EXHIBIT 99.1
FOR IMMEDIATE RELEASE
USF CORPORATION REPORTS FOURTH QUARTER
AND FULL YEAR 2004 RESULTS
(Chicago- January 28, 2005)USF Corporation(NASDAQ:USFC) today announced results for the fourth quarter and full year ended December 31, 2004.
Revenue for the fourth quarter was $584 million, compared to $547 million reported for the fourth quarter of 2003. Revenue for the full year 2004 was $2.4 billion as compared to $2.3 billion for 2003.
The Company reported income from continuing operations of $6.6 million for the fourth quarter ended December 31, 2004, compared to $18.7 million reported for the fourth quarter ended December 31, 2003. Reported diluted earnings per share from continuing operations were $0.23, compared to $0.68 in last year’s fourth quarter.
The current fourth quarter included USF Red Star pre-tax shutdown costs and operating losses of $7.2 million, or ($.20) per diluted share, and executive severance pre-tax costs of $1.9 million or ($.05) per diluted share. Included in the 2003 fourth quarter USF Red Star net pre-tax operating profit of $9.4 million, or $.21 per diluted share, was a $10 million gain from the sale of a terminal.
For the twelve months ended December 31, 2004, the Company recorded income from continuing operations of $23.8 million compared to $44.1 million reported for the full year ended December 31, 2003. Reported diluted earnings per share from continuing operations were $0.85 compared to $1.61 at December 31, 2003, net of pre-tax charges. The Statement of Significant Items, detailing the components of pre-tax charges, is included as an attachment to this earnings release.
Thomas E. Bergmann, acting Chief Executive Officer of USF Corporation, commented, “Our fourth quarter results came in under plan in part due to the December weather negatively affecting our West Coast and Midwest operations. Our results were also negatively impacted by a 51.5% tax rate for the quarter. Our yield management efforts are paying dividends as we continue to replace marginally priced business with better yielding freight.
“2004 was a year of significant change at USF. We experienced a number of important events throughout the year, including: the shut-down of USF Red Star, the expansion of USF Holland into the Northeast, a new five year strategic plan and a change in executive management. I am proud of what our employees accomplished during a challenging 2004. I look forward to 2005 as we continue to focus on growth, profitability, and the implementation of our long-term strategies.”
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. Statements of Significant Items are reflected in Table III. Quarterly Operating Statistics are reflected in Table IV.
Less-Than-Truckload (LTL)
The comparison of fourth quarter 2004 versus fourth quarter 2003 operating results is negatively impacted by the closure of USF Red Star.
Fourth quarter revenue for the LTL segment was $483 million, versus $451 million for the same period last year. Operating income for the fourth quarter for the LTL segment was $23.2 million, versus $38.1 for the prior year period. USF Red Star reported revenue and operating income during the fourth quarter of 2003 of $53 million, and $9.4 million, respectively.
LTL shipments decreased 3.7% over the fourth quarter of 2003 and LTL tonnage increased 1.2% during the same period. LTL revenue per shipment increased 9.1% from $129.26 to $141.00, and LTL revenue per hundredweight increased 3.8 % to $11.70.
Average weight per LTL shipment increased 5.1% to 1,205 pounds in the fourth quarter of 2004 versus 1,146 pounds in the fourth quarter of 2003. Average length of haul for LTL shipments was 510 miles in the fourth quarter of 2004 versus 494 miles in the fourth quarter of 2003. The increase in length of haul was due to growth in our PremierPlus® business.
Truckload (TL)
USF Glen Moore recorded revenue for the fourth quarter of $33.3 million compared to $31.4 million in the fourth quarter of 2003. Operating profit for the fourth quarter of 2004 was $1.1 million versus $1.4 million in the year ago quarter. Although USF Glen Moore’s performance for the quarter was negatively impacted by higher expenses in the areas of driver pay and benefits,
maintenance costs and claims, revenue per loaded mile (excluding fuel surcharge) increased by 8.8 % from the prior year’s fourth quarter. USF Glen Moore continued improving its freight mix and productivity during the fourth quarter and is well-positioned to show improved results in 2005.
Logistics
USF Logistics revenue during the fourth quarter was $71.4 million versus $67.3 million for the prior year’s quarter. USF Logistics recorded operating profit of $4.0 million for the fourth quarter of 2004, in line with fourth quarter 2003. Profitability improvements were strongest in the transportation management and cross dock sectors. USF Logistics has a strong pipeline of demand for their services and solutions in 2005.
