Exhibit 99.1
J.B. Hunt Transport Services, Inc. | Contact: | Kirk Thompson |
615 J.B. Hunt Corporate Drive |
| President and |
Lowell, Arkansas 72745 |
| Chief Executive Officer |
(NASDAQ: JBHT) |
| (479) 820-8110 |
FOR IMMEDIATE RELEASE
J. B. HUNT TRANSPORT SERVICES, INC. REPORTS REVENUES AND EARNINGS FOR THE FOURTH QUARTER AND YEAR ENDED DECEMBER 31, 2007 | |||
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· | Fourth Quarter 2007 Revenue: |
| $945 million; up 11% |
· | Fourth Quarter 2007 Operating Income: |
| $96 million; up 1%* |
· | Fourth Quarter 2007 EPS: |
| 42 cents vs. 39 cents* |
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· | Full Year 2007 Revenue: |
| $3.49 billion; up 5% |
· | Full Year 2007 Operating Income: |
| $369 million; down 1%* |
· | Full Year 2007 EPS: |
| $1.55 vs. $1.44* |
*4Q 2007 includes an $8.4 million pretax charge to write down the value of certain assets held for sale
4Q 2006 includes a $12.4 million pretax charge for insurance costs
LOWELL, ARKANSAS, January 29, 2008 - J. B. Hunt Transport Services, Inc., (NASDAQ:JBHT) announced fourth quarter 2007 net earnings of $54.3 million, or diluted earnings per share of 42 cents vs. 2006 fourth quarter earnings of $57.8 million, or 39 cents per diluted share. Financial results for the current quarter include an $8.4 million pretax charge, or $0.04 per diluted share, to write down certain assets held for sale to estimated fair value. Fourth quarter 2006 results include a $12.4 million pretax charge, or $0.05 per diluted share, to increase casualty and workers’ compensation claims reserves.
Total operating revenue for the current quarter was $945 million, an 11% increase over the $852 million for fourth quarter 2006. This increase in operating revenue was primarily attributable to higher Intermodal volumes and significant growth in our Integrated Capacity Solutions (ICS) segment that more than offset the smaller fleet and weaker demand in our Truck segment. In addition, higher fuel surcharge revenues related to the increase in fuel prices, relative to the same period a year ago, increased revenues. Current quarter operating revenue, excluding fuel surcharges, increased 6% over the same period of 2006.
Operating income for the current quarter increased slightly to $96.3 million vs. $95.4 million for fourth quarter 2006. These results include pretax charges of $8.4 million for 2007 and $12.4 million in 2006, as discussed above. The 2007 charge was recognized in the Truck business segment. Net interest expense increased significantly from $6.4 million in fourth quarter 2006 to $11.9 million in the current quarter, primarily due to higher levels of debt. The proceeds from these borrowings were used primarily for purchases of company stock. The effective income tax rate was 35.5% in the current quarter vs. 34.7% in last year’s fourth quarter.
“We continue to demonstrate progress toward moving our economic model from that of a primarily asset-based truckload carrier of the past to an asset-light transportation company. Our industry leading Intermodal business had the best fourth quarter ever and our best year in history in 2007. In addition, our Dedicated Contract Services (DCS) segment fared extremely well in a very difficult freight environment. While our Truck segment continues to reflect one of the worst freight recessions in memory, ICS’s revenue grew 259% during fourth quarter 2007 compared to the same period of 2006. The ramp up continued with year over year growth of 146% in the third quarter, 53% in the second quarter and 26% in the first quarter. We plan to continue to grow the segments that are producing acceptable returns on invested capital while reducing the Truck segment until acceptable margins are achieved. Overall, we are extremely pleased with these results,” said Kirk Thompson, JBHT President and CEO.
