UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
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For the quarterly period ended |
Commission file number |
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March 31, 2005 |
0-24806 |
(Exact name of registrant as specified in its charter)
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NEVADA |
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62-1378182 |
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(State or other jurisdiction of |
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(I.R.S. Employer Identification Number) |
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incorporation or organization) |
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4080 JENKINS ROAD |
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(423) 510-3000 |
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CHATTANOOGA, TENNESSEE 37421 |
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(Registrant's telephone number, |
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(Address of principal executive offices) |
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including area code) |
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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes[ X ] No [ ]
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act).
Yes[ X ] No [ ]
As of April 25, 2005, 13,245,293 shares of the registrant's Class A common stock, par value $.01 per share, and 3,040,262 shares of the registrant's Class B common stock, par value $.01 per share, were outstanding.
U.S. XPRESS ENTERPRISES, INC.
TABLE OF CONTENTS
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PART I |
FINANCIAL INFORMATION |
PAGE NO. |
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Item 1. |
Financial Statements |
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Consolidated Statements of Operations for the Three Months Ended March 31, 2005 and 2004 |
3 |
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Consolidated Balance Sheets as of March 31, 2005 and December 31, 2004 |
4 |
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Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2005 and 2004 |
6 |
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Notes to Consolidated Financial Statements |
7 |
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Item 2. |
Management's Discussion and Analysis of Financial Condition and Results of Operations |
11 |
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Item 3. |
Quantitative and Qualitative Disclosures About Market Risk |
24 |
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Item 4. |
Controls and Procedures |
24 |
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PART II. |
OTHER INFORMATION |
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Item 6. |
Exhibits |
26 |
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SIGNATURES |
27 |
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Item 1. Financial Statements.
U.S. XPRESS ENTERPRISES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (In Thousands, Except Per Share Data) (Unaudited) | ||||
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Three Months Ended March 31, | ||
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2005 |
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2004 |
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Operating Revenue: |
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Revenue, before fuel surcharge |
$ |
248,506 |
$ |
225,375 |
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Fuel surcharge |
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20,638 |
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9,296 |
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Total operating revenue |
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269,144 |
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234,671 |
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Operating Expenses: |
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Salaries, wages and benefits |
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95,308 |
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81,199 |
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Fuel and fuel taxes |
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47,369 |
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36,144 |
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Vehicle rents |
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17,456 |
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18,645 |
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Depreciation and amortization, net of gain on sale |
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11,523 |
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10,372 |
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Purchased transportation |
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51,672 |
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41,473 |
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Operating expense and supplies |
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19,533 |
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15,835 |
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Insurance premiums and claims |
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10,582 |
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11,628 |
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Operating taxes and licenses |
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3,264 |
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3,367 |
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Communications and utilities |
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2,997 |
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3,033 |
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General and other operating |
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11,265 |
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9,379 |
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Early extinguishment of debt |
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201 |
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Total operating expenses |
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271,170 |
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231,075 |
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Income (Loss) from Operations |
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(2,026) |
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3,596 |
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Interest Expense, net |
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1,841 |
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2,115 |
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Income (Loss) Before Income Taxes |
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(3,867) |
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1,481 |
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Income Tax (Benefit) Provision |
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(1,740) |
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681 |
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Net Income (Loss) |
$ |
(2,127) |
$ |
800 |
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Earnings (Loss) Per Share - basic |
$ |
(0.13) |
$ |
0.06 |
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Weighted average shares - basic |
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16,247 |
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14,063 |
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Earnings (Loss) Per Share - diluted |
$ |
(0.13) |
$ |
0.06 |
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Weighted average shares - diluted |
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16,247 |
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14,254 |
(See Accompanying Notes to Consolidated Financial Statements)
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U.S. XPRESS ENTERPRISES, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In Thousands) | ||||
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Assets |
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March 31, 2005 |
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December 31, 2004 |
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(Unaudited) |
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Current Assets: |
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Cash and cash equivalents |
$ |
43 |
$ |
66 |
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Customer receivables, net of allowance |
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121,285 |
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143,282 |
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Other receivables |
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11,580 |
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9,451 |
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Prepaid insurance and licenses |
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13,209 |
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13,680 |
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Operating and installation supplies |
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4,425 |
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5,359 |
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Deferred income taxes |
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15,016 |
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14,146 |
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Other current assets |
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9,255 |
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4,408 |
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Total current assets |
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174,813 |
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190,392 |
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Property and Equipment, at cost: |
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Land and buildings |
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43,955 |
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43,955 |
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Revenue and service equipment |
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297,848 |
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311,404 |
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Furniture and equipment |
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28,325 |
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28,000 |
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Leasehold improvements |
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27,059 |
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24,606 |
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Computer Software |
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26,082 |
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23,769 |
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423,269 |
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431,734 |
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Less accumulated depreciation and amortization |
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(161,766) |
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(156,121) |
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Net property and equipment |
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261,503 |
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275,613 |
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Other Assets: |
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Goodwill, net |
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74,189 |
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74,196 |
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Other |
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20,301 |
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19,966 |
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Total other assets |
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94,490 |
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94,162 |
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Total Assets |
$ |
530,806 |
$ |
560,167 |
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(See Accompanying Notes to Consolidated Financial Statements)
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U.S. XPRESS ENTERPRISES, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In Thousands, Except Share Data) | ||||
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Liabilities and Stockholders' Equity |
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March 31, 2005 |
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December 31, 2004 |
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(Unaudited) |
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Current Liabilities: |
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