EPS Guidance
The Company’s EPS guidance for income from continuing operations in 2005, excluding the effects of USF Red Star, is $2.45 to $2.65 per diluted share.
CONFERENCE CALL
A conference call will be held at 7:30 am CST, 8:30 am EST, on Friday, January 28, 2005, 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 5583768 after 10:30 am CST. The telephone replay will be available for seven days. After that time a transcript of the call will be available at http://ir.usfc.com .
A live broadcast of the conference call will be available through the Company’s Web site at www.usfc.com and also www.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 $2.4 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, visit www.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
Page 2 of 6
Table I
USF Corporation
Condensed Consolidated Statements of Operations
Unaudited (Dollars in Thousands, Except Per-Share Amounts)
| | | | | | | | | | | | | | | | | |
| | | Quarter Ended | | | Year to Date | |
| | | December 31, | | | December 31, | | | December 31, | | | December 31, | |
| | | 2004 | | | 2003 | | | 2004 | | | 2003 | |
| Revenue: | | | | | | | | | | | | | | | | |
| LTL Trucking | | $ | 483,272 | | | $ | 450,884 | | | $ | 2,005,330 | | | $ | 1,898,668 | |
| TL Trucking | | | 33,335 | | | | 31,430 | | | | 133,725 | | | | 128,093 | |
| Logistics | | | 71,389 | | | | 67,294 | | | | 269,378 | | | | 276,441 | |
| Intercompany eliminations | | | (4,123 | ) | | | (2,961 | ) | | | (13,854 | ) | | | (11,063 | ) |
| | | | | | | | | | | | | |
| Total revenue from operations | | | 583,873 | | | | 546,647 | | | | 2,394,579 | | | | 2,292,139 | |
| | | | | | | | | | | | | | | | | |
| Income: | | | | | | | | | | | | | | | | |
| LTL Trucking | | | 23,217 | | | | 38,130 | | | | 93,348 | | | | 110,555 | |
| TL Trucking | | | 1,123 | | | | 1,402 | | | | 3,368 | | | | 4,663 | |
| Logistics | | | 4,001 | | | | 4,005 | | | | 9,765 | | | | 9,270 | |
| Corporate and other | | | (9,640 | ) | | | (8,348 | ) | | | (42,736 | ) | | | (28,896 | ) |
| | | | | | | | | | | | | |
| Total income from operations | | | 18,701 | | | | 35,189 | | | | 63,745 | | | | 95,592 | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| Non-operating income/(expenses) | | | | | | | | | | | | | | | | |
| Interest expense | | | (5,250 | ) | | | (5,242 | ) | | | (20,917 | ) | | | (20,900 | ) |
| Interest income | | | 654 | | | | 1,228 | | | | 2,824 | | | | 1,867 | |
| Other, net | | | (429 | ) | | | (342 | ) | | | (1,794 | ) | | | (1,274 | ) |
| | | | | | | | | | | | | |
| Net non-operating (expenses) | | | (5,025 | ) | | | (4,356 | ) | | | (19,887 | ) | | | (20,307 | ) |
| | | | | | | | | | | | | |
| Income/(loss) from continuing operations before income taxes and cumulative effect of accounting change | | | 13,676 | | | | 30,833 | | | | 43,858 | | | | 75,285 | |
| Income tax (expense) | | | (7,048 | ) | | | (12,177 | ) | | | (20,063 | ) | | | (31,184 | ) |
| | | | | | | | | | | | | |
| Income from continuing operations before cumulative effect of accounting change | | | 6,628 | | | | 18,656 | | | | 23,795 | | | | 44,101 | |
| (Loss) from discontinued operations, net of tax benefits of $109 and $239, respectively | | | — | | | | (163 | ) | | | — | | | | (338 | ) |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| Income before cumulative effect of accounting change | | | 6,628 | | | | 18,493 | | | | 23,795 | | | | 43,763 | |
