EXHIBIT 99.1
FOR IMMEDIATE RELEASE
USF CORPORATION REPORTS FIRST QUARTER
2005 RESULTS
(Chicago— April 22, 2005)USF Corporation(NASDAQ:USFC) today announced results for the first quarter ended April 2, 2005.
Revenue for the first quarter was $598 million, compared to $617 million reported for the first quarter of 2004. The first quarter of 2004 included Red Star revenue of $57 million.
The Company reported a net loss of$5.8 million for the first quarter ended April 2, 2005, compared to income of $7.1 million reported for the first quarter ended April 3, 2004. Reported diluted net loss per share was ($.20), compared to diluted net income per share of $0.26 in last year’s first quarter.
First quarter 2005 results include USF Red Star pre-tax shutdown costs and operating losses of $4.9 million or ($.11) per diluted share, operating losses and loss on sale of USF Processors of $7.8 million or ($.19) per diluted share, and fees related to the proposed merger with Yellow Roadway Corporation of $3.5 million or ($.08) per diluted share. The Statement of Significant Items, detailing the components of pre-tax charges, is included as an attachment to this earnings release.
For the first quarter, key LTL segment operating statistics, excluding Red Star, were as follows: (as compared to the prior year period)
| | - | Billed revenue per day up 11.9% |
| | - | Shipments per day up 3.4% |
| | - | Lbs. per day up 5.7% |
| | - | Billed revenue per shipment up 8.2% |
| | - | Billed revenue per hundredweight up 5.9% |
Thomas E. Bergmann, acting Chief Executive Officer of USF Corporation, commented, “As we stated in our first quarter update, the year-over-year decline in diluted earnings per share was caused by a slowdown in the automotive sector that resulted in reduced volumes and productivity in the Midwest region, a highly competitive Southeast region from both a density and pricing perspective, and slower than anticipated growth in our Northeast region. We are addressing the volume and productivity decline in our Midwest region through an aggressive revenue enhancement and cost reduction program and our Northeast strategy is currently under review.
“Also, certain first quarter actions were deferred pending the merger with Yellow Roadway Corporation. We would anticipate that any expected synergies that USF would have reaped from these initiatives will be realized post merger.”
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 first quarter 2005 versus first quarter 2004 operating results is negatively impacted by the closure of USF Red Star.
First quarter revenue for the LTL segment was $507 million, versus $520 million for the same period last year. Operating income for the first quarter for the LTL segment was $13.1 million, versus $24.0 for the prior year period. USF Red Star reported revenue and operating losses during the first quarter of 2004 of $57 million, and $2.2 million, respectively.
Truckload (TL)
USF Glen Moore set an all-time first quarter record with operating profit of $1.1 million versus $0.8 million in the year ago quarter. USF Glen Moore recorded revenue for the first quarter of $31.1 million compared to $34.3 million in the first quarter of 2004. The decrease in revenue reflected a lower seated truck percentage than the prior year period. Revenue per tractor per day (excluding fuel surcharge) increased by 5% from the prior year’s first quarter.
Logistics
USF Logistics revenue during the first quarter was $63.9 million versus $66.4 million for the prior year’s quarter. USF Logistics recorded an operating loss of $5.6 million for the first quarter of 2005, including a $7.1 million loss on the sale of USF Processors and $0.7 million in USF Processors operating losses. USF Logistics recorded $1.6 million of operating profit in the first quarter of 2004, including $0.1 million in USF Processors operating losses. Profitability improvements were strongest in the transportation management and cross dock sectors for the first quarter of 2005.
CONFERENCE CALL
A conference call will be held at 7:30 am CDT, 8:30 am EDT, on Friday, April 22, 2005, to discuss the results. Those wishing to participate should dial 1-800-322-0079. 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 5920051 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.
FORWARD-LOOKING STATEMENTS
This news release (and oral statements made regarding the subjects of this release, including on the conference call announced herein) contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The words “expect,” and similar expressions are intended to identify forward-looking statements. It is important to note that the company’s actual future results could differ materially from those projected in such forward-looking statements because of a number of factors, including (without limitation), inflation, inclement weather, price and availability of fuel, competitor pricing activity, expense volatility, a downturn in general or regional economic activity, changes in equity and debt markets, effects of a terrorist attack, and labor relations, including (without limitation), the impact of work rules, any obligations to multi-employer health, welfare and pension plans, wage requirements and employee satisfaction.
