-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, HJZ1G3WSaB1BQCZQQvKb+2dnIuAJyU0qUr04gN+2ROTNv7oBUm0PTmgU8oXnphn9 3EpA9z2bleeTAxkQbO7TqA== 0000950144-08-005529.txt : 20080716 0000950144-08-005529.hdr.sgml : 20080716 20080716165130 ACCESSION NUMBER: 0000950144-08-005529 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20080716 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20080716 DATE AS OF CHANGE: 20080716 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LANDSTAR SYSTEM INC CENTRAL INDEX KEY: 0000853816 STANDARD INDUSTRIAL CLASSIFICATION: TRUCKING (NO LOCAL) [4213] IRS NUMBER: 061313069 STATE OF INCORPORATION: DE FISCAL YEAR END: 1226 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-21238 FILM NUMBER: 08955349 BUSINESS ADDRESS: STREET 1: 13410 SUTTON PARK DRIVE SOUTH CITY: JACKSONVILLE STATE: FL ZIP: 32224 BUSINESS PHONE: 9043901234 MAIL ADDRESS: STREET 1: LANDSTAR SYSTEM INC STREET 2: 13410 SUTTON PARK DRIVE SOUTH CITY: JACKSONVILLE STATE: FL ZIP: 32224 8-K 1 g14257e8vk.htm LANDSTAR SYSTEM, INC. Landstar System, Inc.
 
 
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 16, 2008
(LANDSTAR LOGO)
LANDSTAR SYSTEM, INC.
(Exact name of registrant as specified in its charter)
         
Delaware
(State or other jurisdiction
of incorporation)
  021238
(Commission
File Number)
  06-1313069
(I.R.S. Employer
Identification No.)
     
13410 Sutton Park Drive South, Jacksonville, Florida
(Address of principal executive offices)
  32224
(Zip Code)
(904) 398-9400
(Registrant’s telephone number, including area code)
N/A
(Former name or former address, if changed since last report)
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:
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))
 
 

 


 

Item 2.02   Results of Operations and Financial Condition
On July 16, 2008, Landstar System, Inc. (the “Company”) issued a press release announcing results for the second quarter of fiscal 2008. A copy of the press release is attached hereto as Exhibit 99.1.
The information furnished under Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1 hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933.
Item 9.01   Financial Statements and Exhibits
Exhibits
         
       
 
  99.1    
News Release dated July 16, 2008 of Landstar System, Inc.

2


 

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.
         
  LANDSTAR SYSTEM, INC.
 
 
Date: July 16, 2008  By:   /s/ James B. Gattoni    
    Name:   James B. Gattoni   
    Title:   Vice President and Chief Financial Officer   
 

3

EX-99.1 2 g14257exv99w1.htm EX-99.1 NEWS RELEASE DATED JULY 16, 2008 EX-99.1 News Release dated July 16, 2008
Exhibit 99.1
(LANDSTAR LETTERHEAD)
 
Landstar System, Inc.
13410 Sutton Park Drive, South
Jacksonville, FL 32224
904 398 9400
     
For Immediate Release
  Contact: Jim Gattoni
 
  Landstar System, Inc.
 
  www.landstar.com
July 16, 2008
  904-398-9400
LANDSTAR SYSTEM REPORTS RECORD SECOND QUARTER RESULTS,
INCREASED SHARE PURCHASE AUTHORIZATION AND INCREASED DIVIDEND
Jacksonville, FL — Landstar System, Inc. (NASDAQ: LSTR) reported record second quarter revenue, operating income, net income and diluted earnings per share in the 2008 thirteen-week period ended June 28, 2008. Revenue in the 2008 second quarter increased approximately 10 percent to $698 million compared to $633 million for the 2007 second quarter. Net income for the thirteen-week period ended June 28, 2008 was $29.8 million, or $0.56 per diluted share, compared to net income of $29.7 million, or $0.53 per diluted share, for the thirteen-week period ended June 30, 2007.
Revenue hauled by BCO Independent Contractors in the second quarter of 2008 was $375.4 million, or 54 percent of revenue, compared to $364.2 million, or 58 percent of revenue, in the 2007 second quarter. Moreover, in the second quarters of 2008 and 2007, the Company invoiced customers $90.3 million and $45.1 million, respectively, in fuel surcharges that were passed on 100 percent to BCO Independent Contractors and excluded from revenue. Revenue hauled by third-party truck brokerage carriers was $261.7 million, or 38 percent of revenue, in the 2008 second quarter compared to $217.1 million, or 34 percent of revenue, in the 2007 second quarter. Revenue hauled by rail, air, and ocean cargo carriers was $51.5 million, or 7 percent of revenue, in the 2008 second quarter compared to $42.5 million, or 7 percent of revenue, in the 2007 second quarter.

