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|For Immediate Release||Contact: Jim Gattoni|
|Landstar System, Inc.|
|February 2, 2012||904-398-9400|
LANDSTAR SYSTEM REPORTS 22 PERCENT INCREASE IN
FOURTH QUARTER REVENUE AND 40 PERCENT INCREASE IN DILUTED
EARNINGS PER SHARE TO $0.70
Jacksonville, FL Landstar System, Inc. (NASDAQ: LSTR) reported revenue of $717.5 million in the fourteen-week 2011 fourth quarter compared to $587.5 million in the 2010 thirteen-week fourth quarter. The Company also reported earnings of $0.70 per diluted share, from net income of $32.6 million, compared to net income of $24.1 million, or $0.50 per diluted share, for the 2010 fourth quarter. Diluted earnings per share in the 2011 fourth quarter equals the highest quarterly diluted earnings per share in Landstar history. Further, operating margin, representing operating income divided by gross profit (gross profit defined as revenue less the cost of purchased transportation and commissions to agents) was 45.0 percent in the 2011 fourth quarter compared to 36.4 percent in the 2010 fourth quarter.
Truck transportation revenue hauled by independent business capacity owners (BCOs) and truck brokerage carriers in the 2011 fourth quarter was $659.3 million, or 92 percent of revenue, compared to $537.6 million, or 91 percent of revenue, in the 2010 fourth quarter. In the 2011 and 2010 fourth quarters, the Company invoiced customers $76.1 million and $51.1 million, respectively, of fuel surcharges that were passed 100 percent to BCOs and excluded from revenue. Included in revenue hauled by third-party truck capacity providers in the 2011 and 2010 fourth quarters were $30.0 million and $17.6 million, respectively, of fuel surcharges invoiced to customers on revenue hauled by third-party truck brokerage carriers. Revenue hauled by rail, air and ocean cargo carriers was $44.2 million, or 6 percent of revenue, in the 2011 fourth
The following information was filed by Landstar System Inc (LSTR) on Thursday, February 2, 2012 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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