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, third party 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.
# # #
Corporate Contact:
USF Corporation
James J. Hyland 773.824.2213
Page 2 of 7
Table I
USF Corporation
Condensed Consolidated Statements of Operations
Unaudited (Dollars in Thousands, Except Per-Share Amounts)
| | | | | | | | | |
| | | Quarter Ended | |
| | | April 2, | | | April 3, | |
| | | 2005 | | | 2004 | |
| Revenue: | | | | | | | | |
| LTL Trucking | | $ | 507,494 | | | $ | 519,697 | |
| TL Trucking | | | 31,142 | | | | 34,274 | |
| Logistics | | | 63,905 | | | | 66,437 | |
| Intercompany eliminations | | | (4,564 | ) | | | (3,641 | ) |
| | | | | | | |
| Total revenue from operations | | | 597,977 | | | | 616,767 | |
| | | | | | | | | |
| Income: | | | | | | | | |
| LTL Trucking | | | 13,081 | | | | 24,038 | |
| TL Trucking | | | 1,130 | | | | 812 | |
| Logistics | | | (5,628 | ) | | | 1,630 | |
| Corporate and other | | | (12,152 | ) | | | (9,392 | ) |
| | | | | | | |
| Total income/(loss) from operations | | | (3,569 | ) | | | 17,088 | |
| | | | | | | |
| | | | | | | | | |
| Non-operating income/(expenses) | | | | | | | | |
| Interest expense | | | (5,291 | ) | | | (5,209 | ) |
| Interest income | | | 746 | | | | 571 | |
| Other, net | | | (351 | ) | | | (390 | ) |
| | | | | | | |
| Net non-operating expenses | | | (4,896 | ) | | | (5,028 | ) |
| | | | | | | |
| | | | | | | | | |
| Income/(loss) before income taxes | | | (8,465 | ) | | | 12,060 | |
| Income tax expense | | | 2,674 | | | | (4,944 | ) |
| | | | | | | |
| | | | | | | | | |
| Net income/(loss) | | $ | (5,791 | ) | | $ | 7,116 | |
| | | | | | | |
| | | | | | | | | |
| Net income/(loss) per share — Basic | | | (0.20 | ) | | | 0.26 | |
| Net income/(loss) per share — Diluted | | | (0.20 | ) | | | 0.26 | |
| | | | | | | | | |
| Average shares outstanding — Basic | | | 28,369,107 | | | | 27,556,632 | |
| Average shares outstanding — Diluted | | | 28,369,107 | | | | 27,802,815 | |
Page 3 of 7
Table II
USF Corporation
Condensed Consolidated Balance Sheets
Unaudited (Dollars in Thousands)
| | | | | | | | | |
| | | As of | |
| | | April 2, | | | December 31, | |
| | | 2005 | | | 2004 | |
| Assets | | | | | | | | |
| Current assets: | | | | | | | | |
| Cash | | $ | 151,679 | | | $ | 150,798 | |
| Accounts receivable, net | | | 321,814 | | | | 310,172 | |
| Other current assets | | | 73,215 | | | | 69,473 | |
| | | | | | | |
| Total current assets | | | 546,708 | | | | 530,443 | |
| Property and equipment, net | | | 777,489 | | | | 775,940 | |
| Intangibles and other long term assets | | | 133,539 | | | | 134,812 | |
| | | | | | | |
| Total Assets | | | 1,457,736 | | | | 1,441,195 | |
| | | | | | | |
| | | | | | | | | |
| Liabilities and Stockholders’ Equity | | | | | | | | |
| Current liabilities | | | 295,653 | | | | 276,007 | |
| Long-term debt | | | 250,006 | | | | 250,022 | |
| Insurance and other long-term liabilities | | | 209,162 | | | | 212,189 | |
| | | | | | | | | |
| Stockholders’ Equity | | | 702,915 | | | | 702,977 | |
| | | | | | | |
| Total Liabilities and Stockholders’ Equity | | $ | 1,457,736 | | | $ | 1,441,195 | |
| | | | | | | |
USF Corporation
Condensed Consolidated Statements of Cash Flows
Unaudited (Dollars in Thousands)
| | | | | | | | | |
| | | Quarter Ended | |
| | | April 2, | | | April 3, | |
| | | 2005 | | | 2004 | |
| Cash flows from operating activities: | | | | | | | | |
