x |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
¨ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
| VIRGINIA |
56-0751714 | |
| (State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) |
| Three Months Ended |
Nine Months Ended |
||||||||||||
| Sept. 30, 2002 |
Sept. 30, 2001 |
Sept. 30, 2002 |
Sept. 30, 2001 |
||||||||||
| (Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
||||||||||
| (In thousands, except share and per share data) |
|||||||||||||
| Revenue from operations |
$ |
149,931 |
$ |
128,960 |
$ |
416,747 |
$ |
377,835 |
| ||||
| Operating expenses: |
|||||||||||||
| Salaries, wages and benefits |
|
88,488 |
|
77,408 |
|
251,079 |
|
229,432 |
| ||||
| Purchased transportation |
|
5,397 |
|
4,746 |
|
14,237 |
|
14,307 |
| ||||
| Operating supplies and expenses |
|
14,869 |
|
12,256 |
|
40,428 |
|
38,518 |
| ||||
| Depreciation and amortization |
|
7,735 |
|
7,517 |
|
22,930 |
|
22,326 |
| ||||
| Building and office equipment rents |
|
1,894 |
|
1,806 |
|
5,613 |
|
5,621 |
| ||||
| Operating taxes and licenses |
|
5,724 |
|
5,200 |
|
16,878 |
|
15,637 |
| ||||
| Insurance and claims |
|
4,446 |
|
3,536 |
|
12,664 |
|
9,842 |
| ||||
| Communications and utilities |
|
2,481 |
|
2,334 |
|
7,591 |
|
7,211 |
| ||||
| General supplies and expenses |
|
5,133 |
|
4,748 |
|
15,146 |
|
13,507 |
| ||||
| Miscellaneous expenses, net |
|
1,659 |
|
1,728 |
|
4,318 |
|
4,511 |
| ||||
| |
|
|
|
|
|
|
|
| |||||
| Total operating expenses |
|
137,826 |
|
121,279 |
|
390,884 |
|
360,912 |
| ||||
| |
|
|
|
|
|
|
|
| |||||
| Operating income |
|
12,105 |
|
7,681 |
|
25,863 |
|
16,923 |
| ||||
| Other deductions: |
|||||||||||||
| Interest expense, net |
|
1,499 |
|
1,415 |
|
4,279 |
|
4,441 |
| ||||
| Other expense (income), net |
|
122 |
|
267 |
|
275 |
|
(235 |
) | ||||
| |
|
|
|
|
|
|
|
| |||||
| Total other deductions |
|
1,621 |
|
1,682 |
|
4,554 |
|
4,206 |
| ||||
| |
|
|
|
|
|
|
|
| |||||
| Income before income taxes |
|
10,484 |
|
5,999 |
|
21,309 |
|
12,717 |
| ||||
| Provision for income taxes |
|
4,088 |
|
2,340 |
|
8,310 |
|
4,960 |
| ||||
| |
|
|
|
|
|
|
|
| |||||
| Net income |
$ |
6,396 |
$ |
3,659 |
$ |
12,999 |
$ |
7,757 |
| ||||
| |
|
|
|
|
|
|
|
| |||||
| Basic and diluted earnings per share: |
$ |
0.77 |
$ |
0.44 |
$ |
1.56 |
$ |
.93 |
| ||||
| Weighted average shares outstanding: |
|||||||||||||
| Basic |
|
8,317,549 |
|
8,312,840 |
|
8,315,785 |
|
8,312,840 |
| ||||
| Diluted |
|
8,322,467 |
|
8,314,922 |
|
8,320,556 |
|
8,313,751 |
| ||||
| September 30, 2002 |
December 31, 2001 |
|||||||
| (Unaudited) |
(Audited) |
|||||||
| (In thousands, except share data) |
||||||||
| ASSETS |
||||||||
| Current assets: |
||||||||
| Cash and cash equivalents |
$ |
829 |
|
$ |
761 |
| ||
| Customer receivables, less allowances of $7,511 and $6,816 respectively |
|
67,432 |
|
|
51,061 |
| ||
| Other receivables |
|
731 |
|
|
1,097 |
| ||
| Tires on equipment |
|
8,119 |
|
|
7,346 |
| ||
| Prepaid expenses |
|
6,417 |
|
|
12,728 |
| ||
| Deferred income taxes |
|
873 |
|
|
873 |
| ||
| |
|
|
|
|
| |||
| Total current assets |
|
84,401 |
|
|
73,866 |
| ||
| Property and equipment: |
||||||||
| Revenue equipment |
|
230,004 |
|
|
204,416 |
| ||
| Land and structures |
|
129,619 |
|
|
117,570 |
| ||
| Other equipment |
|
53,865 |
|
|
42,851 |
| ||
| Leasehold improvements |
|
4,737 |
|
|
4,679 |
| ||
| |
|
|
|
|
| |||
