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, July 25, 2012, Knight Transportation, Inc., an Arizona corporation (the "Company"), issued a press release (the "Press Release") announcing its financial results for the quarter ended June 30, 2012. 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 June 30, 2012
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KNIGHT TRANSPORTATION, INC.
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Date: July 25, 2012
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By:
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/s/ David A. Jackson |
David A. Jackson
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President
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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 June 30, 2012
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Three Months Ended June 30,
(dollars in thousands, except per share data)
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2012
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2011
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% Change
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Total revenue
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$ | 236,268 | $ | 228,483 | 3.4 | % | ||||||
Revenue, excluding fuel surcharge
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$ | 188,838 | $ | 182,350 | 3.6 | % | ||||||
Income from operations
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$ | 32,103 | $ | 27,134 | 18.3 | % | ||||||
Net income
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$ | 19,289 | $ | 16,358 | 17.9 | % | ||||||
Earnings per diluted share
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$ | 0.24 | $ | 0.20 | 22.7 | % |
Operating ratios(1)
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Revenue growth (excluding trucking fuel surcharge)
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2012
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2011
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Dry van
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80.6%
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83.8%
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3.1%
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Refrigerated
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81.1%
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82.0%
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3.7%
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Port and Rail Services
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86.8%
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88.1%
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21.2%
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Asset based operations
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81.1%
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83.7%
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4.3%
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Brokerage
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94.3%
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92.5%
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-23.2%
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Intermodal
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98.1%
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104.8%
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90.0%
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Other
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98.0%
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96.4%
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34.2%
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Non-asset based operations
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96.0%
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94.4%
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-1.1%
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Consolidated
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83.0%
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85.1%
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3.6%
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INCOME STATEMENT DATA:
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Three Months Ended June 30,
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Six Months Ended June 30,
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(Unaudited, in thousands, except per share amounts)
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2012
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2011
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2012
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2011
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REVENUE:
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Revenue, before fuel surcharge
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$ | 188,838 | $ | 182,350 | $ | 364,437 | $ | 332,850 | ||||||||
Fuel surcharge
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47,430 | 46,133 | 91,363 | 82,107 | ||||||||||||
TOTAL REVENUE
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236,268 | 228,483 | 455,800 | 414,957 | ||||||||||||
OPERATING EXPENSES:
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Salaries, wages and benefits
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59,089 | 55,856 | 120,045 | 106,791 | ||||||||||||
Fuel expense - gross
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56,612 | 60,079 | 113,923 | 109,778 | ||||||||||||
Operations and maintenance
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15,078 | 14,859 | 28,815 | 26,588 | ||||||||||||
Insurance and claims
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8,281 | 8,794 | 15,926 | 15,015 | ||||||||||||
Operating taxes and licenses
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3,973 | 3,893 | 8,075 | 7,605 | ||||||||||||
Communications
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1,271 | 1,396 | 2,666 | 2,721 | ||||||||||||
Depreciation and amortization
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20,933 | 18,351 | 41,305 | 36,825 | ||||||||||||
Purchased transportation
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36,064 | 34,801 | 67,924 | 60,240 | ||||||||||||
Miscellaneous operating expenses
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2,864 | 3,320 | 5,184 | 6,313 | ||||||||||||
204,165 | 201,349 | 403,863 | 371,876 | |||||||||||||
Income From Operations
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32,103 | 27,134 | 51,937 | 43,081 | ||||||||||||
Interest income
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108 | 462 | 221 | 807 | ||||||||||||
Interest expense
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(114 | ) | - | (242 | ) | - | ||||||||||
Other income
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197 | - | 394 | 8 | ||||||||||||
Income before income taxes
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32,294 | 27,596 | 52,310 | 43,896 | ||||||||||||
INCOME TAXES
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12,924 | 11,120 | 22,280 | 17,565 | ||||||||||||
Net Income
