Exhibit 99.1

 

LOGO

 

For Immediate Release  

Contact: Jim Gattoni

Landstar System, Inc.

www.landstar.com

January 31, 2013
  904-398-9400

LANDSTAR SYSTEM REPORTS RECORD FOURTH QUARTER DILUTED EARNINGS PER SHARE OF $0.73

Jacksonville, FL – Landstar System, Inc. (NASDAQ: LSTR) reported record diluted earnings per share of $0.73 in the thirteen week 2012 fourth quarter compared to diluted earnings per share of $0.70 in the fourteen week 2011 fourth quarter. The Company’s fiscal year ends on the last Saturday in December. As such, the Company’s 2012 fourth quarter included thirteen weeks whereas the 2011 fourth quarter included fourteen weeks. Prior to 2011, 2005 was the most recent fourth quarter to include fourteen weeks. Revenue in the 2012 fourth quarter was $691.3 million and was a record for a thirteen week fourth quarter. Revenue in the 2011 fourteen week fourth quarter was $717.5 million. 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 percent in both the 2012 and 2011 fourth quarters.

Truck transportation revenue hauled by independent business capacity owners (“BCOs”) and truck brokerage carriers in the 2012 thirteen week period was $639.3 million, or 92 percent of revenue, compared to $659.3 million, or 92 percent of revenue, in the 2011 fourteen week period. Revenue hauled by rail, air and ocean cargo carriers was $36.6 million, or five percent of revenue, in the 2012 thirteen week period compared to $44.2 million, or six percent of revenue, in the 2011 fourteen week period.

Trailing twelve-month return on average shareholder’s equity was 38 percent and trailing twelve-month return on invested capital, net income divided by the sum of average equity plus average debt, was 28 percent. Landstar purchased 524,700 shares of its common stock during 2012 at an aggregate cost of $25.8 million. Currently, there are 1,992,000 shares of the Company’s common stock available for purchase under Landstar’s authorized share purchase programs.


The following information was filed by Landstar System Inc (LSTR) on Thursday, January 31, 2013 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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