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|For Immediate Release|| |
Contact: Jim Gattoni
Landstar System, Inc.
|January 30, 2014||904-398-9400|
LANDSTAR SYSTEM REPORTS RECORD THIRTEEN WEEK FOURTH QUARTER
REVENUE AND DILUTED EARNINGS PER SHARE OF $1.30
Jacksonville, FL Landstar System, Inc. (NASDAQ: LSTR) reported revenue from continuing operations of $692 million in the 2013 fourth quarter, record revenue from continuing operations for a thirteen week fourth quarter. Revenue from continuing operations in the 2012 fourth quarter was $685 million. Landstar reported diluted earnings per share for the 2013 fourth quarter of $1.30 compared to diluted earnings per share of $0.73 in the 2012 fourth quarter. As previously reported, the Company completed the sale of its Landstar Supply Chain Solutions companies (LSCS) on December 28, 2013, the last day of the Companys 2013 fiscal year, to XPO Logistics, Inc. and as a result, Landstar has reported the historical results of operations of LSCS and gain on sale of LSCS as a discontinued operation. Included in diluted earnings per share in the 2013 fourth quarter was a gain on the sale of LSCS of $0.72. The results of operations of LSCS contributed earnings per diluted share of $0.03 and $0.02 in the 2013 and 2012 fourth quarters, respectively. The sale of LSCS generated cash proceeds, net of estimated income taxes and transaction costs, of $53 million in the 2013 fourth quarter.
Truck transportation revenue hauled by independent business capacity owners (BCOs) and truck brokerage carriers in the 2013 fourth quarter was $643.6 million, or 93 percent of revenue from continuing operations, compared to $639.3 million, or 93 percent of revenue from continuing operations, in the 2012 fourth quarter. Revenue hauled by rail, air and ocean cargo carriers was $39.0 million, or six percent of revenue from continuing operations, in the 2013 fourth quarter compared to $36.6 million, or five percent of revenue from continuing operations, in the 2012 fourth quarter.
The following information was filed by Landstar System Inc (LSTR) on Friday, January 31, 2014 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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