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, 2008
· |
| Fourth Quarter 2008 Revenue: |
| $880 million; down 7% |
· |
| Fourth Quarter 2008 Operating Income: |
| $86 million; down 11%* |
· |
| Fourth Quarter 2008 EPS: |
| 41 cents vs. 42 cents* |
|
|
|
|
|
· |
| Full Year 2008 Revenue: |
| $3.73 billion; up 7% |
· |
| Full Year 2008 Operating Income: |
| $358 million; down 3%* |
· |
| Full Year 2008 EPS: |
| $1.56 vs. $1.55* |
* 4Q 2008 includes a $3.1 million pretax charge to write down the value of certain trailing equipment held for sale.
4Q 2007 includes an $8.4 million pretax charge to write down the value of certain assets held for sale.
LOWELL, ARKANSAS, January 29, 2009 - J. B. Hunt Transport Services, Inc., (NASDAQ:JBHT) announced fourth quarter 2008 net earnings of $53.3 million, or diluted earnings per share of 41 cents vs. 2007 fourth quarter earnings of $54.3 million, or 42 cents per diluted share. Financial results for the current quarter include a $3.1 million pretax charge, or $0.02 per diluted share, to write down to estimated fair value, certain trailing equipment held for sale. Fourth quarter 2007 results reflected an $8.4 million pretax charge, or $0.04 per diluted share, to write down to estimated fair value, certain assets (tractors and trailing equipment) held for sale.
Total operating revenue for the current quarter was $880 million, a 7% decline, compared with the $945 million for the fourth quarter 2007. Intermodal (JBI) volumes increased by approximately 7%, resulting in a small increase in segment revenue and Integrated Capacity Solution’s (ICS) revenue rose by 67%. Those increases were offset by declining fuel surcharge revenues in all segments and a softening of customer demand. Current quarter operating revenue, excluding fuel surcharges, declined 6%, compared with the same period of 2007.
Operating income for the current quarter declined to $86 million vs. $96 million for fourth quarter 2007. These results reflect pretax charges of $3.1 million in 2008 and $8.4 million in 2007, as discussed above. All of these charges were recognized in the Truck business segment. Net interest expense declined approximately $8.5 million during the current quarter, compared with the same period of 2007, primarily due to a refund of interest paid to the IRS from the 1999 tax case settlement, lower accrued interest on uncertain tax positions and the reduction of outstanding debt. The effective income tax rate was 35.8% in 2008 vs. 35.5% in 2007.
Substantially all of the tractors that were held for sale and written down to estimated fair value at December 31, 2007 were sold or traded during 2008. Approximately 120 of those tractors remain on hand at December 31, 2008 and are expected to be sold or traded during 2009. Approximately 980 trailers which were held for sale and written down to estimated fair value at December 31, 2007 were still on hand at December 31, 2008. These trailers are also expected to be sold or traded in 2009. An additional group
of approximately 1,100 trailers was designated as held for sale and written down to estimated fair value at December 31, 2008. These trailers should be sold or traded during 2009.
“Flat years, as defined by net earnings, are certainly never our goal. However, we are quite pleased that we were able to sustain our earnings in the face of an extremely difficult environment. Our clear strategy over the last few years has been to reduce our exposure to the more cyclical, capital intensive segments of the freight market. At the same time, we have expanded in segments where we believed we could offer our customers a differentiated service at the best value.
Strategy alone, of course, is only the beginning. We have a great team of people who understand and embrace our strategy and know how to execute our businesses. Their performance, combined with our focused strategy, not only allowed us to preserve earnings but to pay off $280 million of debt during the year.
It is not clear to us how long the challenging economic environment will persist. But we are confident our strategy is sound, our Company is financially strong, and our people will continue to execute at the highest levels our customers have come to expect from us,” said Kirk Thompson, JBHT President and CEO.