Segment Information:
Intermodal (JBI) |
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· | Fourth Quarter 2007 Segment Revenue: |
| $482 million; up 25% |
· | Fourth Quarter 2007 Operating Income: |
| $77.0 million; up 37% |
Intermodal continues to post record revenues and operating income. JBI was successful in adding more than 2,900 net containers during the fourth quarter to finish 2007 with a fleet of more than 34,000 fifty-three foot containers. Our load volume increased 23% during the period with mix continuing to shift toward shorter length of haul business, primarily in the eastern half of the United States. Prices were flat for the fourth quarter vs. a year ago, before consideration of fuel surcharges. Operating margins were positively impacted by reducing the number of empty truck miles in our pick up and delivery operation, increasing our driver productivity, increasing container productivity through velocity and reducing our reliance on third party equipment and dray.
Dedicated Contract Services (DCS) |
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· | Fourth Quarter 2007 Segment Revenue: |
| $239 million; up 2% |
· | Fourth Quarter 2007 Operating Income: |
| $22.7 million; down 8% |
DCS revenue grew 2% vs. the same quarter last year. However, excluding the effects of fuel surcharges, revenue declined 1%. Revenue per truck per week, excluding the effects of fuel surcharges, was up 2%. Average tractor count declined to 5,166 units in fourth quarter 2007 compared to 5,351 units in fourth quarter 2006. The decline in the tractor count was primarily driven by reduction in fleets that provide more generic dedicated business. These generic or “capacity” fleets have declined as a percent of our total truck count as we focus on growing our value-added, true dedicated business. The decline in generic dedicated business and a weaker freight environment resulted in a 3% reduction in utilization and an increase in empty miles.
Operating income declined $1.9 million primarily due to the loss of generic dedicated business, the redeployment of that capacity to true dedicated business that incurred start-up expense during the current quarter, and higher fuel prices.
Truck (JBT) |
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· | Fourth Quarter 2007 Segment Revenue: |
| $197 million; down 14% |
· | Fourth Quarter 2007 Operating Income: |
| $(5.1) million; down 136%* |
*Includes $8.4 million pretax charge to write down the value of certain assets held for sale
JBT revenue declined 14% on a 13% reduction in loads compared to fourth quarter 2006. Our average fleet size was reduced by approximately 14% quarter over quarter. However, the year-end fleet size reflected a total reduction of 1,215 tractors, or 23% of the fleet, compared to the end of 2006. This reduction follows our previous statements that our goals include right-sizing our fleet in relation to customers’ needs, price adequacy, and return on investment targets. Overall, JBT’s rate per loaded mile, excluding fuel surcharges, decreased 2% during the current quarter compared to the prior year period. Freight demand remained very soft throughout the quarter. However, the truck reduction plan allows us to begin the year with tractor counts better aligned with anticipated customer demand.
Financial results for the quarter include an $8.4 million pretax charge to write down certain assets held for sale to estimated fair value. Without this charge, operating income would have been $3.2 million.
Integrated Capacity Solutions (ICS) |
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· | Fourth Quarter 2007 Segment Revenue: |
| $36 million; up 259% |
· | Fourth Quarter 2007 Operating Income: |
| $1.8 million; up 174% |
ICS provides non-asset and asset-light transportation solutions to customers through relationships with third-party carriers and integration with JBHT owned equipment. ICS services include flatbed, refrigerated, LTL, as well as a variety of dry van and intermodal solutions. ICS financial results in 2006 were reported as part of the Truck segment.
Our fourth quarter gross revenue increased 259% from fourth quarter 2006 on increased volume. We continued to see steady revenue growth from new and existing customers, with gross revenues increasing 41% over the third quarter of this year. Our fourth quarter net operating revenue (gross revenue less purchased transportation) increased 243% from fourth quarter 2006.
As a percentage of net operating revenue, operating expense (which excludes purchased transportation) increased to 67% in fourth quarter 2007 from 59% in fourth quarter 2006. The increase was due to aggressive employee growth throughout 2007. The average number of employees for fiscal year 2007 increased 305%, compared to 2006. This growth continued during fourth quarter 2007, with the average number of employees increasing 37% from the previous quarter. Due to our rapid growth in employee count, in anticipation of and ahead of continued growth in the segment, operating income increased at a slower rate than our gross profits. In addition, our third party carrier base grew 32% during the current quarter to over 8,500 carriers by year end.
