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) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Exhibits | ||||
99.1 | News Release dated July 21, 2011 of Landstar System, Inc. |
LANDSTAR SYSTEM, INC. |
||||
Date: July 21, 2011 | By: | /s/ James B. Gattoni | ||
Name: | James B. Gattoni | |||
Title: | Vice President and Chief Financial Officer | |||
For Immediate Release | Contact: Jim Gattoni | |
Landstar System, Inc. | ||
www.landstar.com | ||
July 21, 2011 | 904-398-9400 |
Twenty Six Weeks Ended | Thirteen Weeks Ended | |||||||||||||||
June 25, | June 26, | June 25, | June 26, | |||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Revenue |
$ | 1,247,547 | $ | 1,189,809 | $ | 675,561 | $ | 641,721 | ||||||||
Investment income |
921 | 574 | 393 | 289 | ||||||||||||
Costs and expenses: |
||||||||||||||||
Purchased transportation |
941,360 | 907,290 | 509,982 | 490,089 | ||||||||||||
Commissions to agents |
98,175 | 87,379 | 54,004 | 46,971 | ||||||||||||
Other operating costs |
15,623 | 15,504 | 7,679 | 7,968 | ||||||||||||
Insurance and claims |
24,715 | 26,129 | 13,449 | 13,831 | ||||||||||||
Selling, general and administrative |
73,046 | 73,816 | 35,782 | 36,973 | ||||||||||||
Depreciation and amortization |
12,787 | 11,988 | 6,388 | 6,196 | ||||||||||||
Total costs and expenses |
1,165,706 | 1,122,106 | 627,284 | 602,028 | ||||||||||||
Operating income |
82,762 | 68,277 | 48,670 | 39,982 | ||||||||||||
Interest and debt expense |
1,605 | 1,664 | 777 | 810 | ||||||||||||
Income before income taxes |
81,157 | 66,613 | 47,893 | 39,172 | ||||||||||||
Income taxes |
31,002 | 25,446 | 18,295 | 14,962 | ||||||||||||
Net income |
50,155 | 41,167 | 29,598 | 24,210 | ||||||||||||
Less: Net loss attributable to noncontrolling interest |
(62 | ) | (446 | ) | | (227 | ) | |||||||||
Net income attributable to Landstar System,
Inc. and subsidiary |
$ | 50,217 | $ | 41,613 | $ | 29,598 | $ | 24,437 | ||||||||
Earnings per common share attributable to
Landstar System, Inc. and subsidiary |
$ | 1.05 | $ | 0.83 | $ | 0.62 | $ | 0.49 | ||||||||
Diluted earnings per share attributable to
Landstar System, Inc. and subsidiary |
$ | 1.05 | $ | 0.83 | $ | 0.62 | $ | 0.49 | ||||||||
Average number of shares outstanding: |
||||||||||||||||
Earnings per common share |
47,826,000 | 50,165,000 | 47,782,000 | 50,123,000 | ||||||||||||
Diluted earnings per share |
47,907,000 | 50,259,000 | 47,912,000 | 50,215,000 | ||||||||||||
Dividends paid per common share |
$ | 0.100 | $ | 0.090 | $ | 0.050 | $ | 0.045 | ||||||||
June 25, | Dec. 25, | |||||||
2011 | 2010 | |||||||
ASSETS |
||||||||
Current assets: |
||||||||
Cash and cash equivalents |
$ | 39,544 | $ | 44,706 | ||||
Short-term investments |
30,489 | 23,266 | ||||||
Trade accounts receivable, less allowance
of $4,155 and $5,324 |
385,540 | 307,350 | ||||||
Other receivables, including advances to independent
contractors, less allowance of $4,987 and $5,511 |
25,493 | 23,943 | ||||||
Deferred income taxes and other current assets |
21,008 | 21,652 | ||||||
Total current assets |
502,074 | 420,917 | ||||||
Operating property, less accumulated depreciation
and amortization of $146,476 and $137,830 |
123,895 | 132,649 | ||||||
Goodwill |
57,470 | 57,470 | ||||||
Other assets |
60,873 | 72,846 | ||||||
Total assets |
$ | 744,312 | $ | 683,882 | ||||
LIABILITIES AND EQUITY |
||||||||
Current liabilities: |
||||||||
Cash overdraft |
$ | 26,347 | $ | 24,877 | ||||
Accounts payable |
175,325 | 137,297 | ||||||
Current maturities of long-term debt |
17,260 | 22,172 | ||||||
Insurance claims |
44,442 | 40,215 | ||||||
Other current liabilities |
53,077 | 53,785 | ||||||
Total current liabilities |
316,451 | 278,346 | ||||||
Long-term debt, excluding current maturities |
93,894 | 99,439 | ||||||
Insurance claims |
31,273 | 31,468 | ||||||
Deferred income taxes |
20,214 | 23,662 | ||||||
Equity |
||||||||
Landstar System, Inc. and subsidiary shareholders equity
Common stock, $0.01 par value, authorized 160,000,000
shares, issued 66,589,780 and 66,535,169 shares |
666 | 665 | ||||||
Additional paid-in capital |
163,355 | 169,268 | ||||||
Retained earnings |
889,561 | 844,132 | ||||||
Cost of 18,872,652 and 18,674,902 shares of common
stock in treasury |
(772,489 | ) | (763,182 | ) | ||||
Accumulated other comprehensive income |
1,387 | 881 | ||||||
Total Landstar System, Inc. and subsidiary shareholders
equity |
282,480 | 251,764 | ||||||
Noncontrolling interest |
| (797 | ) | |||||
Total equity |
282,480 | 250,967 | ||||||
Total liabilities and equity |
$ | 744,312 | $ | 683,882 | ||||
Twenty Six Weeks Ended | Thirteen Weeks Ended | |||||||||||||||
June 25, | June 26, | June 25, | June 26, | |||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Revenue generated through (in thousands): |
||||||||||||||||
Business Capacity Owners (1) |
$ | 669,748 | $ | 631,736 | $ | 362,854 | $ | 345,595 | ||||||||
Truck Brokerage Carriers |
472,391 | 466,163 | 258,668 | 246,408 | ||||||||||||
Rail intermodal |
34,832 | 34,092 | 18,367 | 19,316 | ||||||||||||
Ocean cargo carriers |
26,031 | 20,835 | 12,198 | 11,700 | ||||||||||||
Air cargo carriers |
16,900 | 8,562 | 9,340 | 3,959 | ||||||||||||
Other (2) |
27,645 | 28,421 | 14,134 | 14,743 | ||||||||||||
$ | 1,247,547 | $ | 1,189,809 | $ | 675,561 | $ | 641,721 | |||||||||
Number of loads: |
||||||||||||||||
Business Capacity Owners (1) |
402,730 | 420,770 | 210,690 | 223,020 | ||||||||||||
Truck Brokerage Carriers |
287,210 | 308,330 | 151,470 | 158,980 | ||||||||||||
Rail intermodal |
14,830 | 15,490 | 7,570 | 8,620 | ||||||||||||
Ocean cargo carriers |
3,950 | 3,110 | 2,120 | 1,650 | ||||||||||||
Air cargo carriers |
4,000 | 3,130 | 2,050 | 1,630 | ||||||||||||
712,720 | 750,830 | 373,900 | 393,900 | |||||||||||||
Revenue per load: |
||||||||||||||||
Business Capacity Owners (1) |
$ | 1,663 | $ | 1,501 | $ | 1,722 | $ | 1,550 | ||||||||
Truck Brokerage Carriers |
1,645 | 1,512 | 1,708 | 1,550 | ||||||||||||
Rail intermodal |
2,349 | 2,201 | 2,426 | 2,241 | ||||||||||||
Ocean cargo carriers |
6,590 | 6,699 | 5,754 | 7,091 | ||||||||||||
Air cargo carriers |
4,225 | 2,735 | 4,556 | 2,429 |
June 25, | June 26, | |||||||
2011 | 2010 | |||||||
Truck Capacity |
||||||||
Business Capacity Owners (1) (3) |
7,711 | 7,818 | ||||||
Truck Brokerage Carriers: |
||||||||
Approved and active (4) |
17,696 | 16,670 | ||||||
Approved |
8,984 | 9,047 | ||||||
26,680 | 25,717 | |||||||
Total available truck capacity providers |
34,391 | 33,535 | ||||||
(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 8,231 and 8,399 at June 25, 2011 and June 26, 2010, respectively. | |
(4) | Active refers to Truck Brokerage Carriers who have moved at least one load in the past 180 days. |
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