Segment Information:
Intermodal (JBI) | ||||
· |
| Fourth quarter 2008 Segment Revenue: |
| $488 million; up 1% |
· |
| Fourth quarter 2008 Operating Income: |
| $61.9 million; down 20% |
Our JBI segment was not immune to the slowing freight environment during the current quarter. However, an 87.3% operating ratio is extraordinary, given the strong economic headwinds we faced. JBI load volume was up approximately 7% during the current quarter, with our fast growing Eastern network still growing at approximately 46%, year over year. Fourth quarter operating income was negatively impacted by lower peak season revenue, as well as slightly lower asset utilization. We added 2,176 containers during the current quarter, ending the year with 39,161.
Additional significant investments were made during 2008 to update and expand our dray fleet, ending the year with 18% more tractors than a year ago. This has helped reduce our reliance on contracted third-party dray services, resulting in lower costs and improved service. Container additions for 2009 will depend on new business awards resulting from first and second quarter bids. Shippers are still looking to convert over-the-road freight to intermodal. Our customer base increased by more than 16% during the past year, which is a testament to customers who recognize our expertise in converting time sensitive truck loads to intermodal.
Dedicated Contract Services (DCS) | ||||
· |
| Fourth quarter 2008 Segment Revenue: |
| $211 million; down 12% |
· |
| Fourth quarter 2008 Operating Income: |
| $25.1 million; up 11% |
While DCS revenue declined 12% during the current quarter, compared to the same period last year, we were pleased with the quality and direction of the business segment’s performance given current economic conditions. Excluding the effect of fuel surcharges, revenue declined 9%; however, revenue per truck per week increased 2%. Average trucks declined 547 units to 4,619 units in the fourth quarter 2008 vs. the fourth quarter 2007. The decline in truck count was primarily due to proactive reductions in existing fleet sizes; from changes in our customers’ business demand and from continued reductions in our generic “capacity oriented” dedicated business. Customer fleet contraction will likely continue until a change occurs in the demand cycles within our customers’ business. To offset this declining component of our revenue, we plan to continue developing new business consistent with our expertise in performing more difficult and specialized dedicated delivery services.
Operating income increased $2.5 million, compared with the fourth quarter 2007. Timing effects exist in the relationship between fuel and fuel surcharge revenues. Fuel surcharge programs are in place with every DCS contract; unlike the traditional truckload business, our fuel programs perform as a breakeven component of our
DCS model over any material fuel-price cycle. We have also executed continued reductions in other cost categories; specifically labor, depreciation and safety. This disciplined approach to cost management delivered improved operating income for the current quarter. During this period of fleet adjustment, due to the recessionary economy, our overall cost management allowed us to maintain our operating income and margin performance over the course of 2008.
Truck (JBT) | ||||
· |
| Fourth quarter 2008 Segment Revenue: |
| $129 million; down 34% |
· |
| Fourth quarter 2008 Operating Income: |
| $(4.4) million; vs. $(5.1) million* |
*Includes a $3.1 million pretax charge in 2008 and an $8.4 million pretax charge in 2007 to write down the value of certain assets held for sale.
JBT revenue for the current quarter declined 34%, compared with the fourth quarter 2007. We have continued to right-size our tractor fleet according to customer demand, which resulted in a reduction of 650 tractors, compared with the tractor count at the end of the fourth quarter 2007. Our fleet ended the quarter at 3,330 tractors. JBT operating results for the current quarter include a $3.1 million pretax charge to write down to estimated fair value certain trailing equipment held for sale.
The quarter lacked a traditional fall peak, and demand continued to soften due to economic uncertainty. JBT experienced downward rate pressure as many shippers sought lower pricing and competitors set prices below their costs to help maintain asset utility.
JBT’s total maintenance expense increased from 7.7% of operating revenues in the fourth quarter 2007 to 10.1% in the current quarter. On a per-mile basis, maintenance expense increased 33%, primarily due to an aging tractor fleet that we are not replacing given the lack of reasonable financial returns.
