Back to GetFilings.com




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


For the quarter ended
Commission file number
September 30, 2004
0-24806





(Exact name of registrant as specified in its charter)



NEVADA
  
62-1378182
(State or other jurisdiction of
  
(I.R.S. Employer Identification Number)
incorporation or organization)
    
     
     
4080 JENKINS ROAD
  
(423) 510-3000
CHATTANOOGA, TENNESSEE 37421
  
(Registrant's telephone number,
(Address of principal executive offices)
  
including area code)
     


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 October 31, 2004, 11,026,711611 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

PART I
FINANCIAL INFORMATION
PAGE NO.
     
Item 1.
Financial Statements
  
     
 
Consolidated Statements of Operations for the Three and Nine Months Ended
September 30, 2004 and 2003
 
3
     
 
Consolidated Balance Sheets as of September 30, 2004 and December 31,
2003
 
4
     
 
Consolidated Statements of Cash Flows for the Nine Months Ended
September 30, 2004 and 2003
 
6
     
 
Notes to Consolidated Financial Statements
7
     
Item 2.
Management's Discussion and Analysis of Financial Condition and Results of
Operations
 
14
     
Item 3.
Quantitative and Qualitative Disclosures About Market Risk
28
     
Item 4.
Controls and Procedures
28
     
PART II.
OTHER INFORMATION
  
     
Item 6.
Exhibits
29
     
 
SIGNATURES
31
     
   
 







 
2
 

U.S. XPRESS ENTERPRISES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In Thousands, Except Per Share Data)
(Unaudited)
  
                               
 
  
Three Months Ended
September 30,
      
Nine Months Ended
September 30,
  
       
   
2004
      
2003
      
2004
      
2003
  
Operating Revenue
                             
Revenue, before fuel surcharge
  
$
272,002
        
$
230,794
        
$
754,765
        
$
664,762
  
Fuel surcharge
    
16,373
          
7,529
          
38,575
          
26,161
 
   Total operating revenue
    
288,375
          
238,323
          
793,340
          
690,923
 
                                             
Operating Expenses
                                           
Salaries, wages and benefits
    
96,434
          
83,527
          
269,405
          
240,002
 
Fuel and fuel taxes
    
43,735
          
32,703
          
120,802
          
102,343
 
Vehicle rents
   
17,079
          
18,890
          
53,033
          
56,568
 
Depreciation and amortization
    
12,119
          
9,214
          
34,269
          
27,495
 
Purchased transportation
   
55,718
          
40,647
          
147,142
          
115,237
 
Operating expense and supplies
    
19,239
          
16,821
          
53,119
          
49,385
 
Insurance premiums and claims
   
14,129
          
12,740
          
39,429
          
35,424
 
Operating taxes and licenses
   
3,476
          
3,828
          
10,455
          
10,444
 
Communications and utilities
   
2,768
          
2,853
          
8,691
          
8,854
 
General and other operating
   
11,144
          
9,531
          
30,582
          
27,495
 
Total operating expenses
   
275,841
          
230,754
          
766,927
          
673,247
 
                                             
Income from Operations
   
12,534
          
7,569
          
26,413
          
17,676
 
                                         
 
Interest Expense, net
    
2,465
          
2,247
          
7,021
          
7,685
 
                                         
 
Income Before Income Taxes
    
10,069
          
5,322
          
19,392
          
9,991
 
                                         
 
Income Tax Provision
   
4,631
          
2,661
          
8,918
          
4,995
 
                                         
 
Net Income
 
$
5,438
        
$
2,661
        
$
10,474
        
$
4,996
  
                                         
 
Earnings Per Share - basic
  
$
0.39
        
$
0.19
        
$
0.74
        
$
0.36
  
Weighted average shares - basic
    
14,056
          
13,967
          
14,062
          
13,950
 
Earnings Per Share - diluted
  
$
0.38
        
$
0.19
        
$
0.73
        
$
0.35
  
Weighted average shares - diluted
    
14,349
          
14,147
          
14,284
          
14,080