Cash Flow and Capitalization:
Approximately 2.3 million shares of company stock were purchased during fourth quarter 2007 for just over $60 million. This concludes the stock purchases authorized by our Board of Directors on May 2, 2007. As of December 31, 2007, we owed approximately $913 million on our various credit facilities vs. $396 million at December 31, 2006.
This press release may contain forward-looking statements, which are based on information currently available. Actual results may differ materially from those currently anticipated due to a number of factors, including, but not limited to, those discussed in Item 1A of our Annual Report filed on Form 10-K for the year ended December 31, 2006. We assume no obligation to update any forward-looking statement to the extent we become aware that it will not be achieved for any reason. This press release and related information will be available immediately to interested parties at our web site, www.jbhunt.com.
| J.B. HUNT TRANSPORT SERVICES, INC. |
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Condensed Consolidated Statements of Earnings |
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(in thousands, except per share data) |
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(unaudited) |
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| Three Months Ended December 31 |
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| 2007 |
| 2006 |
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| % Of |
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| % Of |
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| Amount |
| Revenue |
| Amount |
| Revenue |
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Operating revenues, excluding fuel surcharge revenues |
| $ | 793,409 |
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| $ | 749,602 |
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Fuel surcharge revenues |
| 151,541 |
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|
| 101,967 |
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Total operating revenues |
| 944,950 |
| 100.0 | % | 851,569 |
| 100.0 | % | ||
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Operating expenses |
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Rents and purchased transportation |
| 356,916 |
| 37.8 | % | 287,510 |
| 33.8 | % | ||
Salaries, wages and employee benefits |
| 221,598 |
| 23.5 | % | 223,771 |
| 26.3 | % | ||
Fuel and fuel taxes |
| 127,112 |
| 13.5 | % | 107,863 |
| 12.7 | % | ||
Depreciation and amortization |
| 52,787 |
| 5.6 | % | 49,742 |
| 5.8 | % | ||
Operating supplies and expenses |
| 40,053 |
| 4.2 | % | 37,195 |
| 4.4 | % | ||
Insurance and claims |
| 17,909 |
| 1.9 | % | 29,457 |
| 3.5 | % | ||
Operating taxes and licenses |
| 8,178 |
| 0.9 | % | 8,526 |
| 1.0 | % | ||
General and administrative expenses, net of gains |
| 18,817 |
| 2.0 | % | 6,875 |
| 0.8 | % | ||
Communication and utilities |
| 5,315 |
| 0.6 | % | 5,262 |
| 0.6 | % | ||
Total operating expenses |
| 848,685 |
| 89.8 | % | 756,201 |
| 88.8 | % | ||
Operating income |
| 96,265 |
| 10.2 | % | 95,368 |
| 11.2 | % | ||
Net interest expense |
| 11,900 |
| 1.3 | % | 6,434 |
| 0.8 | % | ||
Equity in loss of associated companies |
| 145 |
| 0.0 | % | 437 |
| 0.1 | % | ||
Earnings before income taxes |
| 84,220 |
| 8.9 | % | 88,497 |
| 10.4 | % | ||
Income taxes |
| 29,897 |
| 3.2 | % | 30,693 |
| 3.6 | % | ||
Net earnings |
| $ | 54,323 |
| 5.7 | % | $ | 57,804 |
| 6.8 | % |
Weighted average diluted shares outstanding |
| 128,625 |
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| 147,865 |
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Diluted earnings per share |
| $ | 0.42 |
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| $ | 0.39 |
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J.B. HUNT TRANSPORT SERVICES, INC.