Compared to the same quarter a year ago, our average length of haul decreased 9.2%, while revenue per load decreased only 7.5%. Partly due to our shorter length of haul, revenue per loaded mile, excluding fuel surcharges, increased 2.2% compared to the fourth quarter 2007. Unlike the third quarter 2008, when spot pricing improved significantly, soft demand forced our own spot pricing downward in the current period. However rates, excluding fuel charges, from consistent shippers improved slightly.
Integrated Capacity Solutions (ICS) | ||||
· |
| Fourth quarter 2008 Segment Revenue: |
| $60 million; up 67% |
· |
| Fourth quarter 2008 Operating Income: |
| $3.4 million; up 88% |
ICS revenue increased 67% from the fourth quarter 2007 and 3% from the third quarter 2008. We continued to see steady volume increases throughout the current quarter, with load volumes increasing 23% from the third quarter 2008. Due primarily to declining diesel prices during the current quarter, our total revenues grew at a slower rate than load volume. However, fourth quarter net operating revenue (gross revenue less purchased transportation) and operating income increased 24% and 10%, respectively, from the third quarter 2008. Current quarter net operating revenue increased 112% over the same period 2007. This growth was driven by increased volumes.
Operating expenses increased 124% from the fourth quarter 2007, primarily due to employee growth throughout 2008. Year over year employee growth increased 134% from 2007. We continued to increase our workforce during the fourth quarter 2008, with the number of employees growing 24% from the third quarter 2008. Due to the increase in our workforce and the settlement of certain cargo claims during the fourth quarter 2008, our operating expenses, as a percentage of net operating revenue, increased to 71% in the current quarter from 67% in the fourth quarter 2007. Despite this increase in operating expenses, current quarter operating income rose 88% over the same period 2007.
Our third party carrier base grew 12.7% during the current quarter, to over 17,100 carriers by quarter-end.
Cash Flow and Capitalization:
We continue to experience strong cash flows provided by operating activities, which allowed us to reduce total debt by $280 million from December 31, 2007. We generated cash from operating activities of $161 million during the current quarter, compared with $95 million during the same period 2007. At December 31, 2008, we had a well diversified group of twelve national and international banks participating in our two revolving credit agreements. Our liquidity and access to credit remain good.
At December 31, 2008, we had $115 million outstanding under our main revolving line of credit, at an average interest rate of 1.95%, with $235 million remaining available. This revolving credit agreement matures in March 2012. Our second line of credit, the Accounts Receivable Securitization Program, had $50 million outstanding at current quarter end, with an average interest rate of 3.61%. In July 2008, we renewed this facility for another year at similar terms and reduced the total commitment amount from $225 million to $75 million.
We are performing well within our debt covenants and financial ratios contained in our various credit agreements.
|
| ($ in millions) |
| ||||
|
| December 31, 2008 |
| December 31, 2007 |
| ||
Revolving Lines of Credit |
| $ | 165 |
| $ | 430 |
|
Senior Notes |
| 400 |
| 400 |
| ||
Term Loan |
| 69 |
| 82 |
| ||
Total Outstanding Debt |
| $ | 634 |
| $ | 913 |
|
In addition, our full year 2008 net capital expenditures approximated $211 million vs. $331 million during 2007. At December 31, 2008, we had cash and cash equivalents of $2.4 million.
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, 2007. 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 additional information will be available to interested parties at our web site, www.jbhunt.com.
