FOR IMMEDIATE RELEASE
USF CORPORATION REPORTS SECOND QUARTER RESULTS
Strong Freight Demand Continues
(Chicago – July 23, 2004)USF Corporation (NASDAQ:USFC) today reported a $2.0 million loss from continuing operations, or ($.07) per diluted share, for the second quarter ended July 3, 2004. This compares to income from continuing operations of $8.1 million, or $.30 diluted earnings per share for the prior year period.
The loss for the second quarter of 2004 includes Red Star pre-tax operating losses and shut-down costs of $21.4 million ($13.6 million after-tax) and a $6.0 million charge ($3.8 million after-tax) for the write-down of an information technology project. Included in the 2003 second quarter results was a pre-tax charge of $2.1 million ($1.2 million after-tax) related to retirement costs for the Company’s former CEO. Revenue for the second quarter of 2004 was $612 million, compared to $567 million in the prior year period. There were 63.5 working days in the second quarter of 2004 compared to 62.5 working days in the second quarter of 2003. Revenue per working day increased 6.2% from last year’s second quarter.
Income from continuing operations, excluding the effects of Red Star and the information technology write-down, for the second quarter was $16.0 million, or $.58 earnings per diluted share, compared to $10.8 million, or $.40 earnings per diluted share for the second quarter of 2003 excluding non-comparable items. This represents an increase of 48.0% and 45.0%, respectively, from the prior year period.
For the six months ended July 3, 2004, reported net income was $5.1 million, or $.18 earnings per diluted share versus $10.8 million, or $.40 earnings per diluted share in 2003. Revenue for the six months was $1,228.6 million compared to $1,160.8 million in 2003.
Condensed Consolidated Statements of Operations are reflected in Table I. Condensed Consolidated Balance Sheets and Condensed Consolidated Statements of Cash Flows are reflected in Table II. Reconciliation of Non-GAAP Financial Measures are reflected in Table III. Quarterly Operating Statistics are reflected in Table IV.
Richard P. DiStasio, President and Chief Executive Officer of USF Corporation commented, “There were two significant events during the second quarter. On May 23rd, we announced the closure of our Red Star operations. Subsequently, we determined that the best way to serve our customers in the Northeast is to expand the USF Holland brand. Therefore, on June 23rd, we announced the expansion of our Holland operations into the Northeast. We expect to have eight terminals fully operational by early September. Notwithstanding these two significant events, our second quarter, excluding the Red Star effect was very strong,” said DiStasio.
“For the second consecutive quarter, our inter-regional LTL product, PremierPlus®, recorded strong revenue growth during the quarter with an increase of 16% from the prior year’s second quarter. Our business process initiatives, known as Team One, have been helping to improve operational excellence and revenue growth across our entire Company,” said DiStasio.
Less-Than-Truckload (LTL)
Second quarter revenue for the LTL segment was $518 million, versus $472 million, for the same period last year. This represents an increase of 9.7%. Operating income for the LTL segment was $15.8 million, versus $25.3 million for the prior year quarter, a decrease of 38%. This decrease in operating income is primarily due to the Red Star pre-tax operating losses and shut-down costs of $21.4 million, offset by an operating income improvement at the other LTL companies. The LTL segment’s Operating Ratio (OR), excluding Red Star, improved 100 basis points to 92.4 from 93.4, led by improvement at USF Holland.
LTL shipments increased 3.7% over the second quarter of 2003 and LTL tonnage increased 8.2% during the same period. These numbers were negatively impacted by the Red Star closure in May of 2004. LTL revenue per shipment increased 3.9% from $127.66 to $132.57, including fuel surcharges. On a year over year basis, LTL revenue per hundredweight decreased by 0.5%, from $11.30 to $11.24. Average weight per LTL shipment increased 4.4% to 1,179 pounds in the second quarter of 2004 versus 1,130 pounds in the second quarter of 2003. Average length of haul for the LTL segment was 508 miles versus 492 miles in the second quarter of 2003.