| Cumulative effect of change in accounting for revenue recognition, net of tax benefit of $1,064 | | | — | | | | — | | | | — | | | | (1,467 | ) |
| | | | | | | | | | | | | |
| Net income | | $ | 6,628 | | | $ | 18,493 | | | $ | 23,795 | | | $ | 42,296 | |
| | | | | | | | | | | | | |
| Income per share from continuing operations - Basic | | $ | 0.24 | | | $ | 0.68 | | | $ | 0.86 | | | $ | 1.62 | |
| - Diluted | | | 0.23 | | | | 0.68 | | | | 0.85 | | | | 1.61 | |
| (Loss) per share from discontinued operations | | | | | | | | | | | | | | | | |
| - Basic | | $ | — | | | $ | (0.01 | ) | | $ | — | | | $ | (0.01 | ) |
| - Diluted | | | — | | | | (0.01 | ) | | | — | | | | (0.01 | ) |
| (Loss) per share - cumulative effect of accounting change | | | | | | | | | | | | | | | | |
| - Basic | | $ | — | | | $ | — | | | $ | — | | | $ | (0.06 | ) |
| - Diluted | | | — | | | | — | | | | — | | | | (0.05 | ) |
| | | | | | | | | | | | | | | | | |
| Net income per share - Basic | | $ | 0.24 | | | $ | 0.67 | | | $ | 0.86 | | | $ | 1.55 | |
| Net income per share - Diluted | | | 0.23 | | | | 0.67 | | | | 0.85 | | | | 1.55 | |
| Average shares outstanding - Basic | | | 28,063,730 | | | | 27,434,675 | | | | 27,805,307 | | | | 27,207,392 | |
| Average shares outstanding - Diluted | | | 28,251,150 | | | | 27,630,939 | | | | 27,982,302 | | | | 27,348,711 | |
Page 3 of 6
Table II
USF Corporation
Condensed Consolidated Balance Sheets
Unaudited (Dollars in Thousands)
| | | | | | | | | |
| | | As of | |
| | | December 31, | | | December 31, | |
| | | 2004 | | | 2003 | |
| Assets | | | | | | | | |
| Current assets: | | | | | | | | |
| Cash | | $ | 150,798 | | | $ | 121,659 | |
| Accounts receivable, net | | | 310,172 | | | | 271,849 | |
| Other current assets | | | 69,473 | | | | 65,731 | |
| | | | | | | |
| Total current assets | | | 530,443 | | | | 459,239 | |
| Property and equipment, net | | | 775,940 | | | | 753,902 | |
| Intangibles and other long term assets | | | 134,812 | | | | 144,947 | |
| | | | | | | |
| Total Assets | | | 1,441,195 | | | | 1,358,088 | |
| | | | | | | |
| | | | | | | | | |
| Liabilities and Stockholders’ Equity | | | | | | | | |
| Current liabilities | | | 276,007 | | | | 252,467 | |
| Long-term debt | | | 250,022 | | | | 250,087 | |
| Insurance and other long-term liabilities | | | 212,189 | | | | 190,745 | |
| | | | | | | | | |
| Stockholders’ Equity | | | 702,977 | | | | 664,789 | |
| | | | | | | |
| Total Liabilities and Stockholders’ Equity | | $ | 1,441,195 | | | $ | 1,358,088 | |
| | | | | | | |
USF Corporation
Condensed Consolidated Statements of Cash Flows
Unaudited (Dollars in Thousands)
| | | | | | | | | |
| | | Twelve Months Ended | |
| | | December 31, | | | December 31, | |
| | | 2004 | | | 2003 | |
| Cash flows from operating activities: | | | | | | | | |
| Net income | | $ | 23,795 | | | $ | 42,296 | |
| Net loss from discontinued operations | | | — | | | | 338 | |
| | | | | | | |
| | | | | | | | | |
| Income from continuing operations after cumulative effect of accounting change | | | 23,795 | | | | 42,634 | |
| Cumulative effect of accounting change, net of tax | | | — | | | | 1,467 | |