|
| J.B. HUNT TRANSPORT SERVICES, INC. |
|
|
| Condensed Consolidated Statements of Earnings |
|
| |
| (in thousands, except per share data) |
|
| |
| (unaudited) |
|
|
|
| Three Months Ended December 31 |
| ||||||||
|
| 2008 |
| 2007 |
| ||||||
|
|
|
| % Of |
|
|
| % Of |
| ||
|
| Amount |
| Revenue |
| Amount |
| Revenue |
| ||
|
|
|
|
|
|
|
|
|
| ||
Operating revenues, excluding fuel surcharge revenues |
| $ | 743,400 |
|
|
| $ | 793,409 |
|
|
|
Fuel surcharge revenues |
| 136,387 |
|
|
| 151,541 |
|
|
| ||
Total operating revenues |
| 879,787 |
| 100.0 | % | 944,950 |
| 100.0 | % | ||
|
|
|
|
|
|
|
|
|
| ||
Operating expenses |
|
|
|
|
|
|
|
|
| ||
Rents and purchased transportation |
| 370,485 |
| 42.1 | % | 356,916 |
| 37.8 | % | ||
Salaries, wages and employee benefits |
| 207,798 |
| 23.6 | % | 221,598 |
| 23.5 | % | ||
Fuel and fuel taxes |
| 85,980 |
| 9.8 | % | 127,112 |
| 13.5 | % | ||
Depreciation and amortization |
| 50,354 |
| 5.7 | % | 52,787 |
| 5.6 | % | ||
Operating supplies and expenses |
| 38,516 |
| 4.4 | % | 40,053 |
| 4.2 | % | ||
Insurance and claims |
| 14,848 |
| 1.7 | % | 17,909 |
| 1.9 | % | ||
Operating taxes and licenses |
| 8,004 |
| 0.9 | % | 8,178 |
| 0.9 | % | ||
General and administrative expenses, net of gains |
| 13,036 |
| 1.5 | % | 18,817 |
| 2.0 | % | ||
Communication and utilities |
| 4,715 |
| 0.5 | % | 5,315 |
| 0.6 | % | ||
Total operating expenses |
| 793,736 |
| 90.2 | % | 848,685 |
| 89.8 | % | ||
Operating income |
| 86,051 |
| 9.8 | % | 96,265 |
| 10.2 | % | ||
Net interest expense |
| 3,394 |
| 0.4 | % | 11,900 |
| 1.3 | % | ||
Equity in (gain)/loss of associated companies |
| (390 | ) | (0.0 | )% | 145 |
| 0.0 | % | ||
Earnings before income taxes |
| 83,047 |
| 9.4 | % | 84,220 |
| 8.9 | % | ||
Income taxes |
| 29,771 |
| 3.4 | % | 29,897 |
| 3.2 | % | ||
Net earnings |
| $ | 53,276 |
| 6.1 | % | $ | 54,323 |
| 5.7 | % |
Average diluted shares outstanding |
| 128,692 |
|
|
| 128,625 |
|
|
| ||
Diluted earnings per share |
| $ | 0.41 |
|
|
| $ | 0.42 |
|
|
|
J.B. HUNT TRANSPORT SERVICES, INC.
Condensed Consolidated Statements of Earnings
(in thousands, except per share data)
(unaudited)
|
| Twelve Months Ended December 31 |
| ||||||||
|
| 2008 |
| 2007 |
| ||||||
|
|
|
| % Of |
|
|
| % Of |
| ||
|
| Amount |
| Revenue |
| Amount |
| Revenue |
| ||
|
|
|
|
|
|
|
|
|
| ||
Operating revenues, excluding fuel surcharge revenues |
| $ | 3,001,531 |
|
|
| $ | 3,009,819 |
|
|
|
Fuel surcharge revenues |
| 730,412 |
|
|
| 480,080 |
|
|
| ||
Total operating revenues |
| 3,731,943 |
| 100.0 | % | 3,489,899 |
| 100.0 | % | ||
|
|
|
|
|
|
|
|
|
| ||