Truckload (TL)
USF Glen Moore recorded an operating profit of $0.6 million versus $1.0 million in the year ago quarter. Glen Moore’s OR increased to 98.1% from the 2003 second quarter OR of 96.9%. Revenue for the quarter was up 4% to $32.5 million from $31.2 million in the second quarter of 2003. Glen Moore’s performance for the quarter was negatively impacted by higher fuel and self-insurance costs as well as driver shortages. On June 17, 2004, the Company announced the appointment of Matthew J. Stoll as President of USF Glen Moore.
Logistics
USF Logistics recorded an operating profit of $1.8 million for the second quarter of 2004, versus $1.8 million for the second quarter 2003. Revenue for the Logistics segment was $64.5 million versus $65.7 million for the prior year’s quarter.
Corporate and Other
Corporate and Other expenses were at $16.0 million for the second quarter of 2004. Corporate and Other expenses include the write-down of an information technology project of $6.0 million and the write-off of $0.8 million in Red Star intangible assets. Excluding these two items, Corporate and Other expense decreased 2% from the first quarter of 2004 to $9.2 million.
Red Star Pension Liability
As a result of the shut-down of Red Star, the Company may be subject to withdrawal payments for up to 13 multi-employer pension plans. The Company is in the early stages of gathering information from each of the plans. Therefore, the Company is unable to estimate its ultimate withdrawal liability at this time, and as a result, the amount of the liability may be materially higher or lower than the $35 million estimate stated in the May 23rdconference call.
EPS Guidance
The Company believes that due to the success of its business process initiatives and based on its continued strong performance in 2004, the Company’s EPS guidance for the full year, excluding the effects of Red Star, both current and on-going and the information technology write-down, remains at $1.95 to $2.15.
CONFERENCE CALL
A conference call will be held at 7:30 am CDT, 8:30 am EDT, on Friday, July 23rd to discuss the results. Those wishing to participate should dial 1-888-245-7013. Callers should dial in 5 to 10 minutes prior to the start of the call. A telephone replay will also be available. To use the dial-in access, call 1-877-519-4471, PIN number 4866160 after 10:30 am CDT. The telephone replay will be available for seven days. After that time a transcript of the call will be available athttp://ir.usfc.com .
A live broadcast of the conference call will be available through the Company’s Web site atwww.usfc.com and alsowww.streetevents.com . To listen to the call, please go to one of the Web sites at least fifteen minutes early to download and install any necessary software. For those who cannot listen to the live broadcast, a replay will be available shortly after the call at both Web sites. The conference call is the sole property of USF and any rebroadcast or transcription of the event without prior written consent of the Company is prohibited. The Company assumes no responsibility to update any information posted on its Web site.
USF Corporation, a $2.3 billion leader in the transportation industry, specializes in delivering comprehensive supply chain management solutions, including high-value next-day, regional and national LTL transportation, forward and reverse logistics, and premium regional and national truckload transportation. The Company serves the North American market, including the United States, Canada and Mexico, as well as the U.S. territories of Puerto Rico and Guam. USF Corporation is headquartered in Chicago, Illinois. For more information, visitwww.usfc.com.
FORWARD-LOOKING STATEMENTS
This release contains forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties are detailed from time to time in reports filed by the Company with the SEC including Forms 8-K, 10-Q and 10-K.