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19,370 | 16,476 | 30,030 | 26,331 | ||||||||||||
Net income attributable to noncontrolling interest
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(81 | ) | (118 | ) | (195 | ) | (117 | ) | ||||||||
NET INCOME ATTRIBUTABLE TO KNIGHT TRANSPORTATION
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$ | 19,289 | $ | 16,358 | $ | 29,835 | $ | 26,214 | ||||||||
Net Income Per Share
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- Basic
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$ | 0.24 | $ | 0.20 | $ | 0.37 | $ | 0.31 | ||||||||
- Diluted
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$ | 0.24 | $ | 0.20 | $ | 0.37 | $ | 0.31 | ||||||||
Weighted Average Shares Outstanding
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- Basic
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79,686 | 82,785 | 79,609 | 83,275 | ||||||||||||
- Diluted
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80,076 | 83,307 | 80,045 | 83,882 |
BALANCE SHEET DATA:
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06/30/12
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12/31/11
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ASSETS
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(Unaudited, in thousands)
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Cash and cash equivalents
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$ | 2,843 | $ | 9,584 | |||
Accounts receivable, net
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113,336 | 101,319 | |||||
Notes receivable, net
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864 | 1,034 | |||||
Related party notes and interest receivable
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2,814 | 2,868 | |||||
Prepaid expenses
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15,122 | 10,131 | |||||
Assets held for sale
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18,230 | 19,416 | |||||
Other current assets
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12,688 | 9,605 | |||||
Income tax receivable
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- | 3,821 | |||||
Current deferred tax asset
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3,202 | 2,319 | |||||
Total Current Assets
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169,099 | 160,097 | |||||
Property and equipment, net
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559,719 | 547,033 | |||||
Notes receivable, long-term
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3,637 | 3,987 | |||||
Goodwill
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10,285 | 10,295 | |||||
Other assets and restricted cash
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18,208 | 16,171 | |||||
Total Assets
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$ | 760,948 | $ | 737,583 | |||
LIABILITIES AND SHAREHOLDERS' EQUITY
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Accounts payable
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$ | 6,372 | $ | 14,322 | |||
Accrued payroll and purchased transportation
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10,455 | 9,096 | |||||
Accrued liabilities
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20,558 | 13,645 | |||||
Claims accrual - current portion
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13,892 | 12,875 | |||||
Dividend payable - current portion
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91 | 77 | |||||
Total Current Liabilities
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51,368 | 50,015 | |||||
Claims accrual - long-term portion
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8,557 | 8,693 | |||||
Long-term dividend payable & other liabilities
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2,397 | 1,457 | |||||
Deferred income taxes
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143,660 | 145,668 | |||||
Long-term debt
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50,000 | 55,000 | |||||
Total Long-term Liabilities
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204,614 | 210,818 | |||||
Total Liabilities
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255,982 | 260,833 | |||||
Common stock
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797 | 794 | |||||
Additional paid-in capital
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141,470 | 132,723 | |||||
Accumulated other comprehensive income/(loss)
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(399 | ) | (448 | ) | |||
Retained earnings
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362,842 | 343,290 | |||||
Total Knight Transportation Shareholders' Equity
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504,710 | 476,359 | |||||
Noncontrolling interest
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256 | 391 | |||||
Total Shareholders' Equity
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504,966 | 476,750 | |||||
Total Liabilities and Shareholders' Equity
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$ | 760,948 | $ | 737,583 | |||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||
2012
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2011
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% Change
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2012
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2011
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% Change
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(Unaudited)
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(Unaudited)
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OPERATING STATISTICS
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Average Revenue Per Tractor*
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$ | 40,459 | $ | 40,849 | -1.0 | % | $ | 79,519 | $ | 76,245 | 4.3 | % | ||||||||||||
Non-paid Empty Mile Percent
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10.1 | % | 10.5 | % | -3.8 | % | 10.4 | % | 10.5 | % | -1.0 | % | ||||||||||||
Average Length of Haul
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485 | 478 | 1.5 | % | 482 | 473 | 1.9 | % | ||||||||||||||||
Operating Ratio**
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83.0 | % | 85.1 | % | 84.7 | % | 87.1 | % | ||||||||||||||||
Average Tractors - Total
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4,070 | 3,871 | 4,024 | 3,875 | ||||||||||||||||||||
Tractors - End of Quarter:
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Company
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3,660 | 3,418 | 3,660 | 3,418 | ||||||||||||||||||||
Owner - Operator
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473 | 465 | 473 | 465 | ||||||||||||||||||||
4,133 | 3,883 | 4,133 | 3,883 | |||||||||||||||||||||
Trailers - End of Quarter
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9,118 | 8,837 | 9,118 | 8,837 | ||||||||||||||||||||
Net Capital Expenditures (in thousands) | $ | 32,184 | $ | 31,116 | $ | 56,474 | $ | 33,874 | ||||||||||||||||
Adjusted Cash Flow From Operations Excluding Change in Short-term Investments (in thousands) ***
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$ | 32,155 | $ | 39,921 | $ | 62,410 | $ | 65,476 |