Operating expenses |
|
|
|
|
|
|
|
|
| ||
Rents and purchased transportation |
| 1,479,234 |
| 39.6 | % | 1,235,390 |
| 35.4 | % | ||
Salaries, wages and employee benefits |
| 859,588 |
| 23.0 | % | 888,594 |
| 25.5 | % | ||
Fuel and fuel taxes |
| 520,647 |
| 14.0 | % | 463,538 |
| 13.3 | % | ||
Depreciation and amortization |
| 202,288 |
| 5.4 | % | 205,133 |
| 5.9 | % | ||
Operating supplies and expenses |
| 158,202 |
| 4.2 | % | 155,893 |
| 4.5 | % | ||
Insurance and claims |
| 60,772 |
| 1.6 | % | 69,655 |
| 2.0 | % | ||
Operating taxes and licenses |
| 32,162 |
| 0.9 | % | 33,540 |
| 1.0 | % | ||
General and administrative expenses, net of gains |
| 41,363 |
| 1.1 | % | 48,211 |
| 1.4 | % | ||
Communication and utilities |
| 19,269 |
| 0.5 | % | 21,156 |
| 0.6 | % | ||
Total operating expenses |
| 3,373,525 |
| 90.4 | % | 3,121,110 |
| 89.4 | % | ||
Operating income |
| 358,418 |
| 9.6 | % | 368,789 |
| 10.6 | % | ||
Net interest expense |
| 34,447 |
| 0.9 | % | 42,512 |
| 1.2 | % | ||
Equity in loss of associated companies |
| 1,735 |
| 0.0 | % | 1,230 |
| 0.0 | % | ||
Earnings before income taxes |
| 322,236 |
| 8.6 | % | 325,047 |
| 9.3 | % | ||
Income taxes |
| 121,643 |
| 3.3 | % | 111,913 |
| 3.2 | % | ||
Net earnings |
| $ | 200,593 |
| 5.4 | % | $ | 213,134 |
| 6.1 | % |
Average diluted shares outstanding |
| 128,533 |
|
|
| 137,639 |
|
|
| ||
Diluted earnings per share |
| $ | 1.56 |
|
|
| $ | 1.55 |
|
|
|
Financial Information By Segment
(in thousands)
(unaudited)
|
| Three Months Ended December 31 |
| ||||||||
|
| 2008 |
| 2007 |
| ||||||
|
|
|
| % Of |
|
|
| % Of |
| ||
|
| Amount |
| Total |
| Amount |
| Total |
| ||
|
|
|
|
|
|
|
|
|
| ||
Revenue |
|
|
|
|
|
|
|
|
| ||
Intermodal |
| $ | 487,530 |
| 55 | % | $ | 482,211 |
| 51 | % |
Dedicated |
| 211,442 |
| 24 | % | 238,971 |
| 25 | % | ||
Truck |
| 128,964 |
| 15 | % | 196,747 |
| 21 | % | ||
Integrated Capacity Solutions |
| 60,044 |
| 7 | % | 36,058 |
| 4 | % | ||
Subtotal |
| 887,980 |
| 101 | % | 953,987 |
| 101 | % | ||
Intersegment eliminations |
| (8,193 | ) | (1 | )% | (9,037 | ) | (1 | )% | ||
Consolidated revenue |
| $ | 879,787 |
| 100 | % | $ | 944,950 |
| 100 | % |
|
|
|
|
|
|
|
|
|
| ||
Operating income |
|
|
|
|
|
|
|
|
| ||
Intermodal |
| $ | 61,948 |
| 72 | % | $ | 77,000 |
| 80 | % |
Dedicated |
| 25,130 |
| 29 | % | 22,658 |
| 24 | % | ||
Truck |
| (4,409 | ) | (5 | )% | (5,139 | ) | (5 | )% | ||
Integrated Capacity Solutions |
| 3,377 |
| 4 | % | 1,797 |
| 2 | % | ||
Other (1) |
| 5 |
| 0 | % | (51 | ) | (0 | )% | ||
Operating income |
| $ | 86,051 |
| 100 | % | $ | 96,265 |
| 100 | % |
|
| Twelve Months Ended December 31 |