_________________
Corporate Contact:
USF Corporation
James J. Hyland 773.824.2213
Table I
USF Corporation
Condensed Consolidated Statements of Operations
Unaudited (Dollars in Thousands, Except Per-Share Amounts)
| Quarter Ended
| Six Months Ended
|
|---|
| July 3,
2004
| July 5,
2003
| July 3,
2004
| July 5,
2003
|
|---|
| Revenue: | | | | | | | | | | | | | | |
| LTL Trucking | | | $ | 518,191 | | $ | 472,472 | | $ | 1,037,888 | | $ | 961,335 | |
| TL Trucking | | | | 32,479 | | | 31,244 | | | 66,753 | | | 62,994 | |
| Logistics | | | | 64,535 | | | 65,738 | | | 130,972 | | | 141,413 | |
| Intercompany eliminations | | | | (3,345 | ) | | (2,369 | ) | | (6,986 | ) | | (4,955 | ) |
|
| |
| |
| |
| |
| Total revenue from operations | | | | 611,860 | | | 567,085 | | | 1,228,627 | | | 1,160,787 | |
| Income: | | |
| LTL Trucking | | | | 15,755 | | | 25,300 | | | 39,793 | | | 42,112 | |
| TL Trucking | | | | 607 | | | 962 | | | 1,419 | | | 1,485 | |
| Logistics | | | | 1,827 | | | 1,785 | | | 3,457 | | | 2,338 | |
| Corporate and other | | | | (15,971 | ) | | (8,682 | ) | | (25,363 | ) | | (13,918 | ) |
|
| |
| |
| |
| |
| Total income from operations | | | | 2,218 | | | 19,365 | | | 19,306 | | | 32,017 | |
|
| |
| |
| |
| |
| Non-operating income/(expenses) | | |
| Interest expense | | | | (5,217 | ) | | (5,191 | ) | | (10,426 | ) | | (10,483 | ) |
| Interest income | | | | 640 | | | 207 | | | 1,211 | | | 418 | |
| Other, net | | | | (563 | ) | | (171 | ) | | (953 | ) | | (426 | ) |
|
| |
| |
| |
| |
| Net non-operating expenses | | | | (5,140 | ) | | (5,155 | ) | | (10,168 | ) | | (10,491 | ) |
|
| |
| |
| |
| |
| Income/(loss) from continuing operations before income | | |
| taxes and cumulative effect of accounting change | | | | (2,922 | ) | | 14,210 | | | 9,138 | | | 21,526 | |
| Income tax benefit/(expense) | | | | 905 | | | (6,096 | ) | | (4,039 | ) | | (9,172 | ) |
|
| |
| |
| |
| |
| Income/(loss) from continuing operations before | | |
| cumulative | | |
| effect of accounting change | | | | (2,017 | ) | | 8,114 | | | 5,099 | | | 12,354 | |
| (Loss) from discontinued operations, | | |
| net of tax benefits of $29 and $34, respectively | | | | -- | | | (38 | ) | | -- | | | (45 | ) |
|
| |
| |
| |
| |
| Income/(loss) before cumulative effect of | | |
| accounting change | | | | (2,017 | ) | | 8,076 | | | 5,099 | | | 12,309 | |
| Cumulative effect of change in accounting | | |
| for revenue recognition, net of tax benefit of | | |
| $ 1,064 | | | | -- | | | -- | | | -- | | | (1,467 | ) |
|
| |
| |
| |
| |
| Net income/(loss) | | | $ | (2,017 | ) | $ | 8,076 | | $ | 5,099 | | $ | 10,842 | |
|
| |
| |
| |
| |
| | | | | |
|---|
| | | | | |
|---|
| Income/(loss) per share from | | | | | | | | | | | | | | | | | |
| continuing operations -Basic | | | | $ | (0.07) | | $ | 0.30 | | $ | 0.18 | | $ | 0.46 | | | |
| -Diluted | | | | | (0.07) | | | 0.30 | | | 0.18 | | | 0.45 |
| Loss per share - cumulative effect of accounting change | | |
| - Basic | | | | $ | - | | $ | - | | $ | - | | $ | (0.05) | | | |
| - Diluted | | | | | - | | | - | | | - | | | (0.05) |