| Net income/(loss) | | $ | (5,791 | ) | | $ | 7,116 | |
| Depreciation of property and equipment | | | 25,111 | | | | 26,225 | |
| Other, net | | | (805 | ) | | | (21,180 | ) |
| | | | | | | |
| | | | | | | | | |
| Net cash provided by operating activities | | | 18,515 | | | | 12,161 | |
| | | | | | | |
| Cash flows from investing activities: | | | | | | | | |
| Proceeds from sale of USF Processors | | | 4,500 | | | | — | |
| Mexico loan | | | — | | | | (500 | ) |
| Capital expenditures | | | (37,053 | ) | | | (21,445 | ) |
| Proceeds from sale of property and equipment | | | 9,173 | | | | 2,197 | |
| | | | | | | |
| Net cash used in investing activities | | | (23,380 | ) | | | (19,748 | ) |
| | | | | | | |
| | | | | | | | | |
| Net cash provided by financing activities | | | 5,746 | | | | 4,126 | |
| | | | | | | |
| Net increase/(decrease) in cash | | | 881 | | | | (3,461 | ) |
| | | | | | | |
| | | | | | | | | |
| Cash at beginning of period | | | 150,798 | | | | 121,659 | |
| | | | | | | |
| Cash at end of period | | $ | 151,679 | | | $ | 118,198 | |
| | | | | | | |
Page 4 of 7
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 April 2, 2005 | | | Quarter Ended April 3, 2004 | |
| |
| | | Pre-tax | | | After-tax | | | EPS | | | Pre-tax | | | After-tax | | | EPS | |
| Significant items: | | | | | | | | | | | | | | | | | | | | | | | | |
| USF Red Star operating losses and shutdown costs | | $ | 4,894 | | | $ | 3,245 | | | $ | 0.11 | | | $ | 2,234 | | | $ | 1,318 | | | $ | 0.05 | |
| Write-off/amortization expense of USF Red Star intangible assets | | | — | | | | — | | | | — | | | | 959 | | | | 566 | | | | 0.02 | |
| USF Processors operating losses | | | 711 | | | | 471 | | | | 0.02 | | | | 156 | | | | 89 | | | | — | |
| Loss on the sale of USF Processors | | | 7,080 | | | | 4,694 | | | | 0.17 | | | | — | | | | — | | | | — | |
| Fees related to proposed merger with Yellow Roadway Corporation | | | 3,503 | | | | 2,322 | | | | 0.08 | | | | — | | | | — | | | | — | |
Page 5 of 7
Table IV-A
USF CORPORATION
Quarterly Operating Statistics Including USF Red Star
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | |
| LTL Segment | 2004 | 2005 | % Chg |
| | | |
| Reported Revenue and Fuel Surcharge | Q1 | | | Q2 | | | Q3 | | | Q4 | Q1 | Q vs Q |
| |
| Work Days | | 66.0 | | | | 63.5 | | | | 63.0 | | | | 61.0 | | 64.5 | | |
| Reported Revenue (000) | $ | 519,697 | | | $ | 518,191 | | | $ | 484,170 | | | $ | 483,272 | $ | 507,494 | | -2.3% |
| Fuel Surcharge (000) | | 21,008 | | | | 27,202 | | | | 29,954 | | | | 41,276 | | 40,188 | | 91.3% |
| Revenue Excluding Fuel Surcharge (000) | | 498,689 | | | | 490,989 | | | | 454,216 | | | | 441,996 | | 467,306 | | -6.3% |
| | | | | | | | | | | | | | | | | | | |
| Reported Revenue per Day (000) | | 7,874 | | | | 8,160 | | | | 7,685 | | | | 7,922 | | 7,868 | | -0.1% |
| Fuel Surcharge per Day (000) | | 318 | | | | 428 | | | | 475 | | | | 677 | | 623 | | 95.7% |
| Revenue Excluding Fuel Surcharge per Day (000) | | 7,556 | | | | 7,732 | | | | 7,210 | | | | 7,246 | | 7,245 | | -4.1% |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | |
| LTL Segment | 2004 | 2005 | % Chg |
| | | |
| Operating Statistics * | Q1 | | | Q2 | | | Q3 | | | Q4 | Q1 | Q vs Q |
| |
| |
| Work Days | | 66.0 | | | | 63.5 | | | | 63.0 | | | | 61.0 | | 64.5 | | |
LTL Shipments | | | | | | | | | | | | | | | | | | |
| Billed Revenue (000) | $ | 489,855 | | | $ | 482,631 | | | $ | 451,807 | | | $ | 446,457 | $ | 476,591 | | -2.7% |