| Total property and equipment |
|
418,225 |
|
|
369,516 |
| ||
| Less accumulated depreciation and amortization |
|
(169,934 |
) |
|
(151,333 |
) | ||
| |
|
|
|
|
| |||
| Net property and equipment |
|
248,291 |
|
|
218,183 |
| ||
| Other assets |
|
19,306 |
|
|
18,791 |
| ||
| |
|
|
|
|
| |||
| Total assets |
$ |
351,998 |
|
$ |
310,840 |
| ||
| |
|
|
|
|
| |||
| September 30, 2002 |
December 31, 2001 | |||||
| (Unaudited) |
(Audited) | |||||
| (In thousands, except share data) | ||||||
| LIABILITIES AND STOCKHOLDERS EQUITY |
||||||
| Current liabilities: |
||||||
| Accounts payable |
$ |
19,231 |
$ |
13,799 | ||
| Compensation and benefits |
|
16,532 |
|
9,942 | ||
| Claims and insurance accruals |
|
18,034 |
|
14,958 | ||
| Other accrued liabilities |
|
4,065 |
|
3,034 | ||
| Income taxes payable |
|
1,000 |
|
425 | ||
| Current maturities of long-term debt |
|
24,009 |
|
8,408 | ||
| |
|
|
| |||
| Total current liabilities |
|
82,871 |
|
50,566 | ||
| Long-term debt |
|
83,815 |
|
90,014 | ||
| Other non-current liabilities |
|
14,842 |
|
12,840 | ||
| Deferred income taxes |
|
20,781 |
|
20,781 | ||
| |
|
|
| |||
| Total long-term liabilities |
|
119,438 |
|
123,635 | ||
| Stockholders equity: |
||||||
| Common stock$.10 par value, 25,000,000 shares authorized, 8,317,940 outstanding |
|
832 |
|
831 | ||
| Capital in excess of par value |
|
23,957 |
|
23,907 | ||
| Retained earnings |
|
124,900 |
|
111,901 | ||
| |
|
|
| |||
| Total stockholders equity |
|
149,689 |
|
136,639 | ||
| Commitments and contingencies |
|
|
|
| ||
| |
|
|
| |||
| Total liabilities and stockholders equity |
$ |
351,998 |
$ |
310,840 | ||
| |
|
|
| |||
| Nine Months Ended Sept. 30, |
||||||||
| 2002 |
2001 |
|||||||
| (Unaudited) |
(Unaudited) |
|||||||
| (In thousands) |
||||||||
| Cash flows from operating activities: |
||||||||
| Net income |
$ |
12,999 |
|
$ |
7,757 |
| ||
| Adjustments to reconcile net income to net cash provided by operating activities: |
||||||||
| Depreciation and amortization |
|
22,930 |
|
|
22,326 |
| ||
| Loss on sale of property and equipment |
|
238 |
|
|
137 |
| ||
| Changes in assets and liabilities: |
||||||||
| Customer and other receivables, net |
|
(16,005 |
) |
|
(6,291 |
) | ||
| Tires on equipment |
|
(773 |
) |
|
(375 |
) | ||
| Prepaid expenses and other assets |
|
5,791 |
|
|
5,713 |
| ||
| Accounts payable |
|
5,432 |
|
|
(4,287 |
) | ||
| Compensation, benefits and other accrued liabilities |
|
7,621 |
|
|
2,534 |
| ||
| Claims and insurance accruals |
|
4,895 |
|
|
1,548 |
| ||
| Income taxes payable |
|
575 |
|
|
998 |
| ||
| Other liabilities |
|
183 |
|
|
98 |
| ||
| |
|
|
|
|
| |||
| Net cash provided by operating activities |
|
43,886 |
|
|
30,158 |
| ||
| |
|
|
|
|
| |||
| Cash flows from investing activities: |
||||||||
| Acquisition of business assets, net |
|
|
|
|
(9,387 |
) | ||
| Purchase of property and equipment |
|
(53,836 |
) |
|
(21,474 |
) | ||
| Proceeds from sale of property and equipment |
|
565 |
|
|
739 |
| ||
| |
|
|
|
|
| |||
| Net cash used in investing activities |
|
(53,271 |
) |
|
(30,122 |
) | ||
| |
|
|
|
|
| |||
| Cash flows from financing activities: |
||||||||
| Proceeds from issuance of long-term debt |
|
16,764 |
|
|
52,563 |
| ||
| Principal payments under long-term debt agreements |
|
(5,864 |
) |
|
(7,917 |
) | ||
| Net payments on revolving line of credit |
||||||||