| Net income/(loss) per share - Basic | | | | $ | (0.07) | | $ | 0.30 | | $ | 0.18 | | | 0.40 |
| Net income/(loss) per share - Diluted | | | | | (0.07) | | | 0.30 | | | 0.18 | | | 0.40 |
| Average shares outstanding - Basic | | | | | 27,730,313 | | | 27,105,724 | | | 27,651,383 | | | 27,054,311 |
| Average shares outstanding - Diluted | | | | | 27,730,313 | | | 27,235,970 | | | 27,824,419 | | | 27,167,674 |
Table II
USF Corporation
Condensed Consolidated Balance Sheets
Unaudited (Dollars in Thousands)
| As of |
|---|
|
| |
| July 3,
2004 | December 31,
2003 |
|---|
|
| |
| |
| Assets | | | | | | | | |
| Current assets: | | |
| Cash | | | $ | 143,963 | | $ | 121,659 | |
| Accounts receivable, net | | | | 302,294 | | | 271,849 | |
| Other current assets | | | | 66,221 | | | 65,731 | |
|
| |
| |
| Total current assets | | | | 512,478 | | | 459,239 | |
| Property and equipment, net | | | | 747,648 | | | 753,902 | |
| Intangibles and other long term assets | | | | 145,647 | | | 144,947 | |
|
| |
| |
| Total Assets | | | | 1,405,773 | | | 1,358,088 | |
|
| |
| |
| Liabilities and Stockholders' Equity | | |
| Current liabilities | | | | 286,819 | | | 252,467 | |
| Long-term debt | | | | 250,055 | | | 250,087 | |
| Insurance and other long-term liabilities | | | | 194,944 | | | 190,745 | |
| Stockholders' Equity | | | | 673,955 | | | 664,789 | |
|
| |
| |
| Total Liabilities and Stockholders' Equity | | | $ | 1,405,773 | | $ | 1,358,088 | |
|
| |
| |
USF Corporation
Condensed Consolidated Statements of Cash Flows
Unaudited (Dollars in Thousands)
| Six Months Ended
|
|---|
| July 3,
2004
| July 5,
2003
|
|---|
| Cash flows from operating activities: | | | | | | | | |
| Net income | | | $ | 5,099 | | $ | 10,842 | |
| Net loss from discontinued operations | | | | -- | | | 45 | |
|
| |
| |
| Income from continuing operations after | | |
| cumulative effect of accounting change | | | | 5,099 | | | 10,887 | |
| Cumulative effect of accounting change, net of tax | | | | -- | | | 1,467 | |
| Depreciation of property and equipment | | | | 51,972 | | | 51,139 | |
| Other, net | | | | 15,202 | | | 14,152 | |
|
| |
| |
| Net cash provided by operating activities | | | | 72,273 | | | 77,645 | |
|
| |
| |
| Cash flows from investing activities: | | |
| Acquisitions | | | | -- | | | (4,883 | ) |
| Mexico loan | | | | (2,943 | ) |
| Capital expenditures | | | | (57,524 | ) | | (69,409 | ) |
| Proceeds from sale of property and equipment | | | | 6,717 | | | 5,912 | |
|
| |
| |
| Net cash used in investing activities | | | | (53,750 | ) | | (68,380 | ) |
|
| |
| |
| Net cash provided by (used in) financing activities | | | | 3,781 | | | (5,972 | ) |
|
| |
| |
| Net increase in cash | | | | 22,304 | | | 3,293 | |
|
| |
| |
| Cash at beginning of period | | | | 121,659 | | | 54,158 | |
|
| |
| |
| Cash at end of period | | | $ | 143,963 | | $ | 57,451 | |
|
| |
| |
Table III
USF Corporation
Reconciliation of Non-GAAP Financial Measures
Unaudited (Dollars in Thousands, Except Per-Share Amounts)
| Quarter Ended July 3, 2004
