EX-99.1 2 p73723exv99w1.htm EX-99.1 exv99w1
 

Exhibit 99.1
Swift Transportation Co., Inc. and Subsidiaries
Condensed Consolidated Statements of Earnings
(unaudited)
(in thousands, except per share amounts)
                                 
            Three Months Ended          
            March 31,          
    2007     2006*  
         
Operating revenue
   $ 727,150       100.0 %   $ 762,596       100.0 %
Operating expenses:
                                
Salaries, wages and employee benefits
     233,145       32.1 %     228,631       30.0 %
Operating supplies and expenses
     65,381       9.0 %     61,604       8.1 %
Fuel
     148,119       20.4 %     144,161       18.9 %
Purchased transportation
     130,187       17.9 %     138,198       18.1 %
Rental expense
     13,948       1.9 %     11,712       1.5 %
Insurance and claims
     36,000       5.0 %     35,825       4.7 %
Depreciation, amortization and impairments
     57,337       7.9 %     55,594       7.3 %
Gain on disposal of property and equipment
     (210 )     0.0 %     (1,294 )     -0.2 %
Communication and utilities
     7,292       1.0 %     7,332       1.0 %
Operating taxes and licenses
     15,850       2.2 %     13,679       1.8 %
         
Total operating expenses
     707,049       97.4 %     695,442       91.2 %
         
 
                                
Operating income
     20,101       2.6 %     67,154       8.8 %
 
                                
Interest expense
     5,144       0.7 %     6,690       0.9 %
Interest income
     (684 )     -0.1 %     (422 )     -0.1 %
Other income
     (615 )     -0.1 %     (239 )     0.0 %
         
 
                                
Earnings before income taxes
     16,256       2.1 %     61,125       8.0 %
Income taxes
     6,258       0.9 %     23,271       3.1 %
         
 
                                
Net earnings
   $ 9,998       1.2 %   $ 37,854       4.9 %
         
 
                                
Diluted earnings per share
   $ 0.13             $ 0.50          
 
                            
Shares used in per share calculations
     76,124               75,564          
 
                            
 
*   Results for the three months ended March 31, 2006 include adjustments to the previously reported quarters of 2006 for the impact of the adoption of SEC Staff Accounting Bulletin (“SAB”) 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements.

 

 

Swift Transportation Co., Inc. and Subsidiaries
Net Earnings Reconciliation Table (a)
(unaudited)
(in thousands, except per share amounts)
                 
    Three months ended  
    March 31,  
    2007     2006*  
Net earnings
   $ 9,998     $ 37,854  
 
                
Adjustment to market value of interest derivative agreements
     (36 )     (811 )
Litigation settlement
     —       (5,150 )
     
 
     9,962       31,893  
Income tax effect
     14       2,265  
 
            
Adjusted net earnings
   $ 9,976     $ 34,158  
 
            
 
                
Shares used in per share calculations
     76,124       75,564  
 
            
 
                
Adjusted earnings per share
   $ 0.13     $ 0.45  
 
            
 
(a)   Management believes the presentation of earnings without the impact of the adjustments noted above is useful in comparing the results from period to period due to the historical volatility of the interest rate derivative agreements and the infrequent nature of the litigation settlement. Adjusted net earnings should be considered in addition to, not as a substitute for, or superior to, measures of financial performance in accordance with GAAP.
     
*   Results for the three months ended March 31, 2006 include adjustments to the previously reported quarters of 2006 for the impact of the adoption of SEC Staff Accounting Bulletin (“SAB”) 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements.

 

 

Swift Transportation Co., Inc. and Subsidiaries
Operating Statistics
(Unaudited)
(Excluding Fuel Surcharge)
                 
    Three months ended  
    March 31,  
    2007     2006*  
Total Miles(a)
     422,416       454,279  
Loaded Miles(a)
     366,102       398,163  
Loaded Miles per Trip
     490.4       538.1  
Loaded Miles per Tractor per Week
     1,679       1,853  
Trucking Revenue*
   $ 597,766     $ 641,819  
Revenue per Tractor per Week
   $ 2,742     $ 2,987  
Revenue per Loaded Mile
   $ 1.6328     $ 1.6119  
Average Linehaul Tractors
     16,771       16,526  
Deadhead Percentage
     13.33 %     12.35 %
Period End Linehaul Tractor Count
                
Company
     14,979       14,162  
Owner Operator
     2,955       3,315  
Total
     17,934       17,477  
 
            
 
(a)   In Thousands
     
*   Results for the three months ended March 31, 2006 include adjustments to the previously reported quarters of 2006 for the impact of the adoption of SEC Staff Accounting Bulletin (“SAB”) 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements.
Swift Transportation Co., Inc. and Subsidiaries
Selected Balance Sheet Data
(in thousands)
                 
    March 31,    
    2007   December 31,
    (unaudited)   2006
Cash
   $ 71,846     $ 47,858  
Total Assets
   $ 2,099,880     $ 2,110,648  
Debt and securization
   $ 360,000     $ 380,000  
Total Liabilities
   $ 1,073,916     $ 1,096,425  
Equity
   $ 1,025,964     $ 1,014,223  

 

 

Swift Transportation Co., Inc. and Subsidiaries
Selected Cash Flow Statement Data
(unaudited)
(in thousands)
                 
    Three months ended March 31,  
    2007     2006  
Net cash provided by operating activities
   $ 82,177     $ 119,231  
 
            
 
                
Capital expenditures (net of disposal proceeds)
   $ (46,842 )   $ (5,216 )
Other investing activities
     7,573       9,433  
 
            
Net cash (used in) provided by investing activities
   $ (39,269 )   $ 4,217  
 
            
 
                
Purchase of treasury stock
   $ (3,667 )   $ (27,569 )
Other financing activities
     (15,240 )     (55,102 )
Effect of exchange rate changes on cash
     (13 )     (37 )
 
            
Net cash used in financing activities, including the effect of exchange rate changes on cash
   $ (18,920 )   $ (82,708 )