Quarterly Financial Data

12 Months Ended

Dec. 31, 2011

LANDSTAR SYSTEM, INC. AND SUBSIDIARY

QUARTERLY FINANCIAL DATA

(Dollars in thousands, except per share amounts)

(Unaudited)


	Fourth Quarter 2011			Third Quarter 2011			Second Quarter 2011			First Quarter 2011
Revenue	$	717,522		$	684,013		$	675,561		$	571,986

Operating income	$	50,950		$	49,533		$	48,670		$	34,092

Income before income taxes	$	50,178		$	48,798		$	47,893		$	33,264
Income taxes		17,546			18,640			18,295			12,707

Net income	$	32,632		$	30,158		$	29,598		$	20,557

Less: Net loss attributable to noncontrolling interest		—			—			—			(62	)

Net income attributable to Landstar System, Inc. and subsidiary	$	32,632		$	30,158		$	29,598		$	20,619

Earnings per common share attributable to Landstar System, Inc. and subsidiary(1)	$	0.70		$	0.64		$	0.62		$	0.43

Diluted earnings per share attributable to Landstar System, Inc. and subsidiary(1)	$	0.70		$	0.64		$	0.62		$	0.43

Dividends paid per common share	$	0.055		$	0.055		$	0.050		$	0.050


	Fourth Quarter 2010			Third Quarter 2010			Second Quarter 2010			First Quarter 2010
Revenue	$	587,535		$	622,826		$	641,721		$	548,088

Operating income	$	35,808		$	35,886		$	39,982		$	28,295

Income before income taxes	$	34,884		$	34,851		$	39,172		$	27,441
Income taxes		11,005			13,315			14,962			10,484

Net income	$	23,879		$	21,536		$	24,210		$	16,957

Less: Net loss attributable to noncontrolling interest		(220	)		(266	)		(227	)		(219	)

Net income attributable to Landstar System, Inc. and subsidiary	$	24,099		$	21,802		$	24,437		$	17,176

Earnings per common share attributable to Landstar System, Inc. and subsidiary(1)	$	0.50		$	0.44		$	0.49		$	0.34

Diluted earnings per share attributable to Landstar System, Inc. and subsidiary(1)	$	0.50		$	0.44		$	0.49		$	0.34

Dividends paid per common share	$	0.050		$	0.050		$	0.045		$	0.045

(1)	Due to the changes in the number of average common shares and common stock equivalents outstanding during the year, the sum of earnings per share amounts for each quarter do not necessarily sum in the aggregate to the earnings per share amounts for the full year.

- Definition

The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished.

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