Condensed Consolidated Statements of Earnings
(in thousands, except per share data)
(unaudited)
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| Twelve Months Ended December 31 |
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| 2007 |
| 2006 |
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| % Of |
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| % Of |
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| Amount |
| Revenue |
| Amount |
| Revenue |
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Operating revenues, excluding fuel surcharge revenues |
| $ | 3,009,819 |
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| $ | 2,897,816 |
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Fuel surcharge revenues |
| 480,080 |
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| 430,171 |
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Total operating revenues |
| 3,489,899 |
| 100.0 | % | 3,327,987 |
| 100.0 | % | ||
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Operating expenses |
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Rents and purchased transportation |
| 1,235,390 |
| 35.4 | % | 1,124,734 |
| 33.8 | % | ||
Salaries, wages and employee benefits |
| 888,594 |
| 25.5 | % | 892,066 |
| 26.8 | % | ||
Fuel and fuel taxes |
| 463,538 |
| 13.3 | % | 447,309 |
| 13.4 | % | ||
Depreciation and amortization |
| 205,133 |
| 5.9 | % | 183,604 |
| 5.5 | % | ||
Operating supplies and expenses |
| 155,893 |
| 4.5 | % | 145,794 |
| 4.4 | % | ||
Insurance and claims |
| 69,655 |
| 2.0 | % | 71,582 |
| 2.2 | % | ||
Operating taxes and licenses |
| 33,540 |
| 1.0 | % | 34,447 |
| 1.0 | % | ||
General and administrative expenses, net of gains |
| 48,211 |
| 1.4 | % | 33,232 |
| 1.0 | % | ||
Communication and utilities |
| 21,156 |
| 0.6 | % | 22,566 |
| 0.7 | % | ||
Total operating expenses |
| 3,121,110 |
| 89.4 | % | 2,955,334 |
| 88.8 | % | ||
Operating income |
| 368,789 |
| 10.6 | % | 372,653 |
| 11.2 | % | ||
Net interest expense |
| 42,512 |
| 1.2 | % | 15,159 |
| 0.5 | % | ||
Equity in loss of associated companies |
| 1,230 |
| 0.0 | % | 3,181 |
| 0.1 | % | ||
Earnings before income taxes |
| 325,047 |
| 9.3 | % | 354,313 |
| 10.6 | % | ||
Income taxes |
| 111,913 |
| 3.2 | % | 134,361 |
| 4.0 | % | ||
Net earnings |
| $ | 213,134 |
| 6.1 | % | $ | 219,952 |
| 6.6 | % |
Weighted average diluted shares outstanding |
| 137,639 |
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|
| 152,317 |
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Diluted earnings per share |
| $ | 1.55 |
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| $ | 1.44 |
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Financial Information By Segment
(unaudited)
|
| Three Months Ended December 31 |
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| 2007 |
| 2006 |
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| Amount |
| % Of |
| Amount |
| % Of |
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| (000) |
| Total |
| (000) |
| Total |
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Revenue |
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Intermodal |
| $ | 482,211 |
| 51 | % | $ | 386,764 |
| 45 | % |
Dedicated |
| 238,971 |
| 25 | % | 233,468 |
| 27 | % | ||
Truck |
| 196,747 |
| 21 | % | 229,157 |
| 27 | % | ||
Integrated Capacity Solutions |
| 36,058 |
| 4 | % | 10,031 |
| 1 | % | ||
Subtotal |
| 953,987 |
| 101 | % | 859,420 |
| 101 | % | ||
Intersegment eliminations |
| (9,037 | ) | (1 | )% | (7,851 | ) | (1 | )% | ||
Consolidated revenue |
| $ | 944,950 |
| 100 | % | $ | 851,569 |
| 100 | % |
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Operating income |
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Intermodal |
| $ | 77,000 |
| 80 | % | $ | 56,017 |
| 59 | % |
Dedicated |
| 22,658 |
| 24 | % | 24,603 |
| 26 | % | ||
Truck |
| (5,139 | ) | (5 | )% | 14,225 |
| 15 | % | ||
Integrated Capacity Solutions |
| 1,797 |
| 2 | % | 656 |
| 1 | % | ||
Other (1) |
| (51 | ) | (0 | )% | (133 | ) | (0 | )% | ||
Operating income |
| $ | 96,265 |
