Arizona
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001-32396
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86-0649974
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(State or other jurisdiction
of incorporation)
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(Commission
File Number)
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(IRS Employer
Identification No.)
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5601 W. Buckeye Road, Phoenix, AZ
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85043
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(Address of principal executive offices)
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(Zip Code)
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[ ]
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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[ ]
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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[ ]
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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[ ]
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Results of Operations and Financial Condition.
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On Wednesday, April 20, 2011, Knight Transportation, Inc., an Arizona corporation (the "Company"), issued a press release (the "Press Release") announcing its financial results for the quarter ended March 31, 2011. A copy of the Press Release is attached to this report as Exhibit 99.
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Financial Statements and Exhibits.
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(d) Exhibits.
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EXHIBIT
NUMBER
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EXHIBIT DESCRIPTION
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Knight Transportation, Inc. press release announcing financial results for the quarter ended March 31, 2011
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KNIGHT TRANSPORTATION, INC.
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Date: April 20, 2011
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By:
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/s/ David A. Jackson
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David A. Jackson
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President and Chief Financial Officer
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EXHIBIT
NUMBER
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EXHIBIT DESCRIPTION
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Knight Transportation, Inc. press release announcing financial results for the quarter ended March 31, 2011
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INCOME STATEMENT DATA:
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Three Months Ended March 31, | |||||||
(Unaudited, in thousands, except per share amounts) | ||||||||
2011
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2010
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REVENUE:
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Revenue, before fuel surcharge
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$ | 150,499 | $ | 140,316 | ||||
Fuel surcharge
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35,974 | 25,375 | ||||||
TOTAL REVENUE
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186,473 | 165,691 | ||||||
OPERATING EXPENSES:
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Salaries, wages and benefits
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50,936 | 47,783 | ||||||
Fuel expense - gross
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49,699 | 40,235 | ||||||
Operations and maintenance
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11,728 | 11,048 | ||||||
Insurance and claims
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6,221 | 5,759 | ||||||
Operating taxes and licenses
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3,711 | 3,051 | ||||||
Communications
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1,325 | 1,326 | ||||||
Depreciation and amortization
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18,474 | 17,965 | ||||||
Purchased transportation
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25,439 | 16,786 | ||||||
Miscellaneous operating expenses
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2,992 | 3,158 | ||||||
170,525 | 147,111 | |||||||
Income From Operations
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15,948 | 18,580 | ||||||
Interest income
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345 | 434 | ||||||
Other income
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8 | 817 | ||||||
Income Before Income Taxes
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16,301 | 19,831 | ||||||
INCOME TAXES
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6,445 | 7,487 | ||||||
Net Income
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9,856 | 12,344 | ||||||
Net loss attributable to noncontrolling interest
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- | - | ||||||
NET INCOME ATTRIBUTABLE TO KNIGHT TRANSPORTATION
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$ | 9,856 | $ | 12,344 | ||||
Net Income Per Share
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- Basic
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$ | 0.12 | $ | 0.15 | ||||
- Diluted
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$ | 0.12 | $ | 0.15 | ||||
Weighted Average Shares Outstanding
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- Basic
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83,770 | 83,354 | ||||||
- Diluted
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84,503 | 84,117 |
BALANCE SHEET DATA:
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03/31/11
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12/31/10
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ASSETS
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(Unaudited, in thousands)
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Cash and cash equivalents
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$ | 12,778 | $ | 28,013 | ||||
Short term investments
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58,757 | 24,379 | ||||||
Accounts receivable, net
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83,344 | 78,479 | ||||||
Notes receivable, net
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1,535 | 1,391 | ||||||
Related party notes and interest receivable
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3,088 | 3,038 | ||||||
Prepaid expenses
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9,832 | 8,514 | ||||||
Assets held for sale
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2,534 | 4,132 | ||||||
Other current assets
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5,378 | 4,717 | ||||||
Income tax receivable
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6,458 | 6,914 | ||||||
Current deferred tax asset
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4,493 | 5,671 | ||||||
Total Current Assets
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188,197 | 165,248 | ||||||
Property and equipment, net
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469,344 | 483,709 | ||||||
Notes receivable, long-term
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4,380 | 4,246 | ||||||
Goodwill
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10,309 | 10,313 | ||||||
