FORM 10-Q
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(Mark One)
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QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF |
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For the Quarter Ended September 30, 2003 |
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OR |
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TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF |
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Commission file number 0-11757
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J.B. HUNT TRANSPORT SERVICES, INC. |
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(Exact name of registrant as specified in its charter) |
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Arkansas |
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71-0335111 |
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(State or other jurisdiction |
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(I.R.S. Employer |
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615 J.B. Hunt Corporate Drive, Lowell, Arkansas 72745 |
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(Address of principal executive offices, and Zip Code) |
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(479) 820-0000 |
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(Registrant’s telephone number, 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 the filing requirements for the past 90 days.
Yes ý No o
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act).
Yes ý No o
The number of shares of the registrant’s $.01 par value common stock outstanding on September 30, 2003 was 80,029,990.
Shares outstanding on September 30, 2003, reflect a two for one stock split which was paid on August 29, 2003.
J.B. HUNT TRANSPORT SERVICES, INC.
Form 10-Q
For The Quarter Ended September 30, 2003
Table of Contents
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Part I. |
Financial Information |
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Item 1. |
Consolidated Financial Statements |
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Condensed Consolidated Balance Sheets as of September 30, 2003 and December 31, 2002 |
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Notes to Condensed Consolidated Financial Statements as of September 30, 2003 |
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Management’s Discussion and Analysis of Results of Operations and Financial Condition |
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2
J.B. HUNT TRANSPORT SERVICES, INC.
Condensed Consolidated Statements of Earnings
(in thousands, except per share data)
(unaudited)
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Three Months Ended |
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Nine Months Ended |
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2003 |
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2002 |
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2003 |
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2002 |
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Operating revenues |
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$ |
621,644 |
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$ |
582,671 |
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$ |
1,792,723 |
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$ |
1,650,221 |
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Operating expenses |
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Salaries, wages and employee benefits |
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197,618 |
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213,625 |
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584,255 |
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612,152 |
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Rents and purchased transportation |
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205,905 |
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181,756 |
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584,004 |
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507,400 |
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Fuel and fuel taxes |
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55,161 |
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54,828 |
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174,853 |
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152,790 |
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Depreciation and amortization |
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38,197 |
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36,449 |
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113,006 |
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108,353 |
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Operating supplies and expenses |
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31,212 |
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32,465 |
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90,942 |
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97,612 |
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Insurance and claims |
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13,946 |
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13,415 |
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49,137 |
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38,079 |
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Operating taxes and licenses |
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8,219 |
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8,710 |
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24,621 |
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25,037 |
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General and administrative expenses, net of gains |
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7,996 |
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7,436 |
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26,208 |
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20,402 |
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Communication and utilities |
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5,815 |
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5,961 |
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17,822 |
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18,230 |
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Total operating expenses |
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564,069 |
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554,645 |
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1,664,848 |
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1,580,055 |
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Operating income |
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57,575 |
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28,026 |
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127,875 |
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70,166 |
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Interest expense |
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(4,445 |
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(5,541 |
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(15,132 |
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(19,290 |
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Equity in loss of associated company |
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(23 |
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(144 |
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(600 |
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(1,424 |
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Earnings before income taxes |
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53,107 |
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22,341 |
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112,143 |
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49,452 |
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Income taxes |
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20,446 |
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5,585 |
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43,175 |
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12,363 |
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Net earnings |
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$ |
32,661 |
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$ |
16,756 |
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$ |
68,968 |
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$ |
37,089 |
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Average basic shares outstanding |
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79,802 |
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78,453 |
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79,174 |
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75,087 |
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Basic earnings per share |
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$ |
0.41 |
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$ |
0.21 |
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$ |
0.87 |
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$ |
0.49 |
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Average diluted shares outstanding |
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82,558 |
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80,490 |
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81,487 |
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77,232 |
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Diluted earnings per share |
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$ |
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