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Landstar System Inc (LSTR) SEC Filing 10-Q Quarterly report for the period ending Saturday, June 27, 2020

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
July 22, 2020    904-398-9400

LANDSTAR SYSTEM REPORTS SECOND QUARTER

REVENUE OF $824 MILLION AND DILUTED EARNINGS PER SHARE OF $0.63

Jacksonville, FL – Landstar System, Inc. (NASDAQ: LSTR) reported diluted earnings per share of $0.63 in the 2020 second quarter on revenue of $824 million. Included in the Company’s 2020 second quarter financial results were:

 

   

approximately $12.6 million, or $0.25 per diluted share, in payments made to the Company’s BCOs and agents in April and May under the Company’s previously disclosed pandemic relief incentive program;

 

   

a charge of approximately $2.6 million, or $0.05 per diluted share, due to the impairment of certain assets associated with Landstar’s Mexico operation relating to a decrease of business within Mexico; and

 

   

approximately $2.3 million, or $0.05 per diluted share, due to higher third party insurance company premiums incurred in May and June for commercial trucking liability coverage following the Company’s May 1st annual insurance renewal. The higher premiums incurred in the 2020 second quarter reflected a pro rata portion of an annual increase of $14.0 million in the fixed component of the Company’s insurance and claims expense for the period from May 1, 2020 to April 30, 2021, in connection with severe tightening of capacity in insurance markets offering coverage to the truck transportation industry.

Landstar reported diluted earnings per share of $1.53 on revenue of $1.045 billion in the 2019 second quarter. Gross profit (defined as revenue less the cost of purchased transportation and commissions to agents) was $113.1 million in the 2020 second quarter, inclusive of the impact of the special pandemic relief payments made to the Company’s BCOs and agents in April and May of 2020. Gross profit was $158.0 million in the 2019 second quarter.


The following information was filed by Landstar System Inc (LSTR) on Thursday, July 23, 2020 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

Cover Page
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
Acquired Business
Acquired Business - Additional Information (Detail)
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 - Additional Information (Detail)
Effect Of Increase In Cost Of Insurance And Claims (Detail)
Impairment Of Intangible And Other Assets
Impairment Of Intangible And Other Assets - Additional Information (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)
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

Ticker: LSTR
CIK: 853816
Form Type: 10-Q Quarterly Report
Accession Number: 0001193125-20-205519
Submitted to the SEC: Fri Jul 31 2020 10:34:56 AM EST
Accepted by the SEC: Fri Jul 31 2020
Period: Saturday, June 27, 2020
Industry: Trucking No Local

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