Intangible assets, net
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36 | 52 | ||||||
Other assets and restricted cash
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14,142 | 13,419 | ||||||
Total Assets
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$ | 686,408 | $ | 676,987 | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY
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Accounts payable
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$ | 7,835 | $ | 7,571 | ||||
Accrued payroll and purchased transportation
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8,306 | 6,547 | ||||||
Accrued liabilities
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10,496 | 11,075 | ||||||
Claims accrual - current portion
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12,472 | 13,843 | ||||||
Dividend Payable
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1,385 | 1,433 | ||||||
Total Current Liabilities
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40,494 | 40,469 | ||||||
Claims accrual - long-term portion
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9,114 | 10,168 | ||||||
Deferred income taxes
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122,322 | 118,886 | ||||||
Total Long-term Liabilities
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131,436 | 129,054 | ||||||
Total Liabilities
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171,930 | 169,523 | ||||||
Commitments and Contingencies
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Common stock
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838 | 837 | ||||||
Additional paid-in capital
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128,975 | 126,975 | ||||||
Accumulated other comprehensive income
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260 | 7 | ||||||
Retained earnings
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384,475 | 379,714 | ||||||
Total Knight Transportation Shareholders' Equity
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514,548 | 507,533 | ||||||
Noncontrolling interest
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(70 | ) | (69 | ) | ||||
Total Shareholders' Equity
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514,478 | 507,464 | ||||||
Total Liabilities and Shareholders' Equity
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$ | 686,408 | $ | 676,987 |
Three Months Ended March 31, | ||||||||||||
(Unaudited)
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(Unaudited)
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OPERATING STATISTICS
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%
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Change
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Average Revenue Per Tractor*
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$ | 35,393 | $ | 35,258 | 0.4 | % | ||||||
Non-paid Empty Mile Percent
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10.4 | % | 10.9 | % | -4.6 | % | ||||||
Average Length of Haul
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467 | 464 | 0.6 | % | ||||||||
Operating Ratio**
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89.4 | % | 86.8 | % | ||||||||
Average Tractors - Total
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3,880 | 3,759 | ||||||||||
Tractors - End of Quarter:
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Company
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3,414 | 3,430 | ||||||||||
Owner - Operator
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464 | 335 | ||||||||||
3,878 | 3,765 | |||||||||||
Trailers - End of Quarter
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8,836 | 8,396 | ||||||||||
Net Capital Expenditures (in thousands)
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$ | 2,758 | $ | 13,212 | ||||||||
Adjusted Cash Flow From Operations Excluding Change in Short-term Investments (in thousands) ***
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$ | 25,555 | $ | 32,183 |
* Includes dry van, refrigerated, and port services revenue excluding fuel surcharge, brokerage revenue, intermodal revenue, and other revenue.
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** Operating ratio as reported in this press release is based upon total operating expenses, net of fuel surcharge, as a percentage of revenue, before fuel surcharge. Revenue from fuel surcharge is available on the accompanying statements of income. We measure our revenue, before fuel surcharge, and our operating expenses, net of fuel surcharge, because we believe that eliminating this sometimes volatile source of revenue affords a more consistent basis for comparing our results of operations from period to period.
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*** Adjusted cash flow from operations of $25,555,000 for the quarter ended March 31, 2011 does not include $34,378,000 increase in short-term trading investments, and adjusted cash flow from operations of $32,183,000 for the comparative quarter ended March 31, 2010 does not include $36,806,000 increase in short-term trading investments. These are the reconciling items needed to tie back to cashflow from operations.
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In the press release, we provided adjusted cash flow from operations excluding change in short-term investments. The exclusion of the change in short-term investments is not in accordance with generally accepted accounting principles in the United States ("GAAP"). This non-GAAP financial measure is intended to supplement, but not substitute for, the most directly comparable GAAP measure. We believe that the non-GAAP financial measure provides meaningful information to assist investors and analysts in understanding our financial results because it excludes an item that may not be indicative or is unrelated to our core operating results. However, because non-GAAP financial measures are not standardized, investors are strongly encouraged to review our financial statements and publicly filed reports in their entirety and not rely on any single financial measure. A reconciliation to the most closely-related GAAP measure is provided in the preceding paragraph.
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This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. These statements generally may be identified by their use of terms or phrases such as "expects," "estimates," "anticipates," "projects," "believes," "plans," "intends," "may," "will," "should," "could," "potential," "continue," "future," and terms or phrases of similar substance. Forward-looking statements are based upon the current beliefs and expectations of our management and are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, which could cause future events andactual results to differ materially from those set forth in, contemplated by, or underlying the forward-looking statements. Accordingly, actual results may differ from those set forth in the forward-looking statements. Readers should review and consider the factors that may affect future results and other disclosures by the Company in its press releases, stockholder reports, Annual Report on Form 10-K, and other filings with the Securities and Exchange Commission. We disclaim any obligation to update or revise any forward-looking statements to reflect actual results or changes in the factors affecting the forward-looking information.
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