| ||||||||
|
| 2008 |
| 2007 |
| ||||||
|
|
|
| % Of |
|
|
| % Of |
| ||
|
| Amount |
| Total |
| Amount |
| Total |
| ||
Revenue |
|
|
|
|
|
|
|
|
| ||
Intermodal |
| $ | 1,951,670 |
| 52 | % | $ | 1,652,774 |
| 47 | % |
Dedicated |
| 926,956 |
| 25 | % | 936,611 |
| 27 | % | ||
Truck |
| 676,431 |
| 18 | % | 841,663 |
| 24 | % | ||
Integrated Capacity Solutions |
| 209,192 |
| 6 | % | 91,551 |
| 3 | % | ||
Subtotal |
| 3,764,249 |
| 101 | % | 3,522,599 |
| 101 | % | ||
Intersegment eliminations |
| (32,306 | ) | (1 | )% | (32,700 | ) | (1 | )% | ||
Consolidated revenue |
| $ | 3,731,943 |
| 100 | % | $ | 3,489,899 |
| 100 | % |
|
|
|
|
|
|
|
|
|
| ||
Operating income |
|
|
|
|
|
|
|
|
| ||
Intermodal |
| $ | 253,913 |
| 71 | % | $ | 238,772 |
| 65 | % |
Dedicated |
| 92,457 |
| 26 | % | 93,828 |
| 25 | % | ||
Truck |
| 1,382 |
| 0 | % | 31,912 |
| 9 | % | ||
Integrated Capacity Solutions |
| 10,686 |
| 3 | % | 4,343 |
| 1 | % | ||
Other (1) |
| (20 | ) | (0 | )% | (66 | ) | (0 | )% | ||
Operating income |
| $ | 358,418 |
| 100 | % | $ | 368,789 |
| 100 | % |
(1) Includes corporate support activity
Operating Statistics by Segment
(unaudited)
|
| Three Months Ended December 31 |
| ||||
|
| 2008 |
| 2007 |
| ||
|
|
|
|
|
| ||
Intermodal |
|
|
|
|
| ||
|
|
|
|
|
| ||
Loads |
| 219,637 |
| 205,998 |
| ||
Average length of haul |
| 1,831 |
| 1,914 |
| ||
Revenue per load |
| $ | 2,220 |
| $ | 2,341 |
|
Average tractors during the period * |
| 2,129 |
| 1,794 |
| ||
|
|
|
|
|
| ||
Tractors (end of period) |
|
|
|
|
| ||
Company-owned |
| 2,124 |
| 1,795 |
| ||
Independent contractor |
| 4 |
| 6 |
| ||
Total tractors |
| 2,128 |
| 1,801 |
| ||
|
|
|
|
|
| ||
Containers (end of period) |
| 39,161 |
| 34,019 |
| ||
Average effective trailing equipment usage |
| 38,127 |
| 33,045 |
| ||
|
|
|
|
|
| ||
Dedicated |
|
|
|
|
| ||
|
|
|
|
|
| ||
Loads |
| 311,036 |
| 350,319 |
| ||
Average length of haul |
| 227 |
| 239 |
| ||
Revenue per truck per week** |
| $ | 3,674 |
| $ | 3,702 |
|
Average trucks during the period*** |
| 4,619 |
| 5,166 |
| ||
|
|
|
|
|
| ||
Trucks (end of period) |
|
|
|
|
| ||
Company-owned |
| 4,454 |
| 4,941 |
| ||
Independent contractor |
| 67 |
| 100 |
| ||
Customer-owned (Dedicated operated) |
| 101 |
| 92 |
| ||
Total trucks |
| 4,622 |
| 5,133 |
| ||
|
|
|
|
|
| ||
Trailing equipment (end of period) |
| 9,106 |
| 8,233 |
| ||
Average effective trailing equipment usage |
| 12,535 |
| 13,461 |
| ||
|
|
|
|
|
| ||
Truck |
|
|
|
|
| ||
|
|
|
|
|
| ||
Loads |
| 127,630 |
| 180,759 |
| ||
Average length of haul |
| 452 |
| 498 |
| ||
Loaded miles (000) |
| 59,326 |
| 91,798 |