| Depreciation of property and equipment | | | 104,345 | | | | 100,770 | |
| Other, net | | | 17,205 | | | | 11,868 | |
| | | | | | | |
| Net cash provided by operating activities | | | 145,345 | | | | 156,739 | |
| | | | | | | |
| | | | | | | | | |
| Cash flows from investing activities: | | | | | | | | |
| Acquisitions | | | — | | | | (4,883 | ) |
| Mexico loan | | | (3,495 | ) | | | (5,365 | ) |
| Capital expenditures | | | (145,159 | ) | | | (116,081 | ) |
| Proceeds from sale of property and equipment | | | 18,038 | | | | 38,829 | |
| | | | | | | |
| Net cash (used in) investing activities | | | (130,616 | ) | | | (87,500 | ) |
| | | | | | | |
| | | | | | | | | |
| Net cash provided by (used in) financing activities | | | 14,410 | | | | (1,738 | ) |
| | | | | | | |
| Net increase in cash | | | 29,139 | | | | 67,501 | |
| | | | | | | |
| | | | | | | | | |
| Cash at beginning of period | | | 121,659 | | | | 54,158 | |
| | | | | | | |
| Cash at end of period | | $ | 150,798 | | | $ | 121,659 | |
| | | | | | | |
Page 4 of 6
Table III
In order to provide a better understanding of our financial performance, the following table presents the significant items that impacted our consolidated financial results for the periods shown:
USF Corporation
Statement of Significant Items
Unaudited (Dollars in Thousands, Except Diluted Per-Share Amounts)
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Quarter Ended December 31, 2004 | | | Quarter Ended December 31, 2003 | |
| | | Pre-tax | | | After-tax | | | EPS | | | Pre-tax | | | After-tax | | | EPS | |
| Significant items: | | | | | | | | | | | | | | | | | | | | | | | | |
| USF Red Star operating (profits)/losses and shutdown costs | | $ | 7,174 | | | $ | 5,583 | | | $ | 0.20 | | | $ | (9,419 | ) | | $ | (5,698 | ) | | $ | (0.21 | ) |
| Write-off/amortization expense of USF Red Star intangible assets | | | — | | | | — | | | | — | | | | 768 | | | | 465 | | | | 0.02 | |
| Executive retirement/severance | | | 1,896 | | | | 1,358 | | | | 0.05 | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Twelve Months Ended December 31, 2004 | | | Twelve Months Ended December 31, 2003 | |
| | | Pre-tax | | | After-tax | | | EPS | | | Pre-tax | | | After-tax | | | EPS | |
| Significant items: | | | | | | | | | | | | | | | | | | | | | | | | |
| USF Red Star operating (profits)/losses and shutdown costs | | $ | 38,556 | | | $ | 25,605 | | | $ | 0.92 | | | $ | (1,029 | ) | | $ | (895 | ) | | $ | (0.03 | ) |
| Write-off/amortization expense of USF Red Star intangible assets | | | 1,903 | | | | 1,214 | | | | 0.04 | | | | 2,249 | | | | 1,313 | | | | 0.05 | |
| Information technology write-down | | | 5,980 | | | | 3,815 | | | | 0.14 | | | | — | | | | — | | | | — | |
| Executive retirement/severance | | | 1,896 | | | | 1,358 | | | | 0.05 | | | | 2,100 | | | | 1,202 | | | | 0.04 | |
| Receivables write-off related to USF Logistics’ customer | | | — | | | | — | | | | — | | | | 2,000 | | | | 1,145 | | | | 0.04 | |
Page 5 of 6
Table IV
USF CORPORATION
Quarterly Operating Statistics
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| LTL Segment | | 2003 | | 2004 | | % Chg |
| Reported Revenue and Fuel Surcharge | | Q1 | | Q2 | | Q3 | | Q4 | | Q1 | | Q2 | | Q3 | | Q4 | | Y vs Y |
| |