| Lbs (000) | | 4,388,674 | | | | 4,293,153 | | | | 3,956,717 | | | | 3,814,477 | | 4,123,232 | | -6.0% |
| Shipments | | 3,753,724 | | | | 3,640,456 | | | | 3,308,854 | | | | 3,166,254 | | 3,406,389 | | -9.3% |
| | | | | | | | | | | | | | | | | | | |
| Billed Revenue per Day (000) | $ | 7,422 | | | $ | 7,600 | | | $ | 7,172 | | | $ | 7,319 | $ | 7,389 | | -0.4% |
| Lbs per Day (000) | | 66,495 | | | | 67,609 | | | | 62,805 | | | | 62,532 | | 63,926 | | -3.9% |
| Shipments per Day | | 56,875 | | | | 57,330 | | | | 52,521 | | | | 51,906 | | 52,812 | | -7.1% |
| | | | | | | | | | | | | | | | | | | |
| Billed Revenue per Shipment | $ | 130.50 | | | $ | 132.57 | | | $ | 136.54 | | | $ | 141.00 | $ | 139.91 | | 7.2% |
| Lbs. Per Shipment | | 1,169 | | | | 1,179 | | | | 1,196 | | | | 1,205 | | 1,210 | | 3.5% |
| Billed Revenue per CWT | $ | 11.16 | | | $ | 11.24 | | | $ | 11.42 | | | $ | 11.70 | $ | 11.56 | | 3.6% |
| Average Length of Haul | | 497 | | | | 508 | | | | 513 | | | | 510 | | 492 | | -1.0% |
| |
TL Shipments | | | | | | | | | | | | | | | | | | |
| Billed Revenue (000) | $ | 41,247 | | | $ | 43,200 | | | $ | 42,351 | | | $ | 45,367 | $ | 44,930 | | 8.9% |
| Lbs (000) | | 960,887 | | | | 993,421 | | | | 955,178 | | | | 978,284 | | 995,684 | | 3.6% |
| Shipments | | 64,262 | | | | 66,145 | | | | 63,385 | | | | 64,484 | | 66,536 | | 3.5% |
| | | | | | | | | | | | | | | | | | | |
| Billed Revenue per Day (000) | $ | 625 | | | $ | 680 | | | $ | 672 | | | $ | 744 | $ | 697 | | 11.5% |
| Lbs per Day (000) | | 14,559 | | | | 15,644 | | | | 15,162 | | | | 16,037 | | 15,437 | | 6.0% |
| Shipments per Day | | 974 | | | | 1,042 | | | | 1,006 | | | | 1,057 | | 1,032 | | 5.9% |
| | | | | | | | | | | | | | | | | | | |
| Billed Revenue per Shipment | $ | 641.86 | | | $ | 653.11 | | | $ | 668.15 | | | $ | 703.54 | $ | 675.27 | | 5.2% |
| Lbs. Per Shipment | | 14,953 | | | | 15,019 | | | | 15,069 | | | | 15,171 | | 14,965 | | 0.1% |
| Billed Revenue per CWT | $ | 4.29 | | | $ | 4.35 | | | $ | 4.43 | | | $ | 4.64 | $ | 4.51 | | 5.1% |
| Average Length of Haul | | 440 | | | | 446 | | | | 449 | | | | 446 | | 431 | | -2.0% |
| |
LTL Segment — Total | | | | | | | | | | | | | | | | | | |
| Billed Revenue (000) | $ | 531,102 | | | $ | 525,831 | | | $ | 494,158 | | | $ | 491,824 | $ | 521,521 | | -1.8% |
| Lbs (000) | | 5,349,561 | | | | 5,286,574 | | | | 4,911,895 | | | | 4,792,761 | | 5,118,916 | | -4.3% |
| Shipments | | 3,817,986 | | | | 3,706,601 | | | | 3,372,239 | | | | 3,230,738 | | 3,472,925 | | -9.0% |
| | | | | | | | | | | | | | | | | | | |
| Billed Revenue per Day (000) | $ | 8,047 | | | $ | 8,281 | | | $ | 7,844 | | | $ | 8,063 | $ | 8,086 | | 0.5% |
| Lbs per Day (000) | | 81,054 | | | | 83,253 | | | | 77,967 | | | | 78,570 | | 79,363 | | -2.1% |
| Shipments per Day | | 57,848 | | | | 58,372 | | | | 53,528 | | | | 52,963 | | 53,844 | | -6.9% |
| | | | | | | | | | | | | | | | | | | |
| Billed Revenue per Shipment | $ | 139.11 | | | $ | 141.86 | | | $ | 146.54 | | | $ | 152.23 | $ | 150.17 | | 8.0% |
| Lbs. Per Shipment | | 1,401 | | | | 1,426 | | | | 1,457 | | | | 1,483 | | 1,474 | | 5.2% |
| Billed Revenue per CWT | $ | 9.93 | | | $ | 9.95 | | | $ | 10.06 | | | $ | 10.26 | $ | 10.19 | | 2.6% |
| Average Length of Haul | | 493 | | | | 507 | | | | 507 | | | | 508 | | 491 | | -0.4% |
| |
*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.
