0001193125-13-302330.txt : 20130725 0001193125-13-302330.hdr.sgml : 20130725 20130725134938 ACCESSION NUMBER: 0001193125-13-302330 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20130725 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20130725 DATE AS OF CHANGE: 20130725 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: 1229 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-21238 FILM NUMBER: 13985826 BUSINESS ADDRESS: STREET 1: 13410 SUTTON PARK DRIVE SOUTH CITY: JACKSONVILLE STATE: FL ZIP: 32224 BUSINESS PHONE: 9043901224 MAIL ADDRESS: STREET 1: LANDSTAR SYSTEM INC STREET 2: 13410 SUTTON PARK DRIVE SOUTH CITY: JACKSONVILLE STATE: FL ZIP: 32224 8-K 1 d575992d8k.htm 8-K 8-K

 

 

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 25, 2013

 

 

 

LOGO

LANDSTAR SYSTEM, INC.

(Exact name of registrant as specified in its charter)

 

 

 

Delaware   021238   06-1313069

(State or other jurisdiction

of incorporation)

  

(Commission

File Number)

  

(I.R.S. Employer

Identification No.)

13410 Sutton Park Drive South, Jacksonville, Florida   32224
(Address of principal executive offices)   (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:

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ 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 25, 2013, Landstar System, Inc. issued a press release announcing results for the second quarter of fiscal 2013. 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 25, 2013 of Landstar System, Inc.

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 25, 2013     By:   /s/ James B. Gattoni
    Name:   James B. Gattoni
    Title:   Executive Vice President and Chief Financial Officer
 EX-99.1 2 d575992dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

 

LOGO

 

For Immediate Release   Contact: Jim Gattoni
  Landstar System, Inc.
  www.landstar.com
July 25, 2013   904-398-9400

LANDSTAR SYSTEM REPORTS SECOND QUARTER

DILUTED EARNINGS PER SHARE OF $0.66

Jacksonville, FL – Landstar System, Inc. (NASDAQ: LSTR) reported 2013 second quarter diluted earnings per share of $0.66, the second best second quarter diluted earnings per share in the Company’s history. Gross profit margin representing gross profit (gross profit defined as revenue less the cost of purchased transportation and commissions to agents) divided by revenue was 16.1 percent and operating margin, representing operating income divided by gross profit, was 45.7 percent. Revenue for the 2013 second quarter was $679.3 million.

Truck transportation revenue hauled by independent business capacity owners (“BCOs”) and truck brokerage carriers in the 2013 second quarter was $622.7 million, or 92 percent of revenue, and revenue hauled by rail, air and ocean cargo carriers was $42.6 million, or 6 percent of revenue.

Trailing twelve-month return on average shareholder’s equity was 33 percent and trailing twelve-month return on invested capital, net income divided by the sum of average equity plus average debt, was 25 percent. During the 2013 second quarter, Landstar purchased 884,327 shares of its common stock at a total cost of $46,603,000. Currently, there are 1,107,550 shares of the Company’s common stock available for purchase under Landstar’s authorized share purchase program. As of June 29, 2013, the Company had $102 million in cash and short term investments and $20 million in borrowings outstanding under its senior credit facility. As of June 29, 2013, there was $170 million available for borrowing under the Company’s senior credit facility.

LANDSTAR SYSTEM/2

Commenting on Landstar’s 2013 second quarter performance, Landstar Chairman, President and CEO, Henry Gerkens said, “Revenue, gross profit margin, operating margin and diluted earnings per share in the 2013 second quarter were all in line with our recent expectations, as previously communicated in our 2013 second quarter mid- quarter update call on May 28, 2013. Consistent with the 2013 first quarter, the Company experienced softness in both the number of loads and revenue per load on loads hauled via truck throughout the second quarter with much of the softness coming from revenue hauled on unsided/platform equipment. Despite the soft operating environment, Landstar’s operating margin for the 2013 second quarter was a very solid 45.7 percent. In addition, our 2013 second quarter operating margin was negatively impacted by increased insurance and claims expense and an approximate $2 million in costs for Landstar’s Annual Agent Convention which was held in the 2013 second quarter as opposed to the first quarter of the prior year. The 2013 second quarter operating results, although not equal to the 2012 second quarter results, demonstrates the resiliency of our variable cost business model.”

