J.B. Hunt Transport Services (JBHT) 8-K Results of Operations and Financial Condition

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 FIRST QUARTER 2009

·	First Quarter 2009 Revenue:	$723 million; down 18%
·	First Quarter 2009 Operating Income:	$57 million; down 21%
·	First Quarter 2009 EPS:	24 cents vs. 28 cents

LOWELL, ARKANSAS, April 13, 2009 - J. B. Hunt Transport Services, Inc., (NASDAQ:JBHT) announced first quarter 2009 net earnings of $30.8 million, or diluted earnings per share of 24 cents vs. first quarter 2008 earnings of $36.4 million, or 28 cents per diluted share.

Total operating revenue for the current quarter was $723 million, an 18% decrease from $878 million for the first quarter 2008.  The decrease in operating revenue was primarily attributable to lower fuel surcharge revenues which reflect significantly lower fuel costs in the first quarter of 2009.  Higher Intermodal segment volumes and significant growth in our Integrated Capacity Solutions (ICS) segment partially offset lower volumes in our Dedicated Contract Services (DCS) segment and in our Truck segment. The significant decline in Truck revenues was primarily a result of our ongoing long-term strategy to reduce the size of the segment’s tractor fleet and due to weaker demand brought about by the current economic recession.  Current quarter operating revenue, excluding fuel surcharges, decreased 8% from the first quarter 2008.

Operating income for the current quarter declined to $57.0 million vs. $72.1 million for the first quarter 2008.  This decline was primarily due to a drop in our Intermodal operating income and an operating loss in our Truck segment.  The operating income decline in both segments reflects lower demand brought about by the current economic recession.  Net earnings declined in the current quarter vs. 2008 due to the lower operating income, offset somewhat by significantly lower interest expense and a slightly lower effective income tax rate.  Net interest expense declined approximately $4.8 million, compared with the same period 2008, primarily due to the reduction of outstanding debt and lower interest rates.

“Our two biggest segments, Intermodal and DCS, which make up 79% of our total revenues, continue to differentiate us from other generic transportation offerings.  Despite a weak economy and lower demand, both Intermodal and DCS have shown great resilience in profitability in the face of serious negative macroeconomic conditions.

“The lingering freight recession, now estimated to be in the third year, is the longest and deepest in modern transportation history.  Our diversification strategy initiated several years ago and our best-in-class intermodal and dedicated services have helped sustain our earnings in these turbulent times.  We believe we have taken the right actions to weather this downturn, while leaving the Company very well positioned for the eventual recovery.  Intermodal and DCS, in particular, are leaders in markets where we have established defensible characteristics.  Further, ICS enables us to bring the substantial resources of our Company into markets that previously did not fit our network,” said Kirk Thompson, JBHT President and CEO.

Segment Information:

Intermodal (JBI)

·	First Quarter 2009 Segment Revenue:	$391 million; down 10%
·	First Quarter 2009 Operating Income:	$41.3 million; down 20%

JBI continues to provide customers the platform to convert highway freight to more cost effective and environmentally friendly intermodal operations with comparable on-time service.   Our Eastern network load growth was 38% in the current quarter while our overall load growth was 5%.   Our transcontinental business contracted 4% during the current period primarily as a result of reduced west coast imports.  Volume trends improved slightly each month during the quarter.  JBI segment revenue was down 10% primarily because of the reduction in fuel costs and the resulting reductions in fuel surcharge revenue.   Overall our pricing was flat with the same quarter of 2008, although it is being supported by higher priced short-haul business.  Our length of haul shrunk by 4% and is now at levels equivalent to those we had in 2000-2001.

Our JBI operating ratio was 89.4% for the current period.   Operating capacity, comprised of tractors, drivers and containers, could support an additional 10% growth rate. We have adjusted our capital expenditure plan for 2009 to reflect the slower demand and will be well-equipped to meet the increasing demands of our customers once volumes improve.   We continue to focus on the execution of the business, taking costs out where we can while continuing to improve service.  In addition, we continue to seek and add new intermodal lanes, opening more than 50 new services in the current quarter.  These new lanes serve both to expand our current service areas and to assist in lowering cost and improving service on existing business.

Dedicated Contract Services (DCS)

·	First Quarter 2009 Segment Revenue:	$179 million; down 21%
·	First Quarter 2009 Operating Income:	$17.4 million; down 5%

DCS continued to deliver differentiated performance by working closely with customers to adjust our services during this severe demand recession and through our unique contract model.  Operating income decreased $945,000 compared to the first quarter 2008, which includes a $385,000 bad debt charge from a small client’s sudden bankruptcy.  Our continuing ability to manage our costs combined with a more stable contract platform enables us to produce consistent results.  Excluding the effect of fuel surcharges, revenue declined 13% relating to a decline in average trucks of 373 units to 4,524 vs. 4,897 units in the first quarter 2008.

