-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, CtxTKmgi/3njfnpx7RyNA7XLBkVbfTg/KP8CS8VfesD30/FkCNLaANbqU2bW1oCT 7KH9FYNYx/Xie5hMONJrjg== 0000940942-03-000007.txt : 20030502 0000940942-03-000007.hdr.sgml : 20030502 20030502122944 ACCESSION NUMBER: 0000940942-03-000007 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030501 ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20030502 FILER: COMPANY DATA: COMPANY CONFORMED NAME: HUB GROUP INC CENTRAL INDEX KEY: 0000940942 STANDARD INDUSTRIAL CLASSIFICATION: ARRANGEMENT OF TRANSPORTATION OF FREIGHT & CARGO [4731] IRS NUMBER: 364007085 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-27754 FILM NUMBER: 03678784 BUSINESS ADDRESS: STREET 1: 377 E BUTTERFIELD RD STREET 2: STE 700 CITY: LOMBARD STATE: IL ZIP: 60148 BUSINESS PHONE: 7089645800 MAIL ADDRESS: STREET 1: 377 EAST BUTTERFIELD RD STREET 2: SUITE 700 CITY: LOMBARD STATE: IL ZIP: 60148 8-K 1 part18k2003q1.txt FORM 8-K FOR HUB GROUP, INC., DATED 5/1/03 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) MAY 1, 2003 HUB GROUP, INC. (Exact Name of Registrant as Specified in Its Charter) DELAWARE (State or Other Jurisdiction of Incorporation) 0-27754 36-4007085 (Commission File Number) (I.R.S. Employer Identification No.) 3050 HIGHLAND PARKWAY, SUITE 100 DOWNERS GROVE, ILLINOIS 60515 (Address Of Principal Executive Offices, including Zip Code) (630) 271-3600 (Registrant's Telephone Number, Including Area Code) NOT APPLICABLE (Former Name or Former Address, If Changed Since Last Report) ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS (a) Not applicable. (b) Not applicable. (c) A list of exhibits filed herewith is contained on the Exhibit Index which immediately precedes such exhibits and is incorporated herein by reference. ITEM 9. INFORMATION PROVIDED UNDER ITEM 12 (RESULTS OF OPERATIONS AND FINANCIAL CONDITION) The following information is furnished pursuant to Item 12 "Results of Operations and Financial Condition." On May 1, 2003, Hub Group, Inc. issued a press release announcing its first quarter 2003 operating results. The press release is furnished as Exhibit 99.1 to this Form 8-K. 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. HUB GROUP, INC. Dated: May 2, 2003 /S/ TOMAS M. WHITE ----------------------------------------- By: Tomas M. White Its: Senior Vice President - Finance and Chief Financial Officer EXHIBIT INDEX EXHIBIT NO. DESCRIPTION 99.1 Press release issued on May 1, 2003 announcing operating results for Hub Group, Inc. for the first quarter 2003 EX-99 3 part28k2003q1.txt EXHIBIT 99.1 HUB GROUP, INC. PRESS RELEASE 5/1/03 EXHIBIT 99.1 HUB GROUP, INC. ANNOUNCES RESULTS FOR THE FIRST QUARTER ENDED MARCH 31, 2003 Downers Grove, IL, May 1, 2003 - Hub Group, Inc. (NASDAQ: HUBG) reported results of operations for the quarter ended March 31, 2003. Revenue for the quarter increased 7.9% to $329.3 million in 2003 from $305.3 million in 2002. Intermodal revenue increased 8.5% from $214.9 million in 2002 to $233.2 million in 2003. Due primarily to a strategic decision to support logistics customer growth with traditional brokerage resources, truckload brokerage revenue decreased 8.9% from $53.5 million in 2002 to $48.7 million in 2003. Supply chain solutions logistics revenue increased 80.5% from $17.6 million in 2002 to $31.8 million in 2003. Revenue at Hub Group Distribution Services decreased 19.8% to $15.5 million in 2003 from $19.3 million in 2002 due to the previously disclosed loss of a large logistics customer in 2002 partially offset by an increase in installation business. On a per share basis, the Company had earnings of $0.18 per share in 2003 compared to $0.12 per share in the first quarter of 2002. Gross margin as a percentage of revenue decreased to 12.8% from 13.4%. Salaries and benefits as a percentage of revenue decreased to 7.1% from 7.7% in 2002 attributed primarily to an increase in revenue and a decrease in headcount. Selling, general and administrative expenses as a percentage of revenue decreased to 3.6% in 2003 from 3.8 % in 2002. Hub's chairman, Phillip C. Yeager, stated: "In spite of a mixed economic climate, we experienced our strongest first quarter revenue growth rate in the last three years. We are especially pleased with the significant growth of our supply chain solutions service offering, which is supported by our established network of logistics operating centers and salespeople strategically located throughout the country. Hub handled $24 million of additional business in 2003 while holding operating costs constant thanks to our productivity improvements and systems enhancements. As our momentum builds we remain focused on controlling costs and enhancing margins. This quarter's bottom line results represent another positive step in restoring our historical levels of profitability." Statements in this press release that are not historical, including statements regarding Hub Group's or management's intentions, beliefs, expectations, representations, projections, plans or predictions of the future, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are inherently uncertain and subject to risks. Such statements should be viewed with caution. Actual results or experience could differ materially from the forward-looking statements as a result of many factors. Factors that could cause actual results to differ materially include the factors listed from time to time in Hub Group's SEC reports including, but no limited to, the annual report on Form 10-K for the year ended December 31, 2002. Hub Group assumes no liability to update any such forward-looking statements. Hub Group Inc. is a leading non-asset based freight transportation management company providing comprehensive intermodal, highway transportation, logistics, distribution services, railcar and airfreight services. The Company operates through a network of over 30 offices throughout the United States, Canada and Mexico. HUB GROUP, INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
Three Months Ended March 31, -------------------------------- 2003 2002 ---------------- --------------- Revenue $ 329,284 $ 305,299 Transportation costs 287,234 264,290 ---------------- --------------- Gross margin 42,050 41,009 Costs and expenses: Salaries and benefits 23,328 23,597 Selling, general and administrative 11,788 11,513 Depreciation and amortization of property and equipment 2,561 2,672 ---------------- --------------- Total costs and expenses 37,677 37,782 Operating income 4,373 3,227 ---------------- --------------- Other income (expense): Interest expense (2,084) (2,286) Interest income 50 67 Other, net (36) 62 ---------------- --------------- Total other expense (2,070) (2,157) Income before minority interest and provision for income taxes 2,303 1,070 ---------------- --------------- Minority interest - (524) ---------------- --------------- Income before provision for income taxes 2,303 1,594 Provision for income taxes 944 654 ---------------- --------------- Net income $ 1,359 $ 940 ================ =============== Basic earnings per common share $ 0.18 $ 0.12 ================ =============== Diluted earnings per common share $ 0.18 $ 0.12 ================ =============== Basic weighted average number of shares outstanding 7,709 7,709 ================ =============== Diluted weighted average number of shares outstanding 7,722 7,714 ================ ===============
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