 


 

LANDSTAR SYSTEM/2
Revenue in the twenty-six-week period ended June 28, 2008 increased approximately 8 percent to $1.306 billion compared to $1.210 billion for the 2007 twenty-six-week period. Net income for the twenty-six-week period ended June 28, 2008 was $53.5 million, or $1.01 per diluted share, compared to net income of $51.3 million, or $0.91 per diluted share, for the twenty-six-week period ended June 30, 2007.
Revenue hauled by BCO Independent Contractors in the 2008 twenty-six-week period was $700.2 million, or 54 percent of revenue, compared to $684.7 million, or 57 percent of revenue, in the 2007 twenty-six-week period. In the twenty-six-week periods of 2008 and 2007, the Company invoiced customers $148.1 million and $79.8 million, respectively, in fuel surcharges that were passed on 100 percent to BCO Independent Contractors and excluded from revenue. Revenue hauled by third-party truck brokerage carriers was $490.3 million, or 38 percent of revenue, in the 2008 twenty-six-week period compared to $423.0 million, or 35 percent of revenue, in the 2007 twenty-six-week period. Revenue hauled by rail, air, and ocean cargo carriers was $97.3 million, or 7 percent of revenue, in the 2008 twenty-six-week period compared to $80.0 million, or 7 percent of revenue, in the 2007 twenty-six-week period.
Landstar System, Inc. announced that its Board of Directors authorized the purchase of up to an additional 2,000,000 shares of its common stock from time to time in the open market and in privately negotiated transactions. The Company may purchase up to an additional 734,400 shares of its common stock under its previously authorized share purchase program. The Company now has a total of 2,734,400 shares of its common stock available for purchase.
Landstar System, Inc. also announced that its Board of Directors has declared a quarterly dividend of $0.04 per share. This represents a 7 percent increase in the Company’s quarterly dividend. The dividend is payable on August 29, 2008 to stockholders of record at the close of business on August 11, 2008. It is the intention of the Board of Directors to continue to pay a quarterly dividend.

 


 

LANDSTAR SYSTEM/3
“I continue to be pleased with the Company’s 2008 performance,” said Landstar President and Chief Executive Officer Henry Gerkens. “In the 2008 second quarter, Landstar delivered double digit revenue growth and experienced strong revenue increases across multiple service offerings, as revenue hauled by BCO Independent Contractors increased over 3 percent, revenue hauled by truck brokerage carriers increased 21 percent, revenue hauled by rail carriers increased 23 percent and revenue hauled by ocean cargo carriers increased 76 percent. Landstar’s operating margin was 7.2 percent in the 2008 second quarter compared to 7.8 percent in the 2007 second quarter. Despite increased rates for purchased transportation paid to third-party truck brokerage carriers, rail carriers and air and ocean cargo carriers in the 2008 second quarter, the Company generated record second quarter operating income of $50.2 million, which is the fourth highest quarterly operating income in any quarter in Landstar’s history.”
“Landstar’s 2008 second quarter diluted earnings per share of $0.56 compared to 2007 second quarter diluted earnings per share of $0.53 represented an increase of 6 percent quarter over quarter. For comparative purposes, it should be noted that the 2008 second quarter included approximately $0.03 per diluted share of costs related to employee bonus accruals not included in the 2007 second quarter. Landstar’s solid results once again demonstrate the strength and consistency of its non-asset based variable cost business model.”
“Landstar continues to generate outstanding returns. Trailing twelve month return on average shareholders’ equity remained high at 52 percent and trailing twelve month return on invested capital, net income divided by the sum of average equity plus average debt, was 32 percent. Additionally, during the 2008 second quarter, the Company entered into a new senior credit facility in the form of a five year $225 million revolving credit agreement to refinance its existing credit facility. The new credit facility will expire in June 2013.”
Gerkens continued, “I anticipate the freight environment in the third quarter of 2008 to be similar to that of the 2008 second quarter. As such, I would anticipate revenue for the third quarter of 2008 as compared to the third quarter of 2007 to increase in a range from the upper single to lower double digits. Based upon the above revenue forecast, I would anticipate Landstar’s earnings for the 2008 third quarter to be within a range of $0.54 to $0.60 per diluted share.” Landstar will provide a live webcast of its quarterly earnings conference call this afternoon at 5 pm ET. To access the webcast, visit the Company’s website at www.landstar.com; click on “Investor Relations” and “Webcasts,” then click on “Landstar’s Second Quarter 2008 Earnings Release Conference Call.”
The following is a “safe harbor” statement under the Private Securities Litigation Reform Act of 1995. Statements contained in this press release that are not based on historical facts are “forward-looking statements”. This press release contains forward-looking statements, such as statements which relate to Landstar’s business objectives, plans, strategies, expectations and intentions. Terms such as “anticipates,” “believes,” “estimates,” “intention,” “plans,” “predicts,” “may,” “should,” “will,” the negative thereof and similar expressions are intended to identify forward-looking statements. Such statements are by nature subject to uncertainties and risks, including but not limited to: an increase in the frequency or severity of accidents or workers’ compensation claims; unfavorable development of existing claims; dependence on independent sales agents; dependence on third-party capacity providers; disruptions or failures in our computer systems; a downturn in domestic or international economic growth or growth in the transportation sector; substantial industry competition; and other operational, financial or legal risks or uncertainties detailed in Landstar’s Form 10K for the 2007 fiscal year, described in Item 1A Risk Factors, and other SEC filings from time to time. These risks and uncertainties could cause actual results or events to differ materially from historical results or those anticipated. Investors should not place undue reliance on such forward-looking statements, and Landstar undertakes no obligation to publicly update or revise any forward-looking statements.

