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Landstar System Inc (LSTR) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 26, 2020

Landstar System Inc

CIK: 853816 Ticker: LSTR

Exhibit 99.1

 

LOGO

 

For Immediate Release

   Contact: Jim Gattoni
   Landstar System, Inc.
   www.landstar.com

January 27, 2021

   904-398-9400

LANDSTAR SYSTEM REPORTS ALL-TIME QUARTERLY RECORDS

WITH REVENUE OF $1.296 BILLION AND DILUTED EARNINGS

PER SHARE OF $1.70 IN THE 2020 FOURTH QUARTER

Jacksonville, FL - Landstar System, Inc. (NASDAQ: LSTR) reported all-time quarterly records with revenue of $1.296 billion and diluted earnings per share of $1.70 in the 2020 fourth quarter. Diluted earnings per share in the quarter included a previously announced one-time cost of $15.5 million, or $0.31 per diluted share, related to buyouts of certain incentive commission arrangements with several of its independent sales agents due to the Company’s discontinuation of a truck owner-operator recruitment and retention program formerly involving those agents. Landstar reported revenue of $994.9 million and diluted earnings per share of $1.27 in the 2019 fourth quarter. Gross profit in the 2020 fourth quarter of $182.4 million, 23 percent above 2019 fourth quarter gross profit of $148.7 million, was also an all-time Landstar quarterly record.

Truck transportation revenue hauled by independent business capacity owners (“BCOs”) and truck brokerage carriers in the 2020 fourth quarter was $1,201.7 million, or 93 percent of revenue, compared to $911.8 million, or 92 percent of revenue, in the 2019 fourth quarter. Truckload transportation revenue hauled via van equipment in the 2020 fourth quarter was $821.0 million compared to $571.8 million in the 2019 fourth quarter. Truckload transportation revenue hauled via unsided/platform equipment in the 2020 fourth quarter was $354.1 million compared to $315.2 million in the 2019 fourth quarter. Revenue hauled by rail, air and ocean cargo carriers was $75.7 million, or 6 percent of revenue, in the 2020 fourth quarter compared to $63.0 million, or 6 percent of revenue, in the 2019 fourth quarter.


The following information was filed by Landstar System Inc (LSTR) on Wednesday, January 27, 2021 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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Inside Landstar System Inc's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual 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)
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 - Additional Information (Detail)
Effect Of Increase In Cost Of Insurance And Claims (Detail)
Equity
Equity - Additional Information (Detail)
Impairment Of Intangible And Other Assets
Impairment Of Intangible And Other Assets - 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)
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)
Operating Property
Operating Property (Detail)
Operating Property (Tables)
Operating Property - Additional Information (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)
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 Units (Detail)
Schedule Of Information On Restricted Stock Units (Detail)
Schedule Of Provision For Income Taxes (Detail)
Schedule Of Revenue By Major Customers By Reporting Segments (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 (Tables)
Significant Accounting Policies - Additional Information (Detail)
Summary Of Activity In Allowance For Doubtful Accounts (Detail)
Summary Of Information Regarding Stock Options (Detail)
Summary Stock Options Outstanding And Exercisable (Detail)
Ticker: LSTR
CIK: 853816
Form Type: 10-K Annual Report
Accession Number: 0001193125-21-052225
Submitted to the SEC: Tue Feb 23 2021 3:36:35 PM EST
Accepted by the SEC: Tue Feb 23 2021
Period: Saturday, December 26, 2020
Industry: Trucking No Local

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