Gerkens continued, “During the first several weeks of the 2013 third quarter, revenue trends remained somewhat choppy, but improved from the trends experienced in the 2013 second quarter compared to the 2012 second quarter. Although the revenue generated in the first several weeks of July of 2013 remained below the revenue generated in the comparable 2012 period, I am encouraged by the improved trends. Based upon current revenue trends and considering the soft U.S. industrial production forecasts for the balance of the year, I would anticipate revenue for the 2013 third quarter to be in a range of $670 million to $715 million. Additionally, assuming approximately the same level of insurance and claims expense as a percentage of BCO revenue as incurred in the 2013 second quarter, I would anticipate an operating margin of between 46 percent and 48 percent and diluted earnings per share in a range of $0.67 to $0.72 per diluted share.”

Landstar will provide a live webcast of its quarterly earnings conference call this afternoon at 2:00 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 2013 Earnings Release Conference Call.”

LANDSTAR SYSTEM/3

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,” “expects,” “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 other claims; unfavorable development of existing accident claims; dependence on third party insurance companies; dependence on independent commission sales agents; dependence on third-party capacity providers; decreased demand for transportation services; substantial industry competition; disruptions or failures in our computer systems; dependence on key vendors; changes in fuel taxes; status of independent contractors; regulatory and legislative changes; catastrophic loss of a Company facility; acquired businesses; intellectual property; and other operational, financial or legal risks or uncertainties detailed in Landstar’s Form 10K for the 2012 fiscal year, described in Item 1A Risk Factors, and in 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.

About Landstar:

Landstar System, Inc. is a worldwide, asset-light provider of integrated transportation management solutions delivering safe, specialized transportation logistics services to a broad range of customers utilizing a network of agents, third-party capacity owners and employees. All Landstar transportation services companies are certified to ISO 9001:2008 quality management system standards and RC14001:2008 environmental, health, safety and security 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/4

Landstar System, Inc. and Subsidiary

Consolidated Statements of Income

(Dollars in thousands, except per share amounts)

(Unaudited)

 

     Twenty Six Weeks Ended      Thirteen Weeks Ended  
     June 29,
2013		      June 30,
2012		      June 29,
2013		      June 30,
2012		  

Revenue

    $ 1,307,661       $ 1,384,996       $ 679,340       $ 735,973   

Investment income

      745         792         371         405   

Costs and expenses:

            

Purchased transportation

      993,029         1,055,703         516,424         562,781   

Commissions to agents

      102,829         106,692         53,741         56,460   

Other operating costs, net of gains on asset dispositions

      9,526         11,188         4,201         4,716   

Insurance and claims

      23,654         20,401         11,848         9,306   

Selling, general and administrative

      70,976         76,461         35,750         37,662   

Depreciation and amortization

      14,993         13,404         7,810         6,664   
  

 

 

     

 

 

     

 

 

     

 

 

  

Total costs and expenses

      1,215,007         1,283,849         629,774         677,589   
  

 

 

     

 

 

     

 

 

     

 

 

  

Operating income

      93,399         101,939         49,937         58,789   

Interest and debt expense

      1,511         1,494         771         770   
  

 

 

     

 

 

     

 

 

     

 

 

  

Income before income taxes

      91,888         100,445         49,166         58,019   

Income taxes

      34,682         37,743         18,740         22,164   
  

 

 

     

 

 

     

 

 

     

 

 

  

Net income

    $ 57,206       $ 62,702       $ 30,426       $ 35,855   
  

 

 

     

 

 

     

 

 

     

 

 

  

Earnings per common share

    $ 1.23       $ 1.34       $ 0.66       $ 0.76   
  

 

 

     

 

 

     

 

 

     

 

 

  

Diluted earnings per share

    $ 1.23       $ 1.33       $ 0.66       $ 0.76   
  

 

 

     

 

 

     

 

 

     

 

 

  

Average number of shares outstanding:

            

Earnings per common share

      46,380,000         46,856,000         46,253,000         46,915,000   
  

 

 

     

 

 

     

 

 

     

 

 

  

Diluted earnings per share

      46,555,000         47,083,000         46,386,000         47,104,000   
  

 

 

     

 

 

     

 

 

     

 

 

  

Dividends paid per common share

    $ —         $ 0.110       $ —         $ 0.055   
  

 

 

     

 

 

     

 

 

     

 

 

  

LANDSTAR SYSTEM/5

Landstar System, Inc. and Subsidiary

Consolidated Balance Sheets

(Dollars in thousands, except per share amounts)

(Unaudited)

 

     June 29,
2013		     Dec. 29,
2012		  

ASSETS

     

Current assets:

     