| ||
Total miles (000) |
| 69,051 |
| 106,228 |
| ||
Average nonpaid empty miles per load |
| 76.2 |
| 79.4 |
| ||
Revenue per tractor per week** |
| $ | 3,125 |
| $ | 3,381 |
|
Average tractors during the period * |
| 3,285 |
| 4,527 |
| ||
|
|
|
|
|
| ||
Tractors (end of period) |
|
|
|
|
| ||
Company-owned |
| 2,612 |
| 3,572 |
| ||
Independent contractor |
| 841 |
| 978 |
| ||
Subtotal |
| 3,453 |
| 4,550 |
| ||
Tractors held for sale |
| 123 |
| 570 |
| ||
Total tractors |
| 3,330 |
| 3,980 |
| ||
|
|
|
|
|
| ||
Trailers (end of period) |
| 15,470 |
| 18,345 |
| ||
Trailers held for sale |
| 2,121 |
| 2,500 |
| ||
Total trailers |
| 13,349 |
| 15,845 |
| ||
Average effective trailing equipment usage |
| 10,897 |
| 12,792 |
| ||
|
|
|
|
|
| ||
Integrated Capacity Solutions |
|
|
|
|
| ||
|
|
|
|
|
| ||
Loads |
| 43,221 |
| 25,529 |
| ||
* 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 |
| ||||
|
| 2008 |
| 2007 |
| ||
|
|
|
|
|
| ||
Intermodal |
|
|
|
|
| ||
|
|
|
|
|
| ||
Loads |
| 837,575 |
| 738,207 |
| ||
Average length of haul |
| 1,843 |
| 1,925 |
| ||
Revenue per load |
| $ | 2,330 |
| $ | 2,239 |
|
Average tractors during the period * |
| 2,020 |
| 1,689 |
| ||
|
|
|
|
|
| ||
Tractors (end of period) |
|
|
|
|
| ||
Company-owned |
| 2,124 |
| 1,795 |
| ||
Independent contractor |
| 4 |
| 6 |
| ||
Total tractors |
| 2,128 |
| 1,801 |
| ||
|
|
|
|
|
| ||
Containers (end of period) |
| 39,161 |
| 34,019 |
| ||
Average effective trailing equipment usage |
| 35,678 |
| 30,069 |
| ||
|
|
|
|
|
| ||
Dedicated |
|
|
|
|
| ||
|
|
|
|
|
| ||
Loads |
| 1,321,473 |
| 1,398,892 |
| ||
Average length of haul |
| 227 |
| 249 |
| ||
Revenue per truck per week** |
| $ | 3,842 |
| $ | 3,515 |
|
Average trucks during the period*** |
| 4,716 |
| 5,224 |
| ||
|
|
|
|
|
| ||
Trucks (end of period) |
|
|
|
|
| ||
Company-owned |
| 4,454 |
| 4,941 |
| ||
Independent contractor |
| 67 |
| 100 |
| ||
Customer-owned (Dedicated operated) |
| 101 |
| 92 |
| ||
Total trucks |
| 4,622 |
| 5,133 |
| ||
|
|
|
|
|
| ||
Trailing equipment (end of period) |
| 9,106 |
| 8,233 |
| ||
Average effective trailing equipment usage |
| 12,762 |
| 13,321 |
| ||
|
|
|
|
|
| ||
Truck |
|
|
|
|
| ||
|
|
|
|
|
| ||
Loads |
| 622,002 |
| 785,860 |
| ||
Average length of haul |
| 465 |
| 513 |
| ||
Loaded miles (000) |
| 292,430 |
| 408,486 |
| ||
Total miles (000) |
| 334,931 |
| 466,293 |
| ||
Average nonpaid empty miles per load |
| 68.7 |
| 73.2 |
| ||
Revenue per tractor per week** |
| $ | 3,522 |
| $ | 3,394 |
|
Average tractors during the period* |
| 3,752 |
| 4,872 |
| ||
|
|
|
|
|
| ||
Tractors (end of period) |
|
|