| Quarter Ended July 5, 2003
|
|---|
| Pre-tax
| After-tax
| EPS
| Pre-tax
| After-tax
| EPS
|
|---|
| | | | | | | | | | | | | | | | | | | | |
| Income/(loss) from continuing operations before cumulative effect of accounting change - Per GAAP | | | $ | (2,922 | ) | $ | (2,017 | ) | $ | (0.07 | ) | $ | 14,210 | | $ | 8,114 | | $ | 0.30 | |
|
| |
| |
| |
| |
| |
| |
| Non-comparable items: | | |
| Red Star operating losses and shutdown costs | | | | 21,359 | | | 13,627 | | | 0.49 | | | 2,079 | | | 1,187 | | | 0.04 | |
| | |
| Write-off/amortization expense of Red Star intangible assets | | | | 944 | | | 602 | | | 0.02 | | | 575 | | | 328 | | | 0.01 | |
| Information technology write-down | | | | 5,980 | | | 3,815 | | | 0.14 | | | -- | | | -- | | | -- | |
| Retirement costs for former CEO | | | | -- | | | -- | | | -- | | | 2,100 | | | 1,199 | | | 0.04 | |
| | |
| Receivables write-off related to Logistics' customer | | | | -- | | | -- | | | -- | | | -- | | | -- | | | -- | |
|
| |
| |
| |
| |
| |
| |
| Total non-comparable items | | | | 28,283 | | | 18,044 | | | 0.65 | | | 4,754 | | | 2,714 | | | 0.10 | |
|
| |
| |
| |
| |
| |
| |
| Income from continuing operations excluding non-comparable items and cumulative effect of accounting change | | | $ | 25,361 | | $ | 16,027 | | $ | 0.58 | | $ | 18,964 | | $ | 10,828 | | $ | 0.40 | |
|
| |
| |
| |
| |
| |
| |
| Average shares outstanding - Diluted | | | | | | | | | | 27,730 | | | | | | | | | 27,236 | |
| Six Months Ended July 3, 2004
| Six Months Ended July 5, 2003
|
|---|
| Pre-tax
| After-tax
| EPS
| Pre-tax
| After-tax
| EPS
|
|---|
| | | | | | | | | | | | | | | | | | | | |
| Income from continuing operations before cumulative effect of accounting change - Per GAAP | | | $ | 9,138 | | $ | 5,099 | | $ | 0.18 | | $ | 21,526 | | $ | 12,354 | | $ | 0.45 | |
|
| |
| |
| |
| |
| |
| |
| Non-comparable items: | | |
| Red Star operating losses and shutdown costs | | | | 23,593 | | | 15,052 | | | 0.54 | | | 7,373 | | | 4,232 | | | 0.16 | |
| | |
| Write-off/amortization expense of Red Star intangible assets | | | | 1,903 | | | 1,214 | | | 0.04 | | | 834 | | | 479 | | | 0.02 | |
| Information technology write-down | | | | 5,980 | | | 3,815 | | | 0.14 | | | -- | | | -- | |
| Retirement costs for former CEO | | | | -- | | | -- | | | -- | | | 2,100 | | | 1,205 | | | 0.04 | |
| | |
| Receivables write-off related to Logistics' customer | | | | -- | | | -- | | | -- | | | 2,000 | | | 1,148 | | | 0.04 | |
|
| |
| |
| |
| |
| |
| |
| Total non-comparable items | | | | 31,476 | | | 20,081 | | | 0.72 | | | 12,307 | | | 7,064 | | | 0.26 | |
|
| |
| |
| |
| |
| |
| |
| Income from continuing operations excluding non-comparable items and cumulative effect of accounting change | | | $ | 40,614 | | $ | 25,180 | | $ | 0.90 | | $ | 33,833 | | $ | 19,418 | | $ | 0.71 | |
|
| |
| |
| |
| |
| |
| |
| Average shares outstanding - Diluted | | | | | | | | | | 27,824 | | | | | | | | | 27,168 | |
The exclusion of non-comparable items provide a better presentation of the results of ongoing operations of the company.