Cash and cash equivalents

    $ 67,474      $ 74,284   

Short-term investments

      34,560        35,528   

Trade accounts receivable, less allowance of $8,142 and $8,650

      391,449        408,787   

Other receivables, including advances to independent contractors, less allowance of $4,257 and $4,657

      56,483        55,278   

Deferred income taxes and other current assets

      23,187        18,067   
  

 

 

    

 

 

  

Total current assets

      573,153        591,944   
  

 

 

    

 

 

  

Operating property, less accumulated depreciation and amortization of $155,499 and $158,999

      179,777        158,953   

Goodwill

      57,470        57,470   

Other assets

      81,831        71,054   
  

 

 

    

 

 

  

Total assets

    $ 892,231      $ 879,421   
  

 

 

    

 

 

  

LIABILITIES AND SHAREHOLDERS’ EQUITY

     

Current liabilities:

     

Cash overdraft

    $ 27,025      $ 33,647   

Accounts payable

      188,529        188,981   

Current maturities of long-term debt

      25,252        19,016   

Insurance claims

      67,392        64,509   

Other current liabilities

      33,402        38,186   
  

 

 

    

 

 

  

Total current liabilities

      341,600        344,339   
  

 

 

    

 

 

  

Long-term debt, excluding current maturities

      94,033        95,125   

Insurance claims

      20,538        21,896   

Deferred income taxes and other non-current liabilities

      43,816        38,607   

Shareholders’ equity:

     

Common stock, $0.01 par value, authorized 160,000,000 shares, issued 66,996,081 and 66,859,864 shares

      670        669   

Additional paid-in capital

      177,486        173,976   

Retained earnings

      1,100,162        1,042,956   

Cost of 21,296,347 and 20,411,736 shares of common stock in treasury

      (886,135 )      (839,517 ) 

Accumulated other comprehensive income

      61        1,370   
  

 

 

    

 

 

  

Total shareholders’ equity

      392,244        379,454   
  

 

 

    

 

 

  

Total liabilities and shareholders’ equity

    $ 892,231      $ 879,421   
  

 

 

    

 

 

  

LANDSTAR SYSTEM/6

Landstar System, Inc. and Subsidiary

Supplemental Information

(Unaudited)

 

     Twenty Six Weeks Ended      Thirteen Weeks Ended  
     June 29,
2013		      June 30,
2012		      June 29,
2013		      June 30,
2012		  

Revenue generated through (in thousands):

            

Business Capacity Owners (1)

    $ 645,548       $ 701,248       $ 341,499       $ 371,886   

Truck Brokerage Carriers

      551,822         578,932         281,181         308,090   

Rail intermodal

      36,688         36,220         18,677         18,838   

Ocean and air cargo carriers

      45,021         40,127         23,918         22,458   

Other (2)

      28,582         28,469         14,065         14,701   
  

 

 

     

 

 

     

 

 

     

 

 

  
   $ 1,307,661       $ 1,384,996       $ 679,340       $ 735,973   
  

 

 

     

 

 

     

 

 

     

 

 

  

Number of loads:

            

Business Capacity Owners (1)

      392,370         415,150         204,600         215,950   

Truck Brokerage Carriers

      331,740         333,600         167,780         175,570   

Rail intermodal

      14,390         14,820         7,370         7,660   

Ocean and air cargo carriers

      8,040         7,910         4,070         3,930   
  

 

 

     

 

 

     

 

 

     

 

 

  
     746,540         771,480         383,820         403,110   
  

 

 

     

 

 

     

 

 

     

 

 

  

Revenue per load:

            

Business Capacity Owners (1)

    $ 1,645       $ 1,689       $ 1,669       $ 1,722   

Truck Brokerage Carriers

      1,663         1,735         1,676         1,755   

Rail intermodal

      2,550         2,444         2,534         2,459   

Ocean and air cargo carriers

      5,600         5,073         5,877         5,715   
                   June 29,
2013		      June 30,
2012		  

Truck Capacity Providers

            

Business Capacity Owners (1) (3)

            7,876         7,959   
        

 

 

     

 

 

  

Truck Brokerage Carriers:

            

Approved and active (4)

            20,844         19,283   

Approved

            11,228         9,051   
        

 

 

     

 

 

  
           32,072         28,334   
        

 

 

     

 

 

  

Total available truck capacity providers

            39,948         36,293   
        

 

 

     

 

 

  

 

(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 8,368 and 8,478 at June 29, 2013 and June 30, 2012, respectively.
(4) Active refers to Truck Brokerage Carriers who have moved at least one load in the past 180 days.
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