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Landstar System Inc (LSTR) SEC Filing 10-Q Quarterly report for the period ending Saturday, June 29, 2019

Landstar System Inc

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CIK: 853816 Ticker: LSTR

Exhibit 99.1

 

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For Immediate Release

    Contact: Kevin Stout
   Landstar System, Inc.
   www.landstar.com

July 24, 2019

    904-398-9400

LANDSTAR SYSTEM REPORTS SECOND QUARTER

REVENUE OF $1.045 BILLION AND RECORD SECOND QUARTER DILUTED EARNINGS PER SHARE OF $1.53

Jacksonville, FL – Landstar System, Inc. (NASDAQ: LSTR) reported record second quarter diluted earnings per share of $1.53 in the 2019 second quarter on revenue of $1.045 billion. Landstar reported diluted earnings per share of $1.51 on revenue of $1.183 billion in the 2018 second quarter. Gross profit (defined as revenue less the cost of purchased transportation and commissions to agents) was $158.0 million in the 2019 second quarter compared to $171.4 million in the 2018 second quarter. Operating margin, representing operating income divided by gross profit, was 51.2 percent in the 2019 second quarter.

Truck transportation revenue hauled by independent business capacity owners (“BCOs”) and truck brokerage carriers in the 2019 second quarter was $968.2 million, or 93 percent of revenue, compared to $1.105 billion, or 93 percent of revenue, in the 2018 second quarter. Truckload transportation revenue hauled via van equipment in the 2019 second quarter was $605.4 million compared to $713.3 million in the 2018 second quarter. Truckload transportation revenue hauled via unsided/platform equipment in the 2019 second quarter was $338.1 million compared to $364.7 million in the 2018 second quarter. Revenue hauled by rail, air and ocean cargo carriers was $56.8 million, or 5 percent of revenue, in the 2019 second quarter compared to $60.3 million, or 5 percent of revenue, in the 2018 second quarter.

The following information was filed by Landstar System Inc (LSTR) on Wednesday, July 24, 2019 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Landstar System Inc's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Equity
Consolidated Statements Of Changes In Equity (Parenthetical)
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Comprehensive Income (Parenthetical)
Consolidated Statements Of Income
Additional Cash Flow Information
Additional Cash Flow Information - Additional Information (Detail)
Amortized Cost And Fair Value Of Available-For-Sale Investments (Detail)
Amounts Recognized In Financial Statements With Respect To Plans (Detail)
Business Description
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)
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share - Additional Information (Detail)
Effect Of Increase In Cost Of Insurance And Claims (Detail)
Income Taxes
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)
Leases - Classification On Our Consolidated Balance Sheet (Detail)
Leases - Components Of Lease Cost For Finance Leases And Operating Leases (Detail)
Leases - Undiscounted Cash Flows For The Finance And Operating Leases (Detail)
Leases - Undiscounted Cash Flows For The Finance And Operating Leases (Parenthetical) (Details)
Leases - Weighted Average Remaining Lease Term And The Weighted Average Discount Rate For Finance And Operating Leases (Detail)
Other Comprehensive Income
Other Comprehensive Income (Tables)
Recent Accounting Pronouncements
Recent Accounting Pronouncements - Additional Information (Detail)
Reconciliation Of Average Number Of Common Shares And Common Share Equivalents Outstanding (Detail)
Schedule Of Information On Non - Vested Restricted Stock Units (Detail)
Schedule Of Information On Restricted Stock Units (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
Share-Based Payment Arrangements (Tables)
Share-Based Payment Arrangements - Additional Information (Detail)
Significant Accounting Policies
Significant Accounting Policies (Policies)
Significant Accounting Policies - Additional Information (Detail)
Summary Of Information Regarding Stock Options (Detail)

Material Contracts, Statements, Certifications & more

Landstar System Inc provided additional information to their SEC Filing as exhibits

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 32.1: Section 1350 Certification
Exhibit 32.2: Section 1350 Certification
Ticker: LSTR
CIK: 853816
Form Type: 10-Q Quarterly Report
Accession Number: 0001193125-19-211641
Submitted to the SEC: Fri Aug 02 2019 5:59:20 AM EST
Accepted by the SEC: Fri Aug 02 2019
Period: Saturday, June 29, 2019
Industry: Trucking No Local

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