|
|
| ||
Company-owned |
| 2,612 |
| 3,572 |
| ||
Independent contractor |
| 841 |
| 978 |
| ||
Subtotal |
| 3,453 |
| 4,550 |
| ||
Tractors held for sale |
| 123 |
| 570 |
| ||
Total tractors |
| 3,330 |
| 3,980 |
| ||
|
|
|
|
|
| ||
Trailers (end of period) |
| 15,470 |
| 18,345 |
| ||
Trailers held for sale |
| 2,121 |
| 2,500 |
| ||
Total trailers |
| 13,349 |
| 15,845 |
| ||
Average effective trailing equipment usage |
| 11,758 |
| 13,074 |
| ||
|
|
|
|
|
| ||
Integrated Capacity Solutions |
|
|
|
|
| ||
|
|
|
|
|
| ||
Loads |
| 140,481 |
| 64,663 |
| ||
* 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, 2008 |
| December 31, 2007 |
| ||
|
|
|
|
|
| ||
ASSETS |
|
|
|
|
| ||
Current assets: |
|
|
|
|
| ||
Cash and cash equivalents |
| $ | 2,373 |
| $ | 14,957 |
|
Accounts receivable |
| 280,614 |
| 330,202 |
| ||
Assets held for sale |
| 17,843 |
| 39,747 |
| ||
Prepaid expenses and other |
| 95,457 |
| 103,988 |
| ||
Total current assets |
| 396,287 |
| 488,894 |
| ||
Property and equipment |
| 2,169,893 |
| 2,080,893 |
| ||
Less accumulated depreciation |
| 783,363 |
| 722,170 |
| ||
Net property and equipment |
| 1,386,530 |
| 1,358,723 |
| ||
Other assets |
| 10,636 |
| 15,129 |
| ||
|
| $ | 1,793,453 |
| $ | 1,862,746 |
|
|
|
|
|
|
| ||
LIABILITIES & STOCKHOLDERS’ EQUITY |
|
|
|
|
| ||
Current liabilities: |
|
|
|
|
| ||
Current debt |
| $ | 118,500 |
| $ | 234,000 |
|
Trade accounts payable |
| 196,059 |
| 189,987 |
| ||
Claims accruals |
| 18,095 |
| 19,402 |
| ||
Accrued payroll |
| 33,156 |
| 34,310 |
| ||
Other accrued expenses |
| 31,995 |
| 26,663 |
| ||
Deferred income taxes |
| 10,083 |
| 20,070 |
| ||
Total current liabilities |
| 407,888 |
| 524,432 |
| ||
|
|
|
|
|
| ||
Long-term debt |
| 515,000 |
| 679,100 |
| ||
Other long-term liabilities |
| 30,490 |
| 34,454 |
| ||
Deferred income taxes |
| 311,064 |
| 281,564 |
| ||
Stockholders’ equity |
| 529,011 |
| 343,197 |
| ||
|
| $ | 1,793,453 |
| $ | 1,862,746 |
|
|
|
|
|
|
| ||
Supplemental Data | |||||||
(unaudited) | |||||||
|
|
|
|
|
| ||
|
| December 31, 2008 |
| December 31, 2007 |
| ||
|
|
|
|
|
| ||
Actual shares outstanding at end of period (000) |
| 126,062 |
| 124,572 |
| ||
|
|
|
|
|
| ||
Book value per actual share outstanding at end of period |
| $ | 4.20 |
| $ | 2.76 |
|
|
|
|
|
|
| ||
|
| Twelve Months Ended December 31 |
| ||||
|
| 2008 |
| 2007 |
| ||
|
|
|
|
|
| ||
Net cash provided by operating activities (000) |
| $ | 505,146 |
| $ | 457,805 |
|
|
|
|
|
|
| ||
Net capital expenditures (000) |
| $ | 210,881 |
| $ | 330,635 |
|
|
|
|
|
|
| ||
Purchases of common stock (000) |
| $ | — |
| $ | 603,371 |
|