||||||||||||
Insurance and claims |
26,129 | 18,799 | 13,831 | 9,797 | ||||||||||||
Selling, general and administrative |
73,816 | 66,612 | 36,973 | 32,243 | ||||||||||||
Depreciation and amortization |
11,988 | 11,201 | 6,196 | 5,716 | ||||||||||||
Total costs and expenses |
1,122,106 | 907,592 | 602,028 | 461,638 | ||||||||||||
Operating income |
68,277 | 53,494 | 39,982 | 29,776 | ||||||||||||
Interest and debt expense |
1,664 | 2,136 | 810 | 973 | ||||||||||||
Income before income taxes |
66,613 | 51,358 | 39,172 | 28,803 | ||||||||||||
Income taxes |
25,446 | 19,607 | 14,962 | 10,946 | ||||||||||||
Net income |
41,167 | 31,751 | 24,210 | 17,857 | ||||||||||||
Less: Net loss attributable to
noncontrolling interest |
(446 | ) | | (227 | ) | | ||||||||||
Net income attributable to Landstar System,
Inc. and subsidiary |
$ | 41,613 | $ | 31,751 | $ | 24,437 | $ | 17,857 | ||||||||
Earnings per common share attributable to
Landstar System, Inc. and subsidiary |
$ | 0.83 | $ | 0.62 | $ | 0.49 | $ | 0.35 | ||||||||
Diluted earnings per share attributable to
Landstar System, Inc. and subsidiary |
$ | 0.83 | $ | 0.61 | $ | 0.49 | $ | 0.35 | ||||||||
Average number of shares outstanding: |
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Earnings per common share |
50,165,000 | 51,453,000 | 50,123,000 | 51,330,000 | ||||||||||||
Diluted earnings per share |
50,259,000 | 51,636,000 | 50,215,000 | 51,487,000 | ||||||||||||
Dividends paid per common share |
$ | 0.0900 | $ | 0.0800 | $ | 0.0450 | $ | 0.0400 | ||||||||
June 26, | Dec. 26, | |||||||
2010 | 2009 | |||||||
ASSETS |
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Current assets: |
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Cash and cash equivalents |
$ | 45,081 | $ | 85,719 | ||||
Short-term investments |
33,156 | 24,325 | ||||||
Trade accounts receivable, less allowance
of $5,597 and $5,547 |
338,877 | 278,854 | ||||||
Other receivables, including advances to independent
contractors, less allowance of $5,543 and $5,797 |
22,119 | 18,149 | ||||||
Deferred income taxes and other current assets |
22,232 | 19,565 | ||||||
Total current assets |
461,465 | 426,612 | ||||||
Operating property, less accumulated depreciation
and amortization of $133,957 and $124,810 |
143,505 | 116,656 | ||||||
Goodwill |
57,470 | 57,470 | ||||||
Other assets |
66,662 | 48,054 | ||||||
Total assets |
$ | 729,102 | $ | 648,792 | ||||
LIABILITIES AND EQUITY |
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Current liabilities: |
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Cash overdraft |
$ | 30,293 | $ | 28,919 | ||||
Accounts payable |
159,548 | 121,030 | ||||||
Current maturities of long-term debt |
24,886 | 24,585 | ||||||
Insurance claims |
34,902 | 41,627 | ||||||
Other current liabilities |
47,180 | 42,474 | ||||||
Total current liabilities |
296,809 | 258,635 | ||||||
Long-term debt, excluding current maturities |
93,956 | 68,313 | ||||||
Insurance claims |
30,022 | 30,680 | ||||||
Deferred income taxes |
23,368 | 23,013 | ||||||
Equity |
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Landstar System, Inc. and subsidiary shareholders equity |
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Common stock, $0.01 par value, authorized 160,000,000
shares, issued 66,487,151 and 66,255,358 shares |
665 | 663 | ||||||
Additional paid-in capital |
166,292 | 161,261 | ||||||
Retained earnings |
803,126 | 766,040 | ||||||
Cost of 16,652,344 and 16,022,111 shares of common
stock in treasury |
(685,506 | ) | (660,446 | ) | ||||
Accumulated other comprehensive income |
681 | 498 | ||||||
Total Landstar System, Inc. and subsidiary shareholders
equity |
285,258 | 268,016 | ||||||
Noncontrolling interest |
(311 | ) | 135 | |||||
Total equity |
284,947 | 268,151 | ||||||
Total liabilities and equity |
$ | 729,102 | $ | 648,792 | ||||
Twenty Six Weeks Ended | Thirteen Weeks Ended | |||||||||||||||
June 26, | June 27, | June 26, | June 27, | |||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
Revenue generated through (in thousands): |
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Business Capacity Owners (1) |
$ | 631,736 | $ | 550,665 | $ | 345,595 | $ | 288,600 | ||||||||
Truck Brokerage Carriers |
466,163 | 329,479 | 246,408 | 165,236 | ||||||||||||
Rail intermodal |
34,092 | 36,728 | 19,316 | 17,410 | ||||||||||||
Ocean cargo carriers |
20,835 | 17,518 | 11,700 | 8,667 | ||||||||||||
Air cargo carriers |
8,562 | 7,508 | 3,959 | 2,121 | ||||||||||||
Other (2) |
28,421 | 18,513 | 14,743 | 9,130 | ||||||||||||
$ | 1,189,809 | $ | 960,411 | $ | 641,721 | $ | 491,164 | |||||||||
Number of loads: |
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Business Capacity Owners (1) |
420,770 | 365,000 | 223,020 | 194,350 | ||||||||||||
Truck Brokerage Carriers |
308,330 | 240,020 | 158,980 | 122,370 | ||||||||||||
Rail intermodal |
15,490 | 18,290 | 8,620 | 8,710 | ||||||||||||
Ocean cargo carriers |
3,110 | 2,590 | 1,650 | 1,350 | ||||||||||||
Air cargo carriers |
3,130 | 5,100 | 1,630 | 1,840 | ||||||||||||
750,830 | 631,000 | 393,900 | 328,620 | |||||||||||||
Revenue per load: |
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Business Capacity Owners (1) |
$ | 1,501 | $ | 1,509 | $ | 1,550 | $ | 1,485 | ||||||||
Truck Brokerage Carriers |
1,512 | 1,373 | 1,550 | 1,350 | ||||||||||||
Rail intermodal |
2,201 | 2,008 | 2,241 | 1,999 | ||||||||||||
Ocean cargo carriers |
6,699 | 6,764 | 7,091 | 6,420 | ||||||||||||
Air cargo carriers |
2,735 | 1,472 | 2,429 | 1,153 |
June 26, | June 27, | |||||||
2010 | 2009 | |||||||
Truck Capacity |
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Business Capacity Owners (1) (3) |
7,818 | 8,286 | ||||||
Truck Brokerage Carriers: |
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Approved and active (4) |
16,670 | 14,827 | ||||||
Approved |
9,047 | 11,082 | ||||||
25,717 | 25,909 | |||||||
Total available truck capacity providers |
33,535 | 34,195 | ||||||
Agent Locations |
1,343 | 1,436 | ||||||
(1) | Business Capacity Owners are independent contractors who provide truck capacity to the Company under exclusive lease arrangements. | |
(2) | Includes premium revenue generated by the insurance segment and warehousing and transportation management fee revenue generated by the transportation logistics segment. | |
(3) | Trucks provided by Business Capacity Owners were 8,399 and 8,875 at June 26, 2010 and June 27, 2009, respectively. | |
(4) | Active refers to Truck Brokerage Carriers who have moved at least one load in the past 180 days. |
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