Table IV
USF CORPORATION
Quarterly Operating Statistics
| LTL Segment | 2003
| 2004
| % Chg |
|---|
Reported Revenue and Fuel Surcharge
| Q1
| Q2
| Q3
| Q4
| Q1
| Q2
| Y vs Y
|
|---|
| Work Days | | | | 67.0 | | | 62.5 | | | 64.0 | | | 59.0 | | | 66.0 | | | 63.5 | | | | |
| Reported Revenue (000) | | | $ | 488,863 | | $ | 472,517 | | $ | 486,449 | | $ | 450,884 | | $ | 519,697 | | $ | 518,191 | | | 9.7 | % |
| Fuel Surcharge (000) | | | | 20,621 | | | 15,219 | | | 15,576 | | | 14,529 | | | 21,008 | | | 27,202 | | | 78.7 | % |
| Revenue Excluding Fuel Surcharge (000) | | | | 468,242 | | | 457,298 | | | 470,873 | | | 436,355 | | | 498,689 | | | 490,989 | | | 7.4 | % |
| Reported Revenue per Day (000) | | | | 7,296 | | | 7,560 | | | 7,601 | | | 7,642 | | | 7,874 | | | 8,160 | | | 7.9 | % |
| Fuel Surcharge per Day (000) | | | | 308 | | | 244 | | | 243 | | | 246 | | | 318 | | | 428 | | | 75.9 | % |
| Revenue Excluding Fuel Surcharge per | | |
| Day (000) | | | | 6,989 | | | 7,317 | | | 7,357 | | | 7,396 | | | 7,556 | | | 7,732 | | | 5.7 | % |
| LTL Segment | 2003
| 2004
| % Chg |
|---|
Operating Statistics *
| Q1
| Q2
| Q3
| Q4
| Q1
| Q2
| Y vs Y
|
|---|
| Work Days | | | | 67.0 | | | 62.5 | | | 64.0 | | | 59.0 | | | 66.0 | | | 63.5 | | | | |
| LTL Shipments | | |
| Billed Revenue (000) | | | $ | 466,633 | | $ | 448,128 | | $ | 461,740 | | $ | 424,881 | | $ | 489,855 | | $ | 482,631 | | | 7.7 | % |
| Lbs (000) | | | | 4,140,046 | | | 3,966,767 | | | 4,044,449 | | | 3,767,800 | | | 4,388,674 | | | 4,293,153 | | | 8.2 | % |
| Shipments | | | | 3,650,164 | | | 3,510,351 | | | 3,572,244 | | | 3,286,999 | | | 3,753,724 | | | 3,640,456 | | | 3.7 | % |
| Billed Revenue per Day (000) | | | $ | 6,965 | | $ | 7,170 | | $ | 7,215 | | $ | 7,201 | | $ | 7,422 | | $ | 7,600 | | | 6.0 | % |
| Lbs per Day (000) | | | | 61,792 | | | 63,468 | | | 63,195 | | | 63,861 | | | 66,495 | | | 67,609 | | | 6.5 | % |
| Shipments per Day | | | | 54,480 | | | 56,166 | | | 55,816 | | | 55,712 | | | 56,875 | | | 57,330 | | | 2.1 | % |
| Billed Revenue per Shipment | | | $ | 127.84 | | $ | 127.66 | | $ | 129.26 | | $ | 129.26 | | $ | 130.50 | | $ | 132.57 | | | 3.9 | % |
| Lbs. Per Shipment | | | | 1,134 | | | 1,130 | | | 1,132 | | | 1,146 | | | 1,169 | | | 1,179 | | | 4.4 | % |
| Billed Revenue per CWT | | | $ | 11.27 | | $ | 11.30 | | $ | 11.42 | | $ | 11.28 | | $ | 11.16 | | $ | 11.24 | | | -0.5 | % |
| Average Length of Haul | | | | 488 | | | 492 | | | 492 | | | 494 | | | 497 | | | 508 | | | 3.3 | % |
| |
| |
| |
| |
| |
| |
| |
| |
| TL Shipments | | |
| Billed Revenue (000) | | | $ | 35,531 | | $ | 34,488 | | $ | 35,501 | | $ | 34,843 | | $ | 41,247 | | $ | 43,200 | | | 25.3 | % |
| Lbs (000) | | | | 836,475 | | | 803,289 | | | 820,651 | | | 806,696 | | | 960,887 | | | 993,421 | | | 23.7 | % |
