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Landstar System Reports First Quarter Diluted Earnings per Share Increase of 26 Percent to $0.43 per Diluted Share


News provided by

Landstar System, Inc.

Apr 21, 2011, 07:50 ET

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JACKSONVILLE, Fla., April 21, 2011 /PRNewswire/ -- Landstar System, Inc. (NASDAQ: LSTR) reported 2011 first quarter net income of $20.6 million, or $0.43 per diluted share, compared to net income of $17.2 million, or $0.34 per diluted share, for the 2010 first quarter.  Operating margin was 35.4 percent in the 2011 first quarter compared to 31.3 percent in the 2010 first quarter.  Revenue for the 2011 first quarter was $572.0 million compared to $548.1 million in the 2010 first quarter.  

Truck transportation revenue hauled by independent business capacity owners ("BCOs") and truck brokerage carriers in the 2011 first quarter was $520.6 million, or 91 percent of revenue, compared to $505.9 million, or 92 percent of revenue, in the 2010 first quarter.  In the 2011 and 2010 first quarters, the Company invoiced customers $58.1 million and $41.3 million, respectively, of fuel surcharges that were passed 100 percent to BCOs and excluded from revenue.  Included in revenue hauled by third-party truck capacity providers in the 2011 and 2010 first quarters were $19.3 million and $19.0 million, respectively, of fuel surcharges invoiced to customers on revenue hauled by third-party truck brokerage carriers.  Also included in revenue hauled by third-party truck capacity providers was revenue generated under the Company's less-than-truckload substitute line haul service offering of $19.4 million and $77.2 million in the 2011 and 2010 first quarters, respectively.  Revenue hauled by rail, air and ocean cargo carriers was $37.9 million, or 7 percent of revenue, in the 2011 first quarter compared to $28.5 million, or 5 percent of revenue, in the 2010 first quarter.  Transportation management fee revenue generated by the supply chain solutions companies was $4.8 million and $4.1 million in the 2011 and 2010 first quarters, respectively.

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 23 percent. Landstar System, Inc. also announced that its Board of Directors has declared a quarterly dividend of $0.05 per share.  The dividend is payable on May 27, 2011 to stockholders of record at the close of business on May 5, 2011.  It is the intention of the Board of Directors to continue to pay a quarterly dividend.

"I am very pleased with the Company's 2011 first quarter performance," said Henry Gerkens, Landstar's Chairman, President and CEO.  "Despite the anticipated revenue decline in our substitute line haul service offering and the adverse effects of some inclement weather in the 2011 first quarter, revenue increased four percent over the 2010 first quarter.  Gross profit, defined as revenue less the cost of purchased transportation and commissions to agents, increased 7 percent in the 2011 first quarter over the 2010 first quarter, operating income increased 20 percent and earnings per diluted share increased 26 percent. Excluding the substitute line haul revenue from both the 2011 and 2010 first quarters, revenue increased 17 percent, as demand and pricing were both strong in the 2011 first quarter."

Gerkens continued, "In the 2011 first quarter, overall truckload capacity was seasonally tighter than experienced during prior year first quarters, which led to improved pricing. So far, in April, truckload pricing has continued to increase from the 2011 first quarter.  I anticipate that trend to continue throughout the second quarter as freight demand increases over the 2011 first quarter.  Assuming those operating trends continue throughout the quarter, I would expect operating margin in the 2011 second quarter to be about 42 percent and 2011 second quarter earnings to be in a range of $0.56 to $0.61 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 First Quarter 2011 Earnings Release Conference Call."  

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," "intention," "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 workers' compensation claims; unfavorable development of existing claims; dependence on independent sales agents; dependence on third-party capacity providers; disruptions or failures in our computer systems; a downturn in domestic or international economic growth or growth in the transportation sector; substantial industry competition; and other operational, financial or legal risks or uncertainties detailed in Landstar's Form 10K for the 2010 fiscal year, described in Item 1A Risk Factors, and 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 non-asset based provider of integrated supply chain solutions.  Landstar delivers safe, specialized transportation, warehousing and logistics services to a broad range of customers worldwide utilizing a network of agents, third-party capacity owners and employees.  All Landstar transportation 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, Inc. and Subsidiary

Consolidated Statements of Income

(Dollars in thousands, except per share amounts)

(Unaudited)
















Thirteen Weeks Ended




March 26,


March 27,




2011


2010







Revenue


$    571,986


$    548,088

Investment income

528


285







Costs and expenses:





Purchased transportation

431,378


417,201


Commissions to agents

44,171


40,408


Other operating costs

7,944


7,536


Insurance and claims

11,266


12,298


Selling, general and administrative

37,264


36,843


Depreciation and amortization

6,399


5,792









Total costs and expenses

538,422


520,078







Operating income

34,092


28,295

Interest and debt expense

828


854







Income before income taxes

33,264


27,441

Income taxes

12,707


10,484







Net income

20,557


16,957

Less: Net loss attributable to noncontrolling interest

(62)


(219)

Net income attributable to Landstar System,





Inc. and subsidiary

$      20,619


$      17,176







Earnings per common share attributable to





Landstar System, Inc. and subsidiary

$          0.43


$          0.34







Diluted earnings per share attributable to





Landstar System, Inc. and subsidiary

$          0.43


$          0.34







Average number of shares outstanding:





Earnings per common share  

47,870,000


50,207,000


Diluted earnings per share

47,900,000


50,318,000







Dividends paid per common share

$        0.050


$        0.045

Landstar System, Inc. and Subsidiary

Consolidated Balance Sheets

(Dollars in thousands, except per share amounts)

(Unaudited)
















Mar. 26,


Dec. 25,




2011


2010

ASSETS




Current assets:





Cash and cash equivalents

$   45,230


$   44,706


Short-term investments

30,756


23,266


Trade accounts receivable, less allowance





of $5,525 and $5,324

344,459


307,350


Other receivables, including advances to independent





contractors, less allowance of $5,018 and $5,511

30,972


23,943


Deferred income taxes and other current assets

15,218


21,652


     Total current assets


466,635


420,917







Operating property, less accumulated depreciation




               and amortization of $142,330 and $137,830

127,957


132,649

Goodwill

57,470


57,470

Other assets

62,373


72,846

Total assets

$ 714,435


$ 683,882







LIABILITIES AND EQUITY




Current liabilities:





Cash overdraft

$   23,407


$   24,877


Accounts payable

160,704


137,297


Current maturities of long-term debt

19,878


22,172


Insurance claims

43,027


40,215


Other current liabilities

55,072


53,785


     Total current liabilities


302,088


278,346







Long-term debt, excluding current maturities

95,710


99,439

Insurance claims

31,627


31,468

Deferred income taxes

22,573


23,662







Equity





Landstar System, Inc. and subsidiary shareholders' equity





Common stock, $0.01 par value, authorized 160,000,000





     shares, issued 66,553,099 and 66,535,169 shares


666


665


Additional paid-in capital

161,502


169,268


Retained earnings

862,357


844,132


Cost of 18,674,902 shares of common





     stock in treasury

(763,182)


(763,182)


Accumulated other comprehensive income

1,094


881


    Total Landstar System, Inc. and subsidiary shareholders'






        equity


262,437


251,764

Noncontrolling interest

-


(797)


    Total equity


262,437


250,967

Total liabilities and equity

$ 714,435


$ 683,882

Landstar System, Inc. and Subsidiary

Supplemental Information

(Unaudited)








Thirteen Weeks Ended



March 26,


March 27,



2011


2010

Revenue generated through (in thousands):










Business Capacity Owners (1)

$ 306,894


$ 286,141


Truck Brokerage Carriers

213,723


219,755


Rail intermodal

16,465


14,776


Ocean cargo carriers

13,833


9,135


Air cargo carriers

7,560


4,603


Other (2)  

13,511


13,678



$ 571,986


$ 548,088











Number of loads:










Business Capacity Owners (1)

192,040


197,750


Truck Brokerage Carriers

135,740


149,350


Rail intermodal

7,260


6,870


Ocean cargo carriers

1,830


1,460


Air cargo carriers

1,950


1,500



338,820


356,930











Revenue per load:










Business Capacity Owners (1)

$     1,598


$     1,447


Truck Brokerage Carriers

1,575


1,471


Rail intermodal

2,268


2,151


Ocean cargo carriers

7,559


6,257


Air cargo carriers

3,877


3,069













March 26,


March 27,



2011


2010

Truck Capacity










Business Capacity Owners (1) (3)

7,697


7,800


Truck Brokerage Carriers:





    Approved and active (4)

16,773


15,644


    Approved

9,347


9,674



26,120


25,318


Total available truck capacity providers

33,817


33,118











(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 8,226 and 8,384 at March 26, 2011 and

March 27, 2010, respectively.


(4) Active refers to Truck Brokerage Carriers who have moved at least one load in the past 180 days.

SOURCE Landstar System, Inc.

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