| 100 | % | $ | 95,368 |
| 100 | % |
|
| Twelve Months Ended December 31 |
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| 2007 |
| 2006 |
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| Amount |
| % Of |
| Amount |
| % Of |
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| (000) |
| Total |
| (000) |
| Total |
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Revenue |
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Intermodal |
| $ | 1,652,774 |
| 47 | % | $ | 1,430,065 |
| 43 | % |
Dedicated |
| 936,611 |
| 27 | % | 915,225 |
| 28 | % | ||
Truck |
| 841,663 |
| 24 | % | 965,743 |
| 29 | % | ||
Integrated Capacity Solutions |
| 91,551 |
| 3 | % | 41,814 |
| 1 | % | ||
Subtotal |
| 3,522,599 |
| 101 | % | 3,352,847 |
| 101 | % | ||
Intersegment eliminations |
| (32,700 | ) | (1 | )% | (24,860 | ) | (1 | )% | ||
Consolidated revenue |
| $ | 3,489,899 |
| 100 | % | $ | 3,327,987 |
| 100 | % |
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Operating income |
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Intermodal |
| $ | 238,772 |
| 65 | % | $ | 181,668 |
| 49 | % |
Dedicated |
| 93,828 |
| 25 | % | 104,180 |
| 28 | % | ||
Truck |
| 31,912 |
| 9 | % | 83,462 |
| 22 | % | ||
Integrated Capacity Solutions |
| 4,343 |
| 1 | % | 3,401 |
| 1 | % | ||
Other (1) |
| (66 | ) | (0 | )% | (58 | ) | (0 | )% | ||
Operating income |
| $ | 368,789 |
| 100 | % | $ | 372,653 |
| 100 | % |
(1) Includes corporate support activity
Operating Statistics by Segment
(unaudited)
|
| Three Months Ended December 31 |
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| 2007 |
| 2006 |
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Intermodal (JBI) |
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Loads |
| 205,998 |
| 167,763 |
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Length of haul |
| 1,914 |
| 1,981 |
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Revenue per load |
| $ | 2,341 |
| $ | 2,305 |
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Average tractors during the period * |
| 1,794 |
| 1,567 |
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Tractors (end of period) |
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Company-owned |
| 1,795 |
| 1,551 |
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Independent contractor |
| 6 |
| 23 |
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Total Tractors |
| 1,801 |
| 1,574 |
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Containers (end of period) |
| 34,019 |
| 27,622 |
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Average effective trailing equipment usage |
| 33,045 |
| 27,376 |
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Dedicated (DCS) |
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Loads |
| 350,319 |
| 349,545 |
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Length of haul |
| 239 |
| 261 |
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Revenue per truck per week** |
| $ | 3,702 |
| $ | 3,483 |
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Average trucks during the period*** |
| 5,166 |
| 5,351 |
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Trucks (end of period) |
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Company-owned |
| 4,941 |
| 5,177 |
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Independent contractor |
| 100 |
| 122 |
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Customer-owned (DCS Operated) |
| 92 |
| 59 |
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Total Trucks |
| 5,133 |
| 5,358 |
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Trailers (end of period) |
| 8,233 |
| 6,519 |
| ||
Average effective trailing equipment usage |
| 13,461 |
| 12,369 |
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Truck (JBT) |
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Loads |
| 180,759 |
| 207,309 |
| ||
Length of haul |
| 498 |
| 529 |
| ||
Loaded miles (000) |
| 91,798 |
| 110,902 |
| ||
Total miles (000) |
| 106,228 |
| 126,845 |
| ||
Average non-paid empty miles per load |
| 79.4 |