| Shipments | | | | 56,293 | | | 53,511 | | | 54,589 | | | 53,240 | | | 64,262 | | | 66,145 | | | 23.6 | % |
| Billed Revenue per Day (000) | | | $ | 530 | | $ | 552 | | $ | 555 | | $ | 591 | | $ | 625 | | $ | 680 | | | 23.3 | % |
| Lbs per Day (000) | | | | 12,485 | | | 12,853 | | | 12,823 | | | 13,673 | | | 14,559 | | | 15,644 | | | 21.7 | % |
| Shipments per Day | | | | 840 | | | 856 | | | 853 | | | 902 | | | 974 | | | 1,042 | | | 21.7 | % |
| Billed Revenue per Shipment | | | $ | 631.18 | | $ | 644.50 | | $ | 650.33 | | $ | 654.45 | | $ | 641.86 | | $ | 653.11 | | | 1.3 | % |
| Lbs. Per Shipment | | | | 14,859 | | | 15,012 | | | 15,033 | | | 15,152 | | | 14,953 | | | 15,019 | | | 0.0 | % |
| Billed Revenue per CWT | | | $ | 4.25 | | $ | 4.29 | | $ | 4.33 | | $ | 4.32 | | $ | 4.29 | | $ | 4.35 | | | 1.3 | % |
| Average Length of Haul | | | | 413 | | | 428 | | | 430 | | | 433 | | | 440 | | | 446 | | | 4.2 | % |
| |
| |
| |
| |
| |
| |
| |
| |
| LTL Segment - Total | | |
| Billed Revenue (000) | | | $ | 502,164 | | $ | 482,616 | | $ | 497,241 | | $ | 459,724 | | $ | 531,102 | | $ | 525,831 | | | 9.0 | % |
| Lbs (000) | | | | 4,976,521 | | | 4,770,056 | | | 4,865,100 | | | 4,574,496 | | | 5,349,561 | | | 5,286,574 | | | 10.8 | % |
| Shipments | | | | 3,706,457 | | | 3,563,862 | | | 3,626,833 | | | 3,340,239 | | | 3,817,986 | | | 3,706,601 | | | 4.0 | % |
| Billed Revenue per Day (000) | | | $ | 7,495 | | $ | 7,722 | | $ | 7,769 | | $ | 7,792 | | $ | 8,047 | | $ | 8,281 | | | 7.2 | % |
| Lbs per Day (000) | | | | 74,276 | | | 76,321 | | | 76,017 | | | 77,534 | | | 81,054 | | | 83,253 | | | 9.1 | % |
| Shipments per Day | | | | 55,320 | | | 57,022 | | | 56,669 | | | 56,614 | | | 57,848 | | | 58,372 | | | 2.4 | % |
| Billed Revenue per Shipment | | | $ | 135.48 | | $ | 135.42 | | $ | 137.10 | | $ | 137.63 | | $ | 139.11 | | $ | 141.86 | | | 4.8 | % |
| Lbs. Per Shipment | | | | 1,343 | | | 1,338 | | | 1,341 | | | 1,370 | | | 1,401 | | | 1,426 | | | 6.6 | % |
| Billed Revenue per CWT | | | $ | 10.09 | | $ | 10.12 | | $ | 10.22 | | $ | 10.05 | | $ | 9.93 | | $ | 9.95 | | | -1.7 | % |
| Average Length of Haul | | | | 487 | | | 491 | | | 491 | | | 493 | | | 493 | | | 507 | | | 3.3 | % |
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* These statistics are presented on an as-billed basis and not as presented in the financial statements. Differences between the operating statistics data and reported revenue in the financial statements result from, among other items, revenue recognition between accounting periods, adjustments for volume discounts that are not attributable to specific invoices and other adjustments to invoices that occur during later periods.