The decline in truck count primarily relates to continued, proactive reductions in some existing fleets as customers continue to adjust to current lower business demand levels.  We believe that while this fleet contraction may persist throughout the current economic recession, we will be able to equalize the demand contraction with new business development in expanding areas of expertise.  Illustrating our evolution in services, we continue to replace capacity or generic dedicated services, with customers for whom we perform specialized, value added-delivery services. By widening the scope of the DCS segment, we are setting up for ongoing growth in the channels of our business model that is more resilient.

Truck (JBT)

·	First Quarter 2009 Segment Revenue:	$102 million; down 45%
·	First Quarter 2009 Operating Income:	$(5.8) million vs. $(.05) million

JBT revenue for the current quarter declined 45%, compared with the first quarter 2008.  Excluding fuel surcharge revenue, JBT revenue declined 39%.  We have continued to right-size our tractor fleet according to customer demand, which resulted in a reduction of 948 tractors, or 23%, compared with the tractor count at the end of the first quarter 2008.  Our fleet ended the quarter at 3,109 tractors.

Compared to the same quarter a year ago, our average length of haul decreased 7.5%, while revenue per load, excluding fuel surcharges, decreased 8.1%.  Rates per loaded mile, excluding fuel surcharges, decreased 2.4% compared to the first quarter of 2008.  Continued soft demand and aggressive pricing from competitors forced our own spot prices downward in this period.  Spot activity increased from 5.4 percent of total volume one year ago to 8.4 percent. While spot rates decreased significantly, rates from consistent shippers on the remaining 91.6% of our volume, declined only slightly by 1.4 cents per loaded mile, or 0.8%, excluding fuel surcharges.

JBT’s total maintenance expense increased from 7.9% of operating revenues in the first quarter 2008, excluding fuel surcharges, to 11.3% in the current quarter primarily due to an aging tractor fleet that we are not replacing given the lack of reasonable financial returns.

Integrated Capacity Solutions (ICS)

·	First Quarter 2009 Segment Revenue:	$56 million; up 51%
·	First Quarter 2009 Operating Income:	$4.1 million; up 111%

ICS revenue increased 51% from the first quarter 2008 on an 84% increase in load volume. We continued to see steady volume increases throughout the first quarter 2009 with load volumes increasing 19% from the fourth quarter 2008. However, due primarily to declining fuel prices throughout the fourth quarter 2008 and the current quarter, our total revenue decreased 6% from the fourth quarter 2008.  Despite the decreased revenue, our current quarter net operating revenue (gross revenue less purchased transportation) and our operating income increased 9% and 22%, respectively, from the fourth quarter 2008.

Operating expenses (which excludes purchased transportation expense) increased 94% from the first quarter 2008 primarily due to employee additions. Year over year employee count increased 119% from 2008. We continued to increase our workforce during the first quarter 2009, with the number of employees increasing 15% from the fourth quarter 2008. Our operating expenses, as a percentage of net operating revenue, decreased to 67% in the first quarter from 69% in the first quarter 2008.  Our third party carrier base grew 15% during the current quarter to over 19,700 carriers by quarter-end.

Cash Flow and Capitalization:

At March 31, 2009, we had a total of $629 million outstanding on various debt instruments compared to $865 million at March 31, 2008, and $634 million at December 31, 2008.

Our net capital expenditures for the first quarter 2009 approximated $55 million compared to $60 million for the first quarter 2008.  At March 31, 2009, we had cash and cash equivalents of $3.6 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, 2008. 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 immediately to interested parties on 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 March 31
	2009				2008
			% Of				% Of
	Amount		Revenue		Amount		Revenue
Operating revenues, excluding fuel surcharge revenues	$	663,654			$	724,170
Fuel surcharge revenues	59,181				154,213
Total operating revenues	722,835		100.0	%	878,383		100.0	%
Operating expenses
Rents and purchased transportation	299,422		41.4	%	330,676		37.6	%
Salaries, wages and employee benefits	192,345		26.6	%	213,635		24.3	%
Fuel and fuel taxes	59,230		8.2	%	134,001		15.3	%
Depreciation and amortization	47,363		6.6	%	50,539		5.8	%
Operating supplies and expenses	35,626		4.9	%	36,797		4.2	%
Insurance and claims	11,850		1.6	%	17,802		2.0	%
General and administrative expenses, net of gains	8,450		1.2	%	9,531		1.1	%
Operating taxes and licenses	6,895		1.0	%	8,053		0.9	%
Communication and utilities	4,664		0.6	%	5,294		0.6	%
Total operating expenses	665,845		92.1	%	806,328		91.8	%
Operating income	56,990		7.9	%	72,055		8.2	%
Net interest expense	6,756		0.9	%	11,506		1.3	%
Equity in loss of associated companies	625		0.1	%	855		0.1	%
Earnings before income taxes	49,609		6.9	%	59,694		6.8	%
Income taxes	18,851		2.6	%	23,281		2.7	%
Net earnings	$	30,758	4.3	%	$	36,413	4.1	%
Average diluted shares outstanding	128,558				127,914
Diluted earnings per share	$	0.24			$	0.28

Financial Information By Segment

(in thousands)

(unaudited)

	Three Months Ended March 31
	2009					2008
				% Of					% Of
	Amount			Total		Amount			Total
Revenue
Intermodal	$	391,470		54	%	$	436,804		50	%
Dedicated	179,449			25	%	228,356			26	%
Truck	101,627			14	%	184,983			21	%
Integrated Capacity Solutions	56,471			8	%	37,493			4	%
Subtotal	729,017			101	%	887,636			101	%
Intersegment eliminations	(6,182		)	(1	)%	(9,253		)	(1	)%
Consolidated revenue	$	722,835		100	%	$	878,383		100	%
Operating income
Intermodal	$	41,320		73	%	$	51,842		72	%
Dedicated	17,377			30	%	18,322			25	%
Truck	(5,816		)	(10	)%	(46		)	(0	)%
Integrated Capacity Solutions	4,115			7	%	1,951			3	%
Other (1)	(6		)	(0	)%	(14		)	(0	)%
Operating income	$	56,990		100	%	$	72,055		100	%

(1) Includes corporate support activity

Operating Statistics by Segment

(unaudited)

	Three Months Ended March 31
	2009		2008
Intermodal
Loads	200,232		191,020
Average length of haul	1,798		1,879
Revenue per load	$	1,955	$	2,287
Average tractors during the period*	2,131		1,834
Tractors (end of period)
Company-owned	2,127		1,879
Independent contractor	4		6
Total tractors	2,131		1,885
Containers (end of period)	39,310		34,190
Average effective trailing equipment usage	34,354		32,402
Dedicated
Loads	284,362		330,841
Average length of haul	220		233
Revenue per truck per week**	$	3,132	$	3,632
Average trucks during the period***	4,524		4,897
Trucks (end of period)
Company-owned	4,127		4,631
Independent contractor	41		87
Customer-owned (Dedicated operated)	144		90
Total trucks	4,312		4,808
Trailing equipment (end of period)	9,563		8,182
Average effective trailing equipment usage	12,829		13,120
Truck
Loads	113,332		170,294
Average length of haul	455		492
Loaded miles (000)	53,306		84,921
Total miles (000)	61,716		96,925
Average nonpaid empty miles per load	74.2		73.0
Revenue per tractor per week**	$	2,578	$	3,443
Average tractors during the period*	3,106		4,197
Tractors (end of period)
Company-owned	2,174		3,298
Independent contractor	935		759
Total tractors	3,109		4,057
Trailers (end of period)	14,031		17,228
Average effective trailing equipment usage	10,095		12,370
Integrated Capacity Solutions
Loads	51,610		28,080

* 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)

	March 31, 2009		December 31, 2008
ASSETS
Current assets:
Cash and cash equivalents	$	3,576	$	2,373
Accounts receivable	278,543		280,614
Assets held for sale	13,185		17,843
Prepaid expenses and other	77,392		95,457
Total current assets	372,696		396,287
Property and equipment	2,185,715		2,169,893
Less accumulated depreciation	794,964		783,363
Net property and equipment	1,390,751		1,386,530
Other assets	17,930		10,636
	$	1,781,377	$	1,793,453
LIABILITIES & STOCKHOLDERS’ EQUITY
Current liabilities:
Current debt	$	65,000	$	118,500
Trade accounts payable	157,608		196,059
Claims accruals	18,598		18,095
Accrued payroll	43,483		33,156
Other accrued expenses	32,446		31,995
Deferred income taxes	10,024		10,083
Total current liabilities	327,159		407,888
Long-term debt	564,000		515,000
Other long-term liabilities	30,640		30,490
Deferred income taxes	308,382		311,064
Stockholders’ equity	551,196		529,011
	$	1,781,377	$	1,793,453

Supplemental Data

(unaudited)

	March 31, 2009		December 31, 2008
Actual shares outstanding at end of period (000)	126,095		126,062
Book value per actual share outstanding at end of period	$	4.37	$	4.20

	Three Months Ended March 31
	2009		2008
Net cash provided by operating activities (000)	$	73,879	$	116,888
Net capital expenditures (000)	$	54,850	$	60,452