Page 6 of 7
Table IV-B
USF CORPORATION
Quarterly Operating Statistics Excluding USF Red Star
| | | | | | | | | | | | | | | | | | | |
| | | |
| LTL Segment | 2004 | 2005 | % Chg |
| | | |
| Reported Revenue and Fuel Surcharge | Q1 | | | Q2 | | | Q3 | | | Q4 | Q1 | Q vs Q |
| |
| Work Days | | 66.0 | | | | 63.5 | | | | 63.0 | | | | 61.0 | | 64.5 | | |
| Reported Revenue (000) | $ | 462,495 | | | $ | 486,783 | | | $ | 485,327 | | | $ | 482,369 | $ | 507,016 | | 9.6% |
| Fuel Surcharge (000) | | 18,499 | | | | 25,681 | | | | 29,954 | | | | 41,297 | | 40,195 | | 117.3% |
| Revenue Excluding Fuel Surcharge (000) | | 443,996 | | | | 461,102 | | | | 455,373 | | | | 441,072 | | 466,821 | | 5.1% |
| | | | | | | | | | | | | | | | | | | |
| Reported Revenue per Day (000) | | 7,008 | | | | 7,666 | | | | 7,704 | | | | 7,908 | | 7,861 | | 12.2% |
| Fuel Surcharge per Day (000) | | 280 | | | | 404 | | | | 475 | | | | 677 | | 623 | | 122.3% |
| Revenue Excluding Fuel Surcharge per Day (000) | | 6,727 | | | | 7,261 | | | | 7,228 | | | | 7,231 | | 7,238 | | 7.6% |
| | | | | | | | | | | | | | | | | | | |
| | | |
| LTL Segment | 2004 | 2005 | % Chg |
| | | |
| Operating Statistics * | Q1 | | | Q2 | | | Q3 | | | Q4 | Q1 | Q vs Q |
| |
| |
| Work Days | | 66.0 | | | | 63.5 | | | | 63.0 | | | | 61.0 | | 64.5 | | |
LTL Shipments | | | | | | | | | | | | | | | | | | |
| Billed Revenue (000) | $ | 435,966 | | | $ | 453,331 | | | $ | 451,807 | | | $ | 445,654 | $ | 476,591 | | 9.3% |
| Lbs (000) | | 3,993,334 | | | | 4,080,157 | | | | 3,956,717 | | | | 3,814,470 | | 4,123,232 | | 3.3% |
| Shipments | | 3,372,351 | | | | 3,434,149 | | | | 3,308,854 | | | | 3,166,250 | | 3,406,389 | | 1.0% |
| | | | | | | | | | | | | | | | | | | |
| Billed Revenue per Day (000) | $ | 6,606 | | | $ | 7,139 | | | $ | 7,172 | | | $ | 7,306 | $ | 7,389 | | 11.9% |
| Lbs per Day (000) | | 60,505 | | | | 64,254 | | | | 62,805 | | | | 62,532 | | 63,926 | | 5.7% |
| Shipments per Day | | 51,096 | | | | 54,081 | | | | 52,521 | | | | 51,906 | | 52,812 | | 3.4% |
| | | | | | | | | | | | | | | | | | | |
| Billed Revenue per Shipment | $ | 129.28 | | | $ | 132.01 | | | $ | 136.54 | | | $ | 140.75 | $ | 139.91 | | 8.2% |
| Lbs. Per Shipment | | 1,184 | | | | 1,188 | | | | 1,196 | | | | 1,205 | | 1,210 | | 2.2% |
| Billed Revenue per CWT | $ | 10.92 | | | $ | 11.11 | | | $ | 11.42 | | | $ | 11.68 | $ | 11.56 | | 5.9% |
| Average Length of Haul | | 514 | | | | 517 | | | | 513 | | | | 510 | | 492 | | -4.3% |