| 76.5 |
| ||
Revenue per tractor per week** |
| $ | 3,483 |
| $ | 3,401 |
|
Average tractors during the period * |
| 4,527 |
| 5,242 |
| ||
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Tractors (end of period) |
|
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Company-owned |
| 3,572 |
| 4,233 |
| ||
Independent contractor |
| 978 |
| 962 |
| ||
Subtotal |
| 4,550 |
| 5,195 |
| ||
Tractors held for sale |
| 570 |
| — |
| ||
Total Tractors |
| 3,980 |
| 5,195 |
| ||
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Trailers (end of period) |
| 18,345 |
| 18,740 |
| ||
Trailers held for sale |
| 2,500 |
| — |
| ||
Total Trailers |
| 15,845 |
| 18,740 |
| ||
Average effective trailing equipment usage |
| 12,792 |
| 13,069 |
| ||
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Integrated Capacity Solutions (ICS) |
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|
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Loads |
| 25,529 |
| 6,384 |
| ||
* Includes company-owned and independent contractor tractors
** Using weighted workdays
*** Includes company-owned, independent contractor, and customer-owned trucks
Operating Statistics by Segment
(unaudited)
|
| Twelve Months Ended December 31 |
| ||||
|
| 2007 |
| 2006 |
| ||
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Intermodal (JBI) |
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Loads |
| 738,207 |
| 629,533 |
| ||
Length of haul |
| 1,925 |
| 1,989 |
| ||
Revenue per load |
| $ | 2,239 |
| $ | 2,272 |
|
Average tractors during the period * |
| 1,689 |
| 1,485 |
| ||
|
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|
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Tractors (end of period) |
|
|
|
|
| ||
Company-owned |
| 1,795 |
| 1,551 |
| ||
Independent contractor |
| 6 |
| 23 |
| ||
Total Tractors |
| 1,801 |
| 1,574 |
| ||
|
|
|
|
|
| ||
Containers (end of period) |
| 34,019 |
| 27,622 |
| ||
Average effective trailing equipment usage |
| 30,069 |
| 25,269 |
| ||
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Dedicated (DCS) |
|
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|
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Loads |
| 1,398,892 |
| 1,376,538 |
| ||
Length of haul |
| 249 |
| 264 |
| ||
Revenue per truck per week** |
| $ | 3,515 |
| $ | 3,466 |
|
Average trucks during the period*** |
| 5,224 |
| 5,176 |
| ||
|
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|
|
|
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Trucks (end of period) |
|
|
|
|
| ||
Company-owned |
| 4,941 |
| 5,177 |
| ||
Independent contractor |
| 100 |
| 122 |
| ||
Customer-owned (DCS Operated) |
| 92 |
| 59 |
| ||
Total Trucks |
| 5,133 |
| 5,358 |
| ||
|
|
|
|
|
| ||
Trailers (end of period) |
| 8,233 |
| 6,519 |
| ||
Average effective trailing equipment usage |
| 13,321 |
| 12,457 |
| ||
|
|
|
|
|
| ||
Truck (JBT) |
|
|
|
|
| ||
|
|
|
|
|
| ||
Loads |
| 785,860 |
| 864,622 |
| ||
Length of haul |
| 513 |
| 533 |
| ||
Loaded miles (000) |
| 408,486 |
| 465,366 |
| ||
Total miles (000) |
| 466,293 |
| 524,565 |
| ||
Average non-paid empty miles per load |
| 73.2 |
| 66.6 |
| ||
Revenue per tractor per week** |
| $ | 3,763 |
| $ | 3,704 |
|
Average tractors during the period* |
| 4,872 |
| 5,347 |
| ||
|
|
|
|
|
| ||
Tractors (end of period) |
|
|
|
|
| ||
Company-owned |
| 3,572 |
| 4,233 |
| ||
Independent contractor |
| 978 |
| 962 |
| ||
Subtotal |
| 4,550 |
| 5,195 |
| ||
Tractors held for sale |
| 570 |
| — |
| ||
Total Tractors |
| 3,980 |
| 5,195 |
| ||
|
|
|
|
|
| ||
Trailers (end of period) |
| 18,345 |
| 18,740 |
| ||
Trailers held for sale |
| 2,500 |
| — |
| ||
Total Trailers |
| 15,845 |
| 18,740 |
| ||
Average effective trailing equipment usage |
| 13,074 |
| 13,474 |
| ||
|
|
|
|
|
| ||
Integrated Capacity Solutions (ICS) |
|
|
|
|
| ||
|
|
|
|
|
| ||
Loads |
| 64,663 |
| 26,032 |
| ||
* Includes company-owned and independent contractor tractors
** Using weighted workdays
*** Includes company-owned, independent contractor, and customer-owned trucks
J.B. HUNT TRANSPORT SERVICES, INC.