| Work Days | | | 67.0 | | | | 62.5 | | | | 64.0 | | | | 59.0 | | | | 66.0 | | | | 63.5 | | | | 63.0 | | | | 61.0 | | | | | |
| Reported Revenue (000) | | $ | 488,863 | | | $ | 472,517 | | | $ | 486,449 | | | $ | 450,884 | | | $ | 519,697 | | | $ | 518,191 | | | $ | 484,170 | | | $ | 483,272 | | | | 7.2 | % |
| Fuel Surcharge (000) | | | 20,621 | | | | 15,219 | | | | 15,576 | | | | 14,529 | | | | 21,008 | | | | 27,202 | | | | 29,954 | | | | 41,276 | | | | 184.1 | % |
| Revenue Excluding Fuel Surcharge (000) | | | 468,242 | | | | 457,298 | | | | 470,873 | | | | 436,355 | | | | 498,689 | | | | 490,989 | | | | 454,216 | | | | 441,996 | | | | 1.3 | % |
| Reported Revenue per Day (000) | | | 7,296 | | | | 7,560 | | | | 7,601 | | | | 7,642 | | | | 7,874 | | | | 8,160 | | | | 7,685 | | | | 7,922 | | | | 3.7 | % |
| Fuel Surcharge per Day (000) | | | 308 | | | | 244 | | | | 243 | | | | 246 | | | | 318 | | | | 428 | | | | 475 | | | | 677 | | | | 174.8 | % |
| Revenue Excluding Fuel Surcharge per Day (000) | | | 6,989 | | | | 7,317 | | | | 7,357 | | | | 7,396 | | | | 7,556 | | | | 7,732 | | | | 7,210 | | | | 7,246 | | | | -2.0 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| LTL Segment | | 2003 | | 2004 | | % Chg |
| Operating Statistics * | | Q1 | | Q2 | | Q3 | | Q4 | | Q1 | | Q2 | | Q3 | | Q4 | | Y vs Y |
| |
| Work Days | | | 67.0 | | | | 62.5 | | | | 64.0 | | | | 59.0 | | | | 66.0 | | | | 63.5 | | | | 63.0 | | | | 61.0 | | | | | |
LTL Shipments | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Billed Revenue (000) | | $ | 466,633 | | | $ | 448,128 | | | $ | 461,740 | | | $ | 424,881 | | | $ | 489,855 | | | $ | 482,631 | | | $ | 451,807 | | | $ | 446,457 | | | | 5.1 | % |
| Lbs (000) | | | 4,140,046 | | | | 3,966,767 | | | | 4,044,449 | | | | 3,767,800 | | | | 4,388,674 | | | | 4,293,153 | | | | 3,956,717 | | | | 3,814,477 | | | | 1.2 | % |
| Shipments | | | 3,650,164 | | | | 3,510,351 | | | | 3,572,244 | | | | 3,286,999 | | | | 3,753,724 | | | | 3,640,456 | | | | 3,308,854 | | | | 3,166,254 | | | | -3.7 | % |
| Billed Revenue per Day (000) | | $ | 6,965 | | | $ | 7,170 | | | $ | 7,215 | | | $ | 7,201 | | | $ | 7,422 | | | $ | 7,600 | | | $ | 7,172 | | | $ | 7,319 | | | | 1.6 | % |
| Lbs per Day (000) | | | 61,792 | | | | 63,468 | | | | 63,195 | | | | 63,861 | | | | 66,495 | | | | 67,609 | | | | 62,805 | | | | 62,532 | | | | -2.1 | % |
| Shipments per Day | | | 54,480 | | | | 56,166 | | | | 55,816 | | | | 55,712 | | | | 56,875 | | | | 57,330 | | | | 52,521 | | | | 51,906 | | | | -6.8 | % |
| Billed Revenue per Shipment | | $ | 127.84 | | | $ | 127.66 | | | $ | 129.26 | | | $ | 129.26 | | | $ | 130.50 | | | $ | 132.57 | | | $ | 136.54 | | | $ | 141.00 | | | | 9.1 | % |
| Lbs. Per Shipment | | | 1,134 | | | | 1,130 | | | | 1,132 | | | | 1,146 | | | | 1,169 | | | | 1,179 | | | | 1,196 | | | | 1,205 | | | | 5.1 | % |
| Billed Revenue per CWT | | $ | 11.27 | | | $ | 11.30 | | | $ | 11.42 | | | $ | 11.28 | | | $ | 11.16 | | | $ | 11.24 | | | $ | 11.42 | | | $ | 11.70 | | | | 3.8 | % |
| Average Length of Haul | | | 488 | | | | 492 | | | | 492 | | | | 494 | | | | 497 | | | | 508 | | | | 513 | | | | 510 | | | | 3.2 | % |
| |
TL Shipments | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Billed Revenue (000) | | $ | 35,531 | | | $ | 34,488 | | | $ | 35,501 | | | $ | 34,843 | | | $ | 41,247 | | | $ | 43,200 | | | $ | 42,351 | | | $ | 45,367 | | | | 30.2 | % |