| |
TL Shipments | | | | | | | | | | | | | | | | | | |
| Billed Revenue (000) | $ | 38,144 | | | $ | 41,518 | | | $ | 42,351 | | | $ | 45,367 | $ | 44,930 | | 17.8% |
| Lbs (000) | | 905,057 | | | | 960,800 | | | | 955,178 | | | | 978,284 | | 995,684 | | 10.0% |
| Shipments | | 60,453 | | | | 63,947 | | | | 63,385 | | | | 64,484 | | 66,536 | | 10.1% |
| | | | | | | | | | | | | | | | | | | |
| Billed Revenue per Day (000) | $ | 578 | | | $ | 654 | | | $ | 672 | | | $ | 744 | $ | 697 | | 20.5% |
| Lbs per Day (000) | | 13,713 | | | | 15,131 | | | | 15,162 | | | | 16,037 | | 15,437 | | 12.6% |
| Shipments per Day | | 916 | | | | 1,007 | | | | 1,006 | | | | 1,057 | | 1,032 | | 12.6% |
| | | | | | | | | | | | | | | | | | | |
| Billed Revenue per Shipment | $ | 630.97 | | | $ | 649.26 | | | $ | 668.15 | | | $ | 703.54 | $ | 675.27 | | 7.0% |
| Lbs. Per Shipment | | 14,971 | | | | 15,025 | | | | 15,069 | | | | 15,171 | | 14,965 | | 0.0% |
| Billed Revenue per CWT | $ | 4.21 | | | $ | 4.32 | | | $ | 4.43 | | | $ | 4.64 | $ | 4.51 | | 7.1% |
| Average Length of Haul | | 447 | | | | 450 | | | | 449 | | | | 446 | | 431 | | -3.5% |
| |
LTL Segment — Total | | | | | | | | | | | | | | | | | | |
| Billed Revenue (000) | $ | 474,110 | | | $ | 494,849 | | | $ | 494,158 | | | $ | 491,021 | $ | 521,521 | | 10.0% |
| Lbs (000) | | 4,898,391 | | | | 5,040,957 | | | | 4,911,895 | | | | 4,792,754 | | 5,118,916 | | 4.5% |
| Shipments | | 3,432,804 | | | | 3,498,096 | | | | 3,372,239 | | | | 3,230,734 | | 3,472,925 | | 1.2% |
| | | | | | | | | | | | | | | | | | | |
| Billed Revenue per Day (000) | $ | 7,183 | | | $ | 7,793 | | | $ | 7,844 | | | $ | 8,050 | $ | 8,086 | | 12.6% |
| Lbs per Day (000) | | 74,218 | | | | 79,385 | | | | 77,967 | | | | 78,570 | | 79,363 | | 6.9% |
| Shipments per Day | | 52,012 | | | | 55,088 | | | | 53,528 | | | | 52,963 | | 53,844 | | 3.5% |
| | | | | | | | | | | | | | | | | | | |
| Billed Revenue per Shipment | $ | 138.11 | | | $ | 141.46 | | | $ | 146.54 | | | $ | 151.98 | $ | 150.17 | | 8.7% |
| Lbs. Per Shipment | | 1,427 | | | | 1,441 | | | | 1,457 | | | | 1,483 | | 1,474 | | 3.3% |
| Billed Revenue per CWT | $ | 9.68 | | | $ | 9.82 | | | $ | 10.06 | | | $ | 10.25 | $ | 10.19 | | 5.3% |
| Average Length of Haul | | 509 | | | | 516 | | | | 507 | | | | 508 | | 491 | | -3.6% |
| |
*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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