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Landstar System Inc (LSTR) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 27, 2014

Landstar System Inc

CIK: 853816 Ticker: LSTR

Exhibit 99.1

 

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For Immediate Release    Contact: Kevin Stout
   Landstar System, Inc.
   www.landstar.com
January 29, 2015    904-398-9400

LANDSTAR SYSTEM REPORTS RECORD QUARTERLY REVENUE OF

$863 MILLION AND RECORD QUARTERLY DILUTED EARNINGS PER SHARE

FROM CONTINUING OPERATIONS OF $0.86

Jacksonville, FL – Landstar System, Inc. (NASDAQ: LSTR) reported record quarterly revenue of $863 million in the 2014 fourth quarter, the highest quarterly revenue of any quarter in Landstar history. Landstar also reported diluted earnings per share of $0.86 in the 2014 fourth quarter on net income from continuing operations of $38.5 million. This is the highest quarterly diluted earnings per share from continuing operations in Landstar history. With respect to the Company’s results from continuing operations for the 2013 fourth quarter, Landstar reported net income of $25.2 million, or $0.55 per diluted share, on revenue of $692 million. Additionally, the 2013 fourth quarter included $0.75 of diluted earnings per share from income from discontinued operations attributable to the sale of the Landstar Supply Chain Solutions companies. Gross profit (defined as revenue less the cost of purchased transportation and commissions to agents) was $124.7 million in the 2014 fourth quarter compared to $102.7 million of gross profit in the 2013 fourth quarter. Operating margin, representing operating income divided by gross profit, was 49.1 percent in the 2014 fourth quarter.

Truck transportation revenue hauled by independent business capacity owners (“BCOs”) and truck brokerage carriers in the 2014 fourth quarter was $811.2 million, or 94 percent of revenue, compared to $643.6 million, or 93 percent of revenue, in the 2013 fourth quarter. Truckload transportation revenue hauled via van equipment in the 2014 fourth quarter was $499.7 million compared to $391.4 million in the 2013 fourth quarter. Truckload revenue hauled via unsided/platform equipment in the 2014 fourth


The following information was filed by Landstar System Inc (LSTR) on Thursday, January 29, 2015 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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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Shareholders Equity
Consolidated Statements Of Changes In Shareholders Equity (parenthetical)
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Comprehensive Income (parenthetical)
Consolidated Statements Of Income
Amortized Cost And Fair Value Of Available For Sale Investments (detail)
Amounts Recognized In Financial Statements With Respect To Plans (detail)
Change In Accounting Estimate For Self-insured Claims
Change In Accounting Estimate For Self-insured Claims (tables)
Commitments And Contingencies
Commitments And Contingencies - Additional Information (detail)
Components Of And Changes In Accumulated Other Comprehensive Income, Net Of Related Income Taxes (detail)
Debt
Debt (tables)
Debt - Additional Information (detail)
Discontinued Operations
Discontinued Operations (tables)
Discontinued Operations - Additional Information (detail)
Effect Of Increase In Cost Of Insurance And Claims (detail)
Equity
Equity - Additional Information (detail)
Income Taxes
Income Taxes (tables)
Income Taxes - Additional Information (detail)
Information Regarding Reportable Business Segments (detail)
Investments
Investments (tables)
Investments - Additional Information (detail)
Leases
Leases (tables)
Leases - Additional Information (detail)
Minimum Lease Payments (detail)
Minimum Lease Payments (parenthetical) (detail)
Operating Property
Operating Property (detail)
Operating Property (tables)
Operating Property - Additional Information (detail)
Other Comprehensive Income
Other Comprehensive Income (tables)
Recent Accounting Pronouncements
Reconciliation Of Average Number Of Common Shares And Common Share Equivalents Outstanding (detail)
Retirement Plan
Retirement Plan - Additional Information (detail)
Schedule For Gross Unrecognized Tax Benefits (detail)
Schedule Of Deferred Tax Assets And Liabilities (detail)
Schedule Of Income Taxes Calculated On Income From Continuing Operations Before Income Taxes And Provision For Income Taxes (detail)
Schedule Of Information On Non-vested Restricted Stock (detail)
Schedule Of Information On Restricted Stock Units (detail)
Schedule Of Long-term Debt (detail)
Schedule Of Provision For Income Taxes (detail)
Schedule Of Unrealized Loss On Available For Sale Investments (detail)
Segment Information
Segment Information (tables)
Segment Information - Additional Information (detail)
Share Based Payment Arrangements - Additional Information (detail)
Share-based Payment Arrangements
Share-based Payment Arrangements (tables)
Significant Accounting Policies
Significant Accounting Policies (policies)
Significant Accounting Policies (tables)
Significant Accounting Policies - Additional Information (detail)
Summary Of Activity In Allowance For Doubtful Accounts (detail)
Summary Of Information Regarding Stock Options (detail)
Summary Of Specific Financial Components Of Discontinued Operations (detail)
Summary Stock Options Outstanding And Exercisable (detail)
Weighted Average Assumptions For Option Grants (detail)
Ticker: LSTR
CIK: 853816
Form Type: 10-K Annual Report
Accession Number: 0001193125-15-056671
Submitted to the SEC: Fri Feb 20 2015 6:24:32 PM EST
Accepted by the SEC: Mon Feb 23 2015
Period: Saturday, December 27, 2014
Industry: Trucking No Local

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