| Lbs (000) | | | 836,475 | | | | 803,289 | | | | 820,651 | | | | 806,696 | | | | 960,887 | | | | 993,421 | | | | 955,178 | | | | 978,284 | | | | 21.3 | % |
| Shipments | | | 56,293 | | | | 53,511 | | | | 54,589 | | | | 53,240 | | | | 64,262 | | | | 66,145 | | | | 63,385 | | | | 64,484 | | | | 21.1 | % |
| Billed Revenue per Day (000) | | $ | 530 | | | $ | 552 | | | $ | 555 | | | $ | 591 | | | $ | 625 | | | $ | 680 | | | $ | 672 | | | $ | 744 | | | | 25.9 | % |
| Lbs per Day (000) | | | 12,485 | | | | 12,853 | | | | 12,823 | | | | 13,673 | | | | 14,559 | | | | 15,644 | | | | 15,162 | | | | 16,037 | | | | 17.3 | % |
| Shipments per Day | | | 840 | | | | 856 | | | | 853 | | | | 902 | | | | 974 | | | | 1,042 | | | | 1,006 | | | | 1,057 | | | | 17.1 | % |
| Billed Revenue per Shipment | | $ | 631.18 | | | $ | 644.50 | | | $ | 650.33 | | | $ | 654.45 | | | $ | 641.86 | | | $ | 653.11 | | | $ | 668.15 | | | $ | 703.54 | | | | 7.5 | % |
| Lbs. Per Shipment | | | 14,859 | | | | 15,012 | | | | 15,033 | | | | 15,152 | | | | 14,953 | | | | 15,019 | | | | 15,069 | | | | 15,171 | | | | 0.1 | % |
| Billed Revenue per CWT | | $ | 4.25 | | | $ | 4.29 | | | $ | 4.33 | | | $ | 4.32 | | | $ | 4.29 | | | $ | 4.35 | | | $ | 4.43 | | | $ | 4.64 | | | | 7.4 | % |
| Average Length of Haul | | | 413 | | | | 428 | | | | 430 | | | | 433 | | | | 440 | | | | 446 | | | | 449 | | | | 446 | | | | 3.0 | % |
| |
LTL Segment — Total | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Billed Revenue (000) | | $ | 502,164 | | | $ | 482,616 | | | $ | 497,241 | | | $ | 459,724 | | | $ | 531,102 | | | $ | 525,831 | | | $ | 494,158 | | | $ | 491,824 | | | | 7.0 | % |
| Lbs (000) | | | 4,976,521 | | | | 4,770,056 | | | | 4,865,100 | | | | 4,574,496 | | | | 5,349,561 | | | | 5,286,574 | | | | 4,911,895 | | | | 4,792,761 | | | | 4.8 | % |
| Shipments | | | 3,706,457 | | | | 3,563,862 | | | | 3,626,833 | | | | 3,340,239 | | | | 3,817,986 | | | | 3,706,601 | | | | 3,372,239 | | | | 3,230,738 | | | | -3.3 | % |
| Billed Revenue per Day (000) | | $ | 7,495 | | | $ | 7,722 | | | $ | 7,769 | | | $ | 7,792 | | | $ | 8,047 | | | $ | 8,281 | | | $ | 7,844 | | | $ | 8,063 | | | | 3.5 | % |
| Lbs per Day (000) | | | 74,276 | | | | 76,321 | | | | 76,017 | | | | 77,534 | | | | 81,054 | | | | 83,253 | | | | 77,967 | | | | 78,570 | | | | 1.3 | % |
| Shipments per Day | | | 55,320 | | | | 57,022 | | | | 56,669 | | | | 56,614 | | | | 57,848 | | | | 58,372 | | | | 53,528 | | | | 52,963 | | | | -6.4 | % |
| Billed Revenue per Shipment | | $ | 135.48 | | | $ | 135.42 | | | $ | 137.10 | | | $ | 137.63 | | | $ | 139.11 | | | $ | 141.86 | | | $ | 146.54 | | | $ | 152.23 | | | | 10.6 | % |
| Lbs. Per Shipment | | | 1,343 | | | | 1,338 | | | | 1,341 | | | | 1,370 | | | | 1,401 | | | | 1,426 | | | | 1,457 | | | | 1,483 | | | | 8.3 | % |
| Billed Revenue per CWT | | $ | 10.09 | | | $ | 10.12 | | | $ | 10.22 | | | $ | 10.05 | | | $ | 9.93 | | | $ | 9.95 | | | $ | 10.06 | | | $ | 10.26 | | | | 2.1 | % |
| Average Length of Haul | | | 487 | | | | 491 | | | | 491 | | | | 493 | | | | 493 | | | | 507 | | | | 507 | | | | 508 | | | | 3.0 | % |
| |
*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.
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