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
|
| December 31, 2007 |
| December 31, 2006 |
| ||
|
|
|
|
|
| ||
ASSETS |
|
|
|
|
| ||
Current assets: |
|
|
|
|
| ||
Cash and cash equivalents |
| $ | 14,957 |
| $ | 7,371 |
|
Accounts receivable |
| 330,202 |
| 346,251 |
| ||
Income tax receivable |
| 0 |
| 11,824 |
| ||
Assets held for sale |
| 41,569 |
| 0 |
| ||
Prepaid expenses and other |
| 103,988 |
| 105,797 |
| ||
Total current assets |
| 490,716 |
| 471,243 |
| ||
Property and equipment |
| 2,076,769 |
| 1,884,318 |
| ||
Less accumulated depreciation |
| 719,868 |
| 600,767 |
| ||
Net property and equipment |
| 1,356,901 |
| 1,283,551 |
| ||
Other assets |
| 15,129 |
| 15,263 |
| ||
|
| $ | 1,862,746 |
| $ | 1,770,057 |
|
|
|
|
|
|
| ||
LIABILITIES & STOCKHOLDERS’ EQUITY |
|
|
|
|
| ||
Current liabilities: |
|
|
|
|
| ||
Current debt |
| $ | 234,000 |
| $ | 214,000 |
|
Trade accounts payable |
| 192,417 |
| 170,672 |
| ||
Claims accruals |
| 19,402 |
| 20,042 |
| ||
Accrued payroll |
| 34,310 |
| 42,352 |
| ||
Other accrued expenses |
| 26,663 |
| 7,961 |
| ||
Deferred income taxes |
| 21,501 |
| 23,703 |
| ||
Total current liabilities |
| 528,293 |
| 478,730 |
| ||
|
|
|
|
|
| ||
Long-term debt |
| 679,100 |
| 182,400 |
| ||
Other long-term liabilities |
| 32,023 |
| 54,656 |
| ||
Deferred income taxes |
| 280,133 |
| 294,534 |
| ||
Stockholders’ equity |
| 343,197 |
| 759,737 |
| ||
|
| $ | 1,862,746 |
| $ | 1,770,057 |
|
Supplemental Data
(unaudited)
|
| December 31, 2007 |
| December 31, 2006 |
| ||
|
|
|
|
|
| ||
Actual shares outstanding at end of period (000) |
| 124,572 |
| 144,555 |
| ||
|
|
|
|
|
| ||
Book value per actual share outstanding at end of period |
| $ | 2.76 |
| $ | 5.26 |
|
|
| Year Ended December 31 |
| ||||
|
| 2007 |
| 2006 |
| ||
|
|
|
|
|
| ||
Net cash provided by operating activities (000) |
| $ | 456,052 |
| $ | 423,063 |
|
|
|
|
|
|
| ||
Net capital expenditures (000) |
| $ | 328,813 |
| $ | 410,203 |
|
|
|
|
|
|
| ||
Purchases of common stock (000) |
| $ | 603,371 |
| $ | 257,395 |
|