 


 

LANDSTAR SYSTEM/4
About Landstar:
Landstar System, Inc. delivers safe, specialized transportation and logistics services to a broad range of customers worldwide. The Company identifies and fulfills shippers’ needs through the coordination of individual businesses comprised of independent sales agents and third-party transportation and logistics capacity providers. Through its operating subsidiaries, Landstar delivers excellence in complete transportation logistics services and solutions. All Landstar operating companies are certified to ISO 9001:2000 quality management system standards. Landstar System, Inc. is headquartered in Jacksonville, Florida. Its common stock trades on The NASDAQ Stock Market® under the symbol LSTR.
(Tables follow)

 


 

LANDSTAR SYSTEM/5
Landstar System, Inc.
Consolidated Statements of Income

(Dollars in thousands, except per share amounts)
(Unaudited)
                                 
    Twenty Six Weeks Ended     Thirteen Weeks Ended  
    June 28,     June 30,     June 28,     June 30,  
    2008     2007     2008     2007  
Revenue
  $ 1,306,479     $ 1,209,601     $ 697,651     $ 632,952  
Investment income
    1,869       2,997       773       1,257  
 
                               
Costs and expenses:
                               
Purchased transportation
    1,003,345       912,835       538,316       478,777  
Commissions to agents
    99,590       97,404       52,776       50,772  
Other operating costs
    13,940       13,222       7,356       7,716  
Insurance and claims
    19,034       29,559       9,513       12,019  
Selling, general and administrative
    70,958       63,920       35,101       30,755  
Depreciation and amortization
    10,307       9,279       5,177       4,662  
 
                       
 
                               
Total costs and expenses
    1,217,174       1,126,219       648,239       584,701  
 
                       
 
                               
Operating income
    91,174       86,379       50,185       49,508  
Interest and debt expense
    3,878       2,700       1,736       1,108  
 
                       
 
                               
Income before income taxes
    87,296       83,679       48,449       48,400  
Income taxes
    33,788       32,405       18,684       18,730  
 
                       
Net income
  $ 53,508     $ 51,274     $ 29,765     $ 29,670  
 
                       
 
                               
Earnings per common share
  $ 1.01     $ 0.92     $ 0.56     $ 0.53  
 
                       
 
                               
Diluted earnings per share
  $ 1.01     $ 0.91     $ 0.56     $ 0.53  
 
                       
 
                               
Average number of shares outstanding:
                               
Earnings per common share
    52,726,000       55,761,000       52,851,000       55,597,000  
 
                       
Diluted earnings per share
    53,198,000       56,328,000       53,373,000       56,191,000  
 
                       
 
                               
Dividends paid per common share
  $ 0.0750     $ 0.0600     $ 0.0375     $ 0.0300  
 
                       

 


 

LANDSTAR SYSTEM/6
Landstar System, Inc.
Selected Segment Information

(Dollars in thousands)
(Unaudited)
                                 
    Twenty Six Weeks Ended     Thirteen Weeks Ended  
    June 28,     June 30,     June 28,     June 30,  
    2008     2007     2008     2007  
Revenue
                               
 
                               
Transportation logistics segment
  $ 1,288,231     $ 1,191,170     $ 688,631     $ 623,731  
Insurance segment
    18,248       18,431       9,020       9,221  
 
                       
Revenue
  $ 1,306,479     $ 1,209,601     $ 697,651     $ 632,952  
 
                       
 
                               
Operating Income
                               
 
                               
Transportation logistics segment
  $ 73,560     $ 72,370     $ 41,174     $ 38,858  
Insurance segment
    17,614       14,009       9,011       10,650  
 
                       
 
                               
Operating income
  $ 91,174     $ 86,379     $ 50,185     $ 49,508  
 
                       

 


 

LANDSTAR SYSTEM/7
Landstar System, Inc.
Consolidated Balance Sheets

(Dollars in thousands, except per share amounts)
(Unaudited)
                 
    June 28,     Dec 29,  
    2008     2007  
ASSETS
               
Current assets:
               
Cash and cash equivalents
  $ 78,792     $ 60,750  
Short-term investments
    24,023       22,921  
Trade accounts receivable, less allowance of $4,858 and $4,469
    351,422       310,258  
Other receivables, including advances to independent contractors, less allowance of $4,446 and $4,792
    14,259       11,170  
Deferred income taxes and other current assets
    33,840       28,554  
 
           
Total current assets
    502,336       433,653  
 
           
 
               
Operating property, less accumulated depreciation and amortization of $97,363 and $88,284
    126,732       132,369  
Goodwill
    31,134       31,134  
Other assets
    33,863       31,845  
 
           
Total assets
  $ 694,065     $ 629,001  
 
           
 
               
LIABILITIES AND SHAREHOLDERS’ EQUITY
               
Current liabilities:
               
Cash overdraft
  $ 30,137     $ 25,769  
Accounts payable
    132,786       117,122  
Current maturities of long-term debt
    23,514       23,155  
Insurance claims
    28,113       28,163  
Accrued income taxes
    13,666       14,865  
Other current liabilities
    40,219       40,501  
 
           
Total current liabilities
    268,435       249,575  
 
           
 
               
Long-term debt, excluding current maturities
    117,469       141,598  
Insurance claims
    37,241       37,631  
Deferred income taxes
    23,109       19,411  
 
               
Shareholders’ equity:
               
Common stock, $0.01 par value, authorized 160,000,000 shares, issued 66,073,547 and 65,630,383 shares
    661       656  
Additional paid-in capital
    150,392       132,788  
Retained earnings
    651,090       601,537  
Cost of 13,121,109 shares of common stock in treasury
    (554,252 )     (554,252 )
Accumulated other comprehensive income/(loss)
    (80 )     57  
 
           
Total shareholders’ equity
    247,811       180,786  
 
           
Total liabilities and shareholders’ equity
  $ 694,065     $ 629,001  
 
           

 


 

LANDSTAR SYSTEM/8
Landstar System, Inc.
Supplemental Information
(Unaudited)
                                 
    Twenty Six Weeks Ended     Thirteen Weeks Ended  
    June 28,     June 30,     June 28,     June 30,  
    2008     2007     2008     2007  
Revenue generated through (in thousands):
                               
 
                               
Business Capacity Owners (1)
  $ 700,195     $ 684,704     $ 375,391     $ 364,171  
Truck Brokerage Carriers
    490,334       422,967       261,701       217,070  
Rail intermodal
    71,598       57,677       37,809       30,706  
Ocean carriers
    18,220       11,539       9,786       5,569  
Air carriers
    7,449       10,806       3,860       6,191  
Other (2)
    18,683       21,908       9,104       9,245  
 
                       
 
  $ 1,306,479     $ 1,209,601     $ 697,651     $ 632,952  
 
                       
 
                               
Number of loads:
                               
 
                               
Business Capacity Owners (1)
    429,080       433,370       225,880       227,770  
Truck Brokerage Carriers
    288,970       288,850       146,940       151,030  
Rail intermodal
    31,000       26,760       16,020       14,660  
Ocean carriers
    2,590       2,100       1,340       1,060  
Air carriers
    3,870       6,440       1,880       3,160  
 
                       
 
    755,510       757,520       392,060       397,680  
 
                       
 
                               
Revenue per load:
                               
 
                               
Business Capacity Owners (1)
  $ 1,632     $ 1,580     $ 1,662     $ 1,599  
Truck Brokerage Carriers
    1,697       1,464       1,781       1,437  
Rail intermodal
    2,310       2,155       2,360       2,095  
Ocean carriers
    7,035       5,495       7,303       5,254  
Air carriers
    1,925       1,678       2,053       1,959  
 
                               
 
                  June 28,   June 30,
 
                    2008       2007  
 
                           
Truck Capacity
                               
 
                               
Business Capacity Owners (1) (3)
                    8,222       8,431  
 
                           
Truck Brokerage Carriers:
                               
Approved and active (4)
                    16,080       15,100  
Approved
                    9,219       8,700  
 
                           
 
                    25,299       23,800  
 
                           
Total available truck capacity providers
                    33,521       32,231  
 
                           
 
                               
Agent Locations
                    1,409       1,381  
 
                           
 
(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, warehousing revenue generated by the Transportation Logistics segment and revenue, if any for the periods presented, derived from transportation services provided in support of disaster relief efforts provided primarily under a contract between Landstar Express America, Inc. and the United States Department of Transportation/Federal Aviation Administration.
 
(3)  
Trucks provided by Business Capacity Owners were 8,804 and 9,036 at June 28, 2008 and June 30, 2007, respectively.
 
(4)  
Active refers to Truck Brokerage Carriers who have